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Michael Shetler,

July 23, 2015 By Michael Shetler

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.

About Michael Shetler

Michael Shetler is a real estate marketing professional and Bergen County Market Master. He has a particular expertise in internet marketing and real estate video. Michael is a full-time Realtor® residing in Glen Rock, NJ and recipient of the NJAR® Circle of Excellence Sales Award in 2009 , 2011, 2013 and 2014.

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