Despite the drop in the number of closed sales in New Jersey, March 2020 was a good month for home values and home sellers in general. With home values increasing year-over-year by as much as 11.7%, the number of homes available-for-sale has dropped precipitously.
The bad news for home buyers is that new listings have fallen by 27.8% on a year-over-year basis, pummeling the inventory of homes for sale on the market,which has nose-dived by 31.5% from 37,357 to 26,124. Compare this to the figures reported back in 2017 where there were 39,280 homes for sale in March 2017, representing a six-month supply of inventory.
Some regions like Hudson and Bergen County, which are often bellwether counties for the state, also showed a significant increase in the median sales price of single family homes.
In Hudson County, even though new listings fell by 40.7%, and the number of homes for sale also fell by 38%, the median sales price of a single-family home increased by 13.6%.
Bergen County experienced a significant drop in the number of new listings, down to 855, which was a 31.5% drop from 2019.
As many buyers, looking for access to the City, come to Bergen, the number of homes for sale in Bergen County fell to just 2,137, a 33.7% drop from 2019.
This will make it ever-more competitive for the potential home buyer. Inventory shortages and high price are going to continue to plague the potential homebuyer in New Jersey for the balance of 2020 and into 2021.
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.
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