In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the state, while the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.
For residential real estate activity in Bergen, Essex, Hudson and Passaic Counties. Percent changes are calculated using rounded figures.
• Single Family Closed Sales increased 8.2 percent to 748.
• Townhouse-Condo Closed Sales increased 15.4 percent to 284.
• Adult Communities Closed Sales decreased 12.5 percent to 14.
• Single Family Median Sales Price was up 8.1 percent to $400,000.
• Townhouse-Condo Median Sales Price was up 6.1 percent to $297,000.
• Adult Communities Median Sales Price was up 38.3 percent to $516,475.
Housing is fortified by confident consumers and good jobs. New Jersey saw increases in New Listings and Pending Sales during 2013, showing that buyers and sellers are becoming more confident. These increases give reason to believe that New Jersey’s housing market recovery will sustain through the coming year. Interest rates are upwardly mobile but remain low, prices are still affordable and the stock market is up nearly 30.0 percent from this time last year. It’s no wonder that buyers were active in 2013. Here’s to more of the same in 2014.
Data as of January 10, 2014. All data from the New Jersey MLS.