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To get a more comprehensive understanding of real estate market conditions in New Jersey, we look to the Otteau Group. Here are some of the latest tidbits for your knowledge:
NEW JERSEY HOME SALES
- In NJ, year-to-date (YTD) home sales have increased 2% when compared to the same time period last year, and 2019 continues to have the highest number of sales on record. This increase is attributed to continuing economic improvement and home buyers taking advantage of lower mortgage interest rates.
- However, not all NJ markets have seen the increase. Where home sales increased in Essex and Bergen, sales decreased in Morris, Union and Passaic counties.
- The largest increases in home sales were seen in the $400,000-$599,999 market, increasing by 6% YTD over last year.
- The number of homes priced under $400,000 continues to decline year-over-year. Inventory has increased in all price ranges above $400,000. The largest increase in inventory occurred in the $400,000-$599,999 range which showed an increase of 12%.
- Today’s unsold inventory in NJ equates to 3.8 months of sales which is a slight increase over this time last year. Essex County has the strongest market conditions in the state with 2.8 months of supply.
MORTGAGE RATES
- Mortgage rates remain low as compared to last year, and currently rates for a 30 year fixed rate mortgage are averaging 3.75%.
FORECLOSURE TRENDS
- Serious delinquency rates are continuing to decline due to the strength of the economy and rising home prices.
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Please give us a call if you would like to discuss the market conditions in New Jersey, your county or your town.
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