Total New Jersey’s sales for the month of March skyrocketed by 17% from March 2016, New Jersey Realtor reported. The total number of properties fell by 21% since 2016.
• Single Family Closed Sales were up 18.6% to 5,896.
• Townhouse-Condo Closed Sales were up 16.9% to 1,910.
• Adult Communities Closed Sales were up 7.3% to 561.
• Single Family Median Sales Price increased 0.6% to $274,700.
• Townhouse-Condo Median Sales Price increased 3.3% to $240,000.
• Adult Communities Median Sales Price increased 3.9% to $165,000.
The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.
Single Family Ocean County March 2017
Metrics 2016 2017 Change
New Listings 1405 1366 – 2.8%
Closed Sales 506 580 + 14.6%
Days to Close 105 89 – 15.2%
Median Sales Px $259K $295K + 13.9%
% of Px Recd 95.7% 96.2% + 0.5%
Inventory 5167 4057 – 21.5%
Months Supply 9.6 6.3% – 34.4%
Single Family Monmouth County March 2017
Metrics 2016 2017 Change
New Listings 1221 1142 – 6.5%
Closed Sales 383 498 + 30.0%
Days to Close 87 76 – 12.6%
Median Sales Px $380K $375K – 1.3%
% of Px Recd 95.5% 97.0% + 1.6%
Inventory 3595 2750 – 23.5%
Months Supply 7.2 4.7 – 34.7%
Source: New Jersey Realtor
New home sales for March increased again according to the report released Tuesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
New single-family homes sales in March 2017 increased to an annual rate of 621,000 from February’s 587,000.
This also marks a dramatic rise of 15.6% higher than March 2016’s 537,000 sales.
According to the report, the median sales price of new homes sold in March increased to $315,100, up from $296,200 in February.