How is the NJ Real Estate Market Doing?

 

Some local markets in the state seem to be back on the recovery track after a brief pause earlier this year. Nationally, one of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers here in New Jersey and across most U.S. states are finding more listings appearing in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.

 

• Single Family Closed Sales decreased 6.2 percent to 806.

• Townhouse-Condo Closed Sales decreased 6.7 percent to 318.

• Adult Communities Closed Sales decreased 16.0 percent to 21.

• Single Family Median Sales Price was down 2.5 percent to $390,000.

• Townhouse-Condo Median Sales Price remained flat at $325,000.

• Adult Communities Median Sales Price was up 2.7 percent to $399,240.

 

The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth has slowed that transition. Minor credit downgrades and worries over Atlantic City employment and gaming revenue weighed on lawmakers as they returned to the State House. That said, the unemployment rate of 6.6 percent isn’t drastically higher than the nation’s 6.1 percent, and several large-scale public works projects could greatly benefit the state.

 

Download the full report — Monthly NJMLS Real Estate Market Indicators for September, 2014.

 

source: NJMLS. Info deemed reliable but not guaranteed.