Some of the early data hitting the real estate market for January’s activity shows that on a comparative basis, half of New Jersey counties posted fewer new listings than 2023.
In seven New Jersey counties that number was 10% less than there had been in 2023. The reports paint the decline as a surprise, but actually the declines in 2023 in general were much more severe than 10%. In some cases 20% but generally approximately 15% was the average decline.
Cape May County and Atlantic County reported increases of 14% and 12.1%, respectively, in new listings in December.
This was also the case in Morris County, which reported a 21% drop in the number of new listings in January 2024 as compared to January 2023. The new listings for Morris County for January 2024 were approximately 201. Compare this to January 2019, when there were 533 new listings, and available inventory of 1,748; this is a vastly different market environment. The price for a median new listing in Morris County was $691,000, and back in January 2019, the median sales price was $405,500.
As a state, New Jersey new listings for properties came in at 6,088 with a median price of $525,000.
The full report should be published on February 24th.
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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