This market in New Jersey has taken on a life of its own. It almost feels like the Seattle or Austin markets.
When nearly every single category in the major metrics such as sales, closed sales, median sales price, average sales price and days on market, all are being rocked by double-digit results.
Currently, New Jersey has a 2.9-month supply of homes for sale; this is down 47.3% from September of 2019.
The prices appear to be drawing sellers out of the dark and into the light. The number of new listings climbed 8.3% year-over-year in September to 11,754.
One of the most amazing facts surrounding this real estate market has to be numbers for pending sales: pending sales in September climbed 51.9% from 2019 to over 10,000.
Closed sales in New Jersey also reflected a double-digit rise to 9,313, a 32.9% increase.
The median sales price for a single-family home in New Jersey also rocketed by 23% to $412,000, from $335,000 reported in 2019. I have to remind myself that this is the real estate market, not the stock market!
Finally the days on market that it takes a home to sell fell by 20.6%, from 63 days in 2019 to just 50 days in 2020.
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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