Demand for larger residences with home offices and large backyards are making areas in Northern New Jersey the new flower children of this pandemic real estate boom in Northern New Jersey.
Some of these in-demand markets include Wyckoff and Closter in Bergen County, Montclair in Essex County, Madison in Morris County and Sparta in Sussex County.
Huntington County has quietly drawn additional buyer attention, reporting in October a 52.2% jump in closed sales and a dramatic decline in days on market, falling from 94 days to 47 days year-over-year.
The median sales price has also skyrocketed in Hunterdon County, according to New Jersey Realtors, from $372,500 in 2019 to $485,000 in 2020.
The months’ supply of inventory has also fallen dramatically by over half, from 7.4 months in October 2019 to 3.2 months in October 2020.
Sussex County has also received greater buyer attention. Both new listings and closed sales jumped double-digits in October 2020 by 18.3% and 39.7%, respectively.
The median sales price also climbed dramatically by 23.2% to $300,000 from $243,000 in 2019. Sellers are also saying buyers’ appetites grew as they are willing to pay the listing price offered on average. The percent of listed price received in October 2020 came in over 100%. This is most likely being precipitated by the dramatic decline in the inventory of homes for sale, which fell by 48.5% in October from 2019. Sussex County also is reflecting a shortage in inventory falling, down to 2.6 months supply, a 59% drop from 2019.
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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