The first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most local residential real estate markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.
• Single Family Closed Sales were down 3.8% to 6,350.
• Townhouse-Condo Closed Sales were down 0.7% to 2,072.
• Adult Communities Closed Sales were up 8.5% to 600.
• Single Family Median Sales Price increased 5.5% to $315,000.
• Townhouse-Condo Median Sales Price increased 0.0% to $260,000.
• Adult Communities Median Sales Price increased 7.1% to $205,500.
Hiring and wage gains have been below expectations, and the New York unemployment rate ticked up by 0.1 percent to 4.1 percent during March 2019, which was higher than the comparative national rate of 3.8 percent. In order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.
Published by New Jersey Realtor.