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The Lloyd Law Monthly Report on North Jersey Real Estate - December 2019

Posted by James Lloyd | Jan 27, 2020 | 0 Comments

Each month, the New Jersey Association of Realtors publishes key metrics of the real estate market for every county in the State.  This data compiles a great number of useful data points including new listings, closings, and median sale price with a comparison to prior year data.  The Lloyd Law Office regularly reviews these reports to stay up to date on trends in the market so that we can better advise our clients and referring realtors.  We primarily look at the five counties of Union, Essex, Bergen, Passaic and Morris that we regularly work with buyers and sellers of real estate.  This information is available to the public on the website of the New Jersey Association of Realtors at  http://njar-public.stats.10kresearch.com/reports

A look back at 2019 saw a great real estate market marked by sizable increases in median sale price.  In the prior month, December 2019 saw increased closing activity over prior year 2018 activity illustrating a positive trend likely reflective of the strong national economy.  Union County posted an increase of 19.6%

Single Family Homes – December 2019

Key Metrics

New Listings

% Month change

New Listings YTD

Closed Sales

% Month Change

Closed Sales YTD

Median Sale Price

%  Month Change

Median Sale Price YTD

Bergen

384

0.0%

12,059

601

+1.7%

7,480

$487,500

+1.6%

$490,000

Union

266

-24.9%

7,491

434

+19.6%

4,850

$400,000

+25.0%

$370,000

Essex

308

+12.8%

7,741

444

11.0%

5,048

$425,000

+11.9%

$435,000

Passaic

162

-19.4%

4,582

265

-6.7%

3,131

$350,000

+6.0%

$343,500

Morris

264

-1.9%

8,696

426

+19.7%

5,083

$450,000

+9.5%

$452,000

Hudson

78

-6.0%

1,588

85

+2.4%

920

$385,000

+4.1%

$385,000

Sussex

122

-36.8%

3,907

206

+20.5%

2,408

$254,000

+12.9%

$244,950

Total

1,584

 

46,064

2,461

 

28,920

     

Overall, December 2019 was a great way to end the year in the real estate sector with 2,461 total closings in North Jersey and 1,584 new listings.  Congratulations to the hard working real estate agents who helped make the year so successful.  Stay at it!  Your professional efforts are definitely paying off.

We had a great year at the Lloyd Law Office with a record number of real estate closings!  We're thankful for the many clients and referral agents that we had the pleasure of working with in 2019.  If you are Buying or Selling Real Estate in North Jersey and are looking for your new favorite real estate lawyer we are here to help.    

About the Author

James Lloyd

Jim Lloyd is a husband, father and attorney. A graduate of Tulane University School of Law, Jim brings over 25 years of legal experience to help clients make strategic estate planning choices and to make buying or selling a house easier.

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