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

Posted by James Lloyd | Apr 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

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

855

-31.5%

2,687

481

-6.4%

1,398

$510,000

+8.5%

$499,000

Union

540

-24.2%

1,650

307

-15.9%

920

$378,000

+8.0%

$375,000

Essex

546

-29.8%

1,736

314

-8.7%

952

$440,000

+12.8%

$400,000

Passaic

352

-20.0%

976

172

-27.4%

566

$356,000

+9.5%

$345,750

Morris

657

-28.0%

1,932

309

-6.1%

944

$445,000

+8.1%

$429,950

Hudson

83

-40.7%

282

45

-39.2%

168

$382,000

+13.6%

$400,000

Sussex

301

-22.2%

893

162

-9.5%

472

$269,950

+28.5%

$250,000

Total

3,334

 

10,156

1,790

 

5,420

     

March 2020 will be a month that will live in infamy.  The global pandemic from the COVID19 Coronavirus has hit North Jersey in Mid-March.  Federal Guidelines issued by President Trump's Coronavirus Task Force along with Executive Orders issued by Governor Phil Murphy have effectively shut down the State.  Many North Jersey Counties have deemed the County Clerk's Office and its vault as non-essential and therefore closed.  2020 had the makings of a hot spring market until everyone was forced into Quarantine.  We can see double digit percentage drops in both the number of new listings and closed sales.  The industry continues and people still want to buy and sell homes.  Nevertheless, we will need to see how long the government shut down will remain in effect to know the impacts overall on the North Jersey Real Estate market.

We have spent hours on Zoom with agents and realtors.  One silver lining to the quarantine is the ability to communicate with home buyers and sellers by video call or teleconference.  We at the Lloyd Law Office offer virtual signings of documents and virtual consultations.   If you are Buying or Selling Real Estate in North Jersey 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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