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.
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