file photo by Boyd Loving
the staff of the Ridgewod blog
Ridgewood NJ, Pending home sales in June outpaced last June by more than 30 percent, a clear indication the housing market is returning to normal levels. Pent-up demand through the lockdown months have likely pushed normal spring activity into the summer.
The median sales price for all properties is up 8.5 percent this year, but mortgage interest rates remain historically low, at 3.01 percent, as of July 24. Sellers are interested in the price they could receive for their home, and buyers are being tempted by the low mortgage interest rates. Outmigration from cities in surrounding states has continued to put pressure on suburban markets, specifically in Northern New Jersey.
Closed sales are still below average, but the gap is narrowing. There were 8,967 closed sales in the market in June, a decrease of 21.8 percent from last June. However, for the entire year, closed sales are down just 14.1 percent. Pending sales jumped to 14,958, 33.8 percent over last June, placing us far ahead of expectations. New listings were right on track with 16,954 in June, less than one percent off of last June. These are big jumps from May, which reported 12,822 new listings and 10,237 pending sales.
“We’re getting back on track,” said 2020 New Jersey Realtors President Angela Sicoli. “It’s been a hard few months for our agents, but seeing the numbers tick higher means that they are back out in the field working to help their clients and that’s all we can ask for right now.”
Inventory remains tight, with just 34,480 homes for sale in June, with 23,514 of them being single-family homes. The number of days on the market increased in June, sitting at 64 days.
For the full reports, visit njrealtor.com/data.