MORRIS COUNTY AUGUST 2017
Morris County Sales of Single Family homes grew by 10.3% year-over-year in transactions. An encouraging sign came in the way of new listings which tracked with the fast pace of transactions growing by 10.2%, while days on market fell by over 11% to just 55 days. Most sellers are seeing that they are receiving nearly full list price: 98.4%. Inventory continues to shrink on a year-to-year basis, to just 2,104 homes for sale, from 2,618. Morris County is also experiencing a constriction of the supply of homes, down to just 4.8 months.
Single Family
Key Market Metrics 2016 2017 Change
New Listings 587 647 + 10.2%
Closed Sales 556 613 + 10.3%
DOM* Sale 62 55 – 11.3%
Median Px $474K $472.5K – 0.3%
% of List Px Recv’d 97.8% 98.4% + 0.6%
Homes for Sale 2,618 2,104 – 19.6%
Months of Inventory 6.4 4.8 – 25.0%
* Days on Market Until Sale
HUDSON COUNTY AUGUST 2017
Hudson County Sales of Single Family homes climbed higher by 10.6% year-over-year in August. The increased demand reflected the increase in the median sales price growing by a muscular 15.5% to $358,000. Single family homes in Hudson County are now receiving 1.5% above asking price. The bidding wars are in full swing. Concomitantly, the inventory of single family homes for sale fell precipitously by 25.4%, leaving just 4.6 months’ supply in a very hot market.
HUDSON COUNTY Single Family
Key Market Metrics 2016 2017 Change
New Listings 148 141 – 4.7%
Closed Sales 94 104 + 10.6%
DOM* 66 67 + 1.5%
Median Sales Px $310K $358K + 15.5%
% of Px Rec’d 97.8% 101.4% + 3.7%
Inventory 552 412 – 25.4%
Months Supply 7.5 4.6 – 38.7%
* Days on Market Until Sale
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