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THE LLOYD LAW MONTHLY REPORT ON NORTH JERSEY REAL ESTATE - JANUARY 2020

Posted by James Lloyd | Feb 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.  Essex County had an 18.7% increase in the number of closed sales over the same period in 2019.

Single Family Homes – January 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

829

-10.3%

829

473

+9.0%

473

$492,000

+7.0%

$492,000

Union

552

-11.7%

552

331

-1.5%

331

$375,000

+13.6%

$375,000

Essex

552

-1.4%

552

337

+18.7%

337

$395,000

+9.7%

$395,000

Passaic

313

-4.0%

313

214

0.0%

214

$357,450

+15.3%

$357,450

Morris

533

-8.6%

533

369

+32.7%

369

$430,000

+6.0%

$430,000

Hudson

109

-18.0%

109

52

-7.1%

52

$414,000

+8.2%

$414,000

Sussex

295

+3.1%

295

155

+12.3%

155

$240,000

+2.6%

$240,000

Total

3,183

1,931

1,931

As we start this new year, lets bring the 2020 North Jersey Real Estate market into focus.  The economy remains strong and real estate is a leading indicator of its strength.

 We're thankful for the many clients and referral agents that we had the pleasure of working with in 2019.  We resolve to have a successful 2020.  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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