The headlines for December real estate sales all highlight the dropping pending home sales, falling new listings and the decrease in closed sales, but when we look at the actual inventory of homes on the market, the 5%, 1% or 3% drops, respectively, there is no panic in this market. With inventory shortages still plaguing the New Jersey market, the 10% and 11% drops in homes on the market and month supply of homes for sale clearly tell a different story.
Even though mortgage rates have risen over the last 12 months, the average price for a home in New Jersey has climbed in the last year by 2.2%, that factors in the higher home mortgage rates.
Another important metric when it comes to determining the health of a market is seen in how long it takes for a home to sell.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.