THE REAL ESTATE MARKET IN NORTHERN NEW JERSEY
Happy New Year to all! We hope 2020 will bring you and your family health and happiness and enable your dreams to come true!
The housing market is in a great place at the moment. With inventory at record lows, the market is setting up to be on fire over the next several weeks. We have always said that “the spring market” starts in late January, early February typically, as long as we are not under 2 feet of snow. Well as you know, we have seen record high temps so it is the perfect weather for buyers to be out in force. The problem is however that there is a serious lack thereof! As the weeks progress, we will see new listings dribble on to the market and they will be swooped up immediately with many in multiple offer situations. If you are considering a sale, you may want to consider fast tracking your plans to get your home on the market sooner rather than later. It could mean more money in your pocket.
In general, 2019 was a very good year for the housing market in our covered areas. Home sales were up 4-6% and the sales volume was up 10 out of the 12 months. As has been the norm, the most popular price point was in the $400k-$600k range. In some of our towns, the number of homes offered in that range has become smaller. What was $600k 3 years ago is now well over 700k etc.
One surprising fact is that the overall volume of home sales decreased last year in some neighboring counties. for instance have seen some significant drops mostly due to rising prices and severe lack of inventory. Essex remains strong with significant sales in many towns. Bloomfield, Belleville, Nutley and to a slightly lesser extent, West Orange are good options for those looking to buy their first home in the $325-425k range. Orange’s Seven Oaks area remains a wonderful option for those looking perhaps to downsize. We often have fully renovated projects hitting that market for very reasonable prices. Union is another town that offers many choices in the $300k-400k range and could be an option for those first time homebuyers.
Until the next time, please keep us in mind for all of your real estate needs. Refer us to friends and family or anyone who may be looking to invest to renovate or to hold.