March 2021 New Jersey Sales Resutls
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
• Single Family Closed Sales were up 20.9 percent to 6,934.
• Townhouse-Condo Closed Sales were up 36.2 percent to 2,429.
• Adult Communities Closed Sales were up 7.7 percent to 647.
• Single Family Median Sales Price increased 22.1 percent to $406,00.
• Townhouse-Condo Median Sales Price increased 13.1 percent to $311,000.
• Adult Communities Median Sales Price increased 13.7 percent to $255,000.
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.