Welcome to the Spring Market. Here’s what we know. The market continues to be a strong sellers market especially in the NJ market. Listings appear on market and within days, sellers’ agents are calling for best & final. Sharpen your best offer and terms to win the offer.
New Jersey Market Statistics for February 2022
• Single Family Closed Sales were down 17.5 percent to 4,533.
• Townhouse-Condo Closed Sales were down 14.2 percent to 1,526.
• Adult Communities Closed Sales were down 8.8 percent to 454.
• Single Family Median Sales Price increased 8.9 percent to $430,000.
• Townhouse-Condo Median Sales Price increased 6.1 percent to $310,000.
• Adult Communities Median Sales Price increased 14.6 percent to $275,000.
According to the National Association of REALTORS® existing home sales are up 6.7%. Mortgage rates have inched up to 4.67% from 3.76% in the first week of March. At present, the millennial buyers comprise of the largest share of home buyers at 43% of the overall market.
As of February, inventory remains at an all-time low of 860,000. However, according to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind.
Where do we stand? We still see inventory constraints and an increase in buyer interest. With the shortage of homes and increased buyer interest – bidding wars remain common place. As home owners, as home prices surge – this may be an excellent time to review your home valuation.
New Jersey Market Statistics February 2022 by County
What does that mean for you if you’re a homeowner? It may mean your home value has gone up! Contact me Judy Chin 973-723-2005 for more information.
