the staff of the Ridgewood blog
Trenton, N.J. (May 28, 2020)—As expected, housing market numbers in April were down in almost every category, except price.
According to data aggregated by New Jersey Realtors from the eight multiple listing services in the state, while new listings, pending sales, closed sales, and homes for sale are down double digits, prices are stable and on the rise.
“It’s a case of supply and demand,” said 2020 New Jersey Realtors President Angela Sicoli about the rise in costs. “Far before this pandemic, we had an inventory shortage throughout the state and now, compounded with a large percentage of people who were ready to sell in March but have put their plans on pause, you are seeing buyers who have far less to choose from. With only a small pool of homes to choose from buyers are sometimes paying slightly above asking or finding themselves in a situation with multiple offers on the property.”
Throughout the state, when compared to April 2019, new listings were down a staggering 63.1 percent, with only 7,272 recorded throughout the state for the month. Pending sales for that same period dropped 46.7 percent. However, closed sales were only down 20.7 percent, indicating the pipeline of deals in progress from before the lockdown has extended through at least some part of April. There were just 35,714 homes for sale in New Jersey in April, down 35.6 percent from last April.
In April the median sales price for all properties was $333,000, up 14.4 percent over April 2019. Homes are moving quickly, with the average property spending just 61 days on the market, a 9 percent decline for April.
Bergen County saw a 70.6 percent drop in new listings from April 2019 to April 2020, but a 15.7 percent increase in median sales price, rising to $549,500. Monmouth County saw similar trends, with new listings down 65.4 percent, and median sales price up 13.1 percent. Cape May saw a more drastic jump in median sales price with an increase of 25.8 percent and a drop in new listings at 53.5 percent.
As the economy slowly begins to reopen, many are looking ahead and while the industry faces a struggle in the coming months, housing is a strong driver of the economy and will likely lead the recovery.
To view the full housing market reports, visit njrealtor.com/data.
The prices are over priced I’m a essential worker and have a career . The prices are overpriced for what you are getting. That’s why Delaware is a hot spot-really nice houses and good prices.
The village of Ridgewood is an over price down.
It’s overrated school system. Yes it’s a nice town but come on let’s get real people
You have to have a job to obtain any
Substantial new mortgage even in
A new city or state involving financing.
Millions of office jobs Not Coming back
Those grads will snap those rare jobs up at lower comp to get started
Delaware extraordinary low taxes for
New residents and retirees