The Market Update published by the New Jersey MLS (NJMLS) for December, 2013 shows the number of single family homes on the market is down 20% from a year earlier. The area covered by NJMLS includes Bergen, Essex, Hudson and Passaic Counties. Inventory of condos and townhouses is down even more at -27%.
Other telling statistics show that the volume of sales across all categories was up 20.7%, the median sold price was up 6.9% and the average residential rental price was up 1%. Download the entire report.
source: NJMLS. Info deemed reliable but not guaranteed.