Housing Prices and Buyer Demand Remain Strong
September traditionally marks the beginning of the seasonal slowdown of the housing market, but robust buyer activity has continued the rising prices and strong demand that has been the hallmark of 2020.
According to data from New Jersey Realtors, the median sales price for all New Jersey properties in September was $375,000, up a huge 21 percent over last September. There were 12,975 closed sales in September, a 29.7 percent increase over last year. Incredibly, pending sales are up 49.8 percent in September with 14,243 in the works. These large percentage jumps are indicators that the fall will be unlike past years, with buyer demand remaining strong despite the change in season.
The state is catching up on the year-to-date numbers, as well. While the months of March, April, and May saw far less activity than normal, the following months helped the market catch up and year-to-date closed sales are down just 3.9 percent over 2019. Pending sales for all of 2020 are up 5.9 percent over last year, which could forecast a higher sales year than 2019 despite the lean months in early spring.
“Homes are moving fast and the demand from buyers does not seem to be lessening,” said 2020 New Jersey Realtors President Angela Sicoli. “With reserved inventory, multiple offers and quick sales are likely to be a common scenario for the near future.”
Inventory continues to remain tight, but potential sellers may be tempted by the prospect of a quick sale and high price. The number of single family homes for sale in September was 21,806, down 43.7 percent over last September; townhouse and condo inventory was down 25.7 percent with just 8,189 units; and adult community inventory dropped 46.1 percent to 1,620.
New Jersey Realtors is the voice of real estate for New Jersey. It is a non-profit organization serving the professional needs of more than 56,000 Realtor and Realtor-Associate members engaged in all facets of the real estate business. In addition to serving the professional needs of its members, NJ Realtors is dedicated to enhancing the ability of its members to conduct their business successfully while maintaining the preservation of private property rights. Realtor is a registered collective membership mark, which may be used only by real estate professionals who subscribe to the Realtor organization’s strict Code of Ethics and are members of the national, state and local Realtor organizations. For more information, visit njrealtor.com.