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As you may have guessed, 2015 was a solid year for local real estate. Prices went up but not so much that affordability has been significantly impacted.

In 2015, the median sale price for residential properties rose 2.5% for the year while the number of sales increased by 11.6%. The number of days it took to sell a property decreased by 3.6%.

Residential properties include single family homes and condos/townhouses/co-ops. Single family homes fared slightly better as a category, with a median sale price up 3.3%. Condo/townhouses/co-ops were up only 1.7%.

In 2016 the NJ real estate market should be even stronger based on the current inventory of homes on the market, which is quite low.

A complete report on the real estate market in northern New Jersey will be available soon. Contact me for a pdf copy.

source: NJMLS. Info deemed reliable but not guaranteed.

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The New Jersey MLS (NJMLS) has released its market report for June, 2015. The number of homes under contract in June was up 20% over the same month last year.

Download: June Housing Market Update for Northern New Jersey (pdf)

That’s a startling number considering last year’s spring market was very healthy.

Year to date, Essex County experienced the biggest increase in sales activity across northern New Jersey, with an 18.3% increase in residential properties under contract. In Bergen County, residential sales increased by 11.3%.

Despite the increased activity, median sales prices have been fairly flat. YTD, the median sold price for residential sales in 2015 is up only 0.3% in Bergen County.  Across all areas in northern New Jersey, the increase was 1.6%. Those numbers may increase in July as the large number of June contracts begin to close.

The number of new listings increased in June by 10.9%. While that may initially be cause for concern, the absorption rate has actually decreased during the same period. The absorption rate is a measure of the inventory of homes on the market – the number of months supply of homes currently listed for sale. The absorption rate for residential properties decreased by 4.3% in June over the same period last year. For condos and townhouses, a subset of this group, the absorption rate increased by 1.4%. Still, the rate for condos/townhouses is nearly the same as that of residential properties overall.

Download: June Housing Market Update for Northern New Jersey (pdf)

Absorption rates for residential categories are in the range of 6.8 to 7.0 months, which is a healthy number. In the more desirable parts of northern New Jersey, the rates are much lower.
For housing data within a specific village, borough or city, please call Michael Shetler at 201-421-0506 cell or 201-445-4300 x231 office.

The post Homes: Sales Activity Up 20% in June appeared first on Michael Shetler's Buying In Bergen.

Indicators for the Glen Rock Real Estate Spring Market

There are currently 21 single family homes on the market. Five of them have already accepted an offer and are not yet under contract. There is only one townhouse on the market, and it has an accepted offer.

2. Average List Price in Glen Rock
The average list price for a single family home over the last 6 months was $646,656.

3. Average Sale Price in Glen Rock
The average sold price for a single family home over the last 6 months was $629,249. The median sold price was $615,500.

4. List Price vs. Sales Price Ratio in Glen Rock
The list price to sales price ratio for a single family home over the last six months was 99.0%.

5. Average Days on the Market in Glen Rock
The average number of days on market over the last six months was 45.91.

6. Number of Sales YTD in Glen Rock
The number of single family homes that have closed since January 1, 2015 is 5.

7. Number of Expired Listings in Glen Rock
32 single family homes have expired in the last six months.

8. Overall Appreciation/Depreciation in Glen Rock
The median sold price of a single family home was up 4% in 2014.

9. Number of Months of Supply (Absorption) in Glen Rock
There is a 1.8 month supply of homes on the market. 4-6 months is considered a balanced market. The low number indicates prices are expected to rise.

10. Current Interest Rate in NJ
The average interest rate for a 30-year fixed rate mortgage in NJ is 3.90%, according to Mortgage News Daily.

Interested in buying, selling or renting in Glen Rock, NJ? Call Glen Rock real estate agent and resident Michael Shetler, 201.421.0506 cell or 201.445.4300 x231 office.

source: New Jersey MLS (NJMLS) and Mortgage News Daily. Info deemed reliable but not guaranteed. Data as of January 17, 2015.

The post 10 Vital Statistics for the Glen Rock Real Estate Spring Market appeared first on Michael Shetler's Buying In Bergen.

Ridgewood Real Estate Update 2014 vs 2013

For a quick overview of Ridgewood, real estate stats, watch this 1-minute video. For more info on buying or selling in Ridgewood call Michael Shetler, 201-421-0506 cell or 201-445-4300 x231 office.

Ridgewood Real Estate Median Price Up 1% YTD

The post Ridgewood Real Estate Update 2014 vs 2013 appeared first on Michael Shetler's Buying In Bergen.

Download the complete report — Market Update November 2013

The post Monthly Report for November 2013 appeared first on Michael Shetler's Buying In Bergen.