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The Lloyd Law Monthly Report on North Jersey Real Estate - February 2020

Posted by James Lloyd | Mar 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 

January 2020 continues a strong trend of closing transactions on single family homes in North Jersey.  One trend to keep an eye on is the drop in inventory of homes for sale.  As you can see below, closed sales increased while new listings overall decreased.  This results in a lower inventory which will likely make for a Sellers' market.

Single Family Homes – February 2020

Key Metrics

New Listings

% 2019 Month change

New Listings YTD

Closed Sales

% 2019 Month Change

Closed Sales YTD

Median Sale Price

%  2019 Month Change

Median Sale Price YTD

Bergen

990

+6.0%

1,825

437

+15.3%

915

$485,000

+9.5%

$490,000

Union

560

-4.9%

1,112

278

-1.1%

612

$369,950

+6.5%

$370,500

Essex

626

+2.1%

1,180

297

+9.6%

637

$380,000

+10.1%

$386,000

Passaic

307

-4.7%

622

181

0.0%

393

$335,000

+5.0%

$342,000

Morris

743

+11.2%

1,277

265

+4.7%

635

$425,000

+2.4%

$426,000

Hudson

88

-41.3%

197

70

+52.2%

124

$403,500

+19.6%

$405,000

Sussex

297

+3.5%

592

155

+14.8%

310

$232,000

+5.5%

$235,000

Total

3,611

6,805

1,683

3,626

We love the 2020 North Jersey Real Estate market.  As we leap into Spring 2020, we see the makings of a hot spring market.

 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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