THE REAL ESTATE MARKET IN NORTHERN JERSEY
The number of buyers is increasing by the day! The market is quite active and can be compared to the early days of a “normal” spring market. The inventory, while on the rise very slowly, is still quite
low. People who are living in apartments are quickly giving up their leases and forging a plan to move to the suburbs perhaps sooner than they were planning prior to Covid-19. We hear story after story that tells us that this migration is growing by the day. All price ranges are seeing a good bit of activity.
Buyers have now had a moment to come to terms with Covid and to digest what it means to them and what the financial impact is or will be on their finances. Those who feel confident in their job futures are literally packing their bags while they conduct their home searches. Many owner-occupied properties are taking a bit longer to hit the market but as the fears die down and everyone is secure with the newly required safety protocols in place, we will see a surge of new listings. It is a fantastic time to be a buyer as prices have stabilized and mortgage interest rates are hitting new lows.
WHETHER PLANNING TO BUY OR SELL, CALL US TO DISCUSS YOUR REAL ESTATE NEEDS HOW WE CAN MAKE THIS HAPPEN FOR YOU.
LOCAL MARKET STATISTICS – These stats are for single family homes that do not have offers at this moment:
| Active NOW (as o5/3/20) | Under Contract since 5/1/20 | |
| Maplewood | 26 (24) | 8 |
| South Orange | 28 (25) | 8 |
| West Orange | 67 (63) | 24 |
| Montclair | 37 (38) | 14 |
| Millburn/ShortHills | 91 (84) | 15 |
| Summit | 67 (61) | 16 |
| Orange | 14 (18) | 8 |
| Bloomfield | 36 (29) | 9 |
| Union | 69 (64) | 21 |