In retrospect, back in 2011, there were 8,300 single-family homes listed for sale by NJ Realtor. Looking at the inventory for December 2018, the number of single-family homes has fallen to just 5,458 homes on the market.
Well, so we can look at the days on market for an average home before it’s sold, and that has dropped by nearly 7% over the last year. Currently the month supply of inventory on the market is 4.3 months.
Still the price of a single-family home, townhouse and senior adult home have all increased between 3%, 1%, and 5%, respectively.
What is more important in this market stage is the strength of the economy. Friday’s unemployment figures reported 304,000 new jobs were created with an unemployment rate of 4%. Experts were projecting between 170,000 and 180, 000 new jobs being created for the month of January.
Projections for home appreciation are being estimated to be between 3- 4% for 2019. Also new construction will still not be able to catch up with the demand for new housing as the shortage of homes on the market will continue for at least another 18 months.
With the Great Recession, New Jersey real estate took a huge hit and has been clawing its way back ever since. Back in September of 2011 there were 57,000 homes for sale on the market; that number in December 2018 is almost 30,000 homes. This represents almost a 50% decrease in the number of homes for sale.
Demand is still there, it’s just not breathing as heavy.
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.