The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home.
Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
Metrics for NJ April Real Estate Sales
• Single Family Closed Sales were up 8.0% to 5,917.
• Townhouse-Condo Closed Sales were down 0.1% to 1,819.
• Adult Communities Closed Sales were up 7.9% to 549.
• Single Family Median Sales Price increased 1.8% to $290,000.
• Townhouse-Condo Median Sales Price increased 3.2% to $247,600.
• Adult Communities Median Sales Price increased 22.4% to $186,000.
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.
April 2017 NJ Real Estate Market
Metrics 2016 2017 Change
New Listings 18,893 17,337 – 8.2%
Closed Sales 7,972 8,445 + 5.9%
Days to Close 85 75 – 11.8%
Median Sales Px $264K $270K + 2.3%
% of Px Recd 96.1% 97.2% + 1.1%
Inventory 65,083 51,536 – 20.8%
Months Supply 7.7 5.5% – 28.6%
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.