The evaporation of available existing housing is unbelievable.
Back in September 2018 there were over 41,000 homes available on the market in New Jersey. Today that number is less than 14,000, plus the average price for a New Jersey home has climbed to $670,000. This compares to September of 2018 when the average sale price was under $400,000.
A lot has happened in the last 5 years: First of all we’ve experienced, as a nation, the most invasive pandemic since the pandemics of the early 20th century. In addition, low mortgage rates have given individuals the opportunity to take advantage of the American dream, but what is more compelling is that Wall Street has jumped in and begun to buy up a large percentage of the existing housing at an unsustainable rate.
A recent new NJ.com article erroneously stated that there were only 8,000 homes available for sale on the market in New Jersey, when the truth is that there were nearly 14,000; the exact number was 13,740. Unfortunately, this puts the months supply of housing down to 2.8 months, which is far below the traditional 6-month supply that the industry has been used to.
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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