the staff of the Ridgewood blog
Ridgewood NJ, Recovery is coming for the housing market, according to statewide data from New Jersey Realtors. While much of the percentage changes are still in the red, the overall picture is positive, with numbers for closings and sales trending upward.
Year-over-year numbers are still in negative territory however, the month-to-month changes for the total market indicate growth. In April there were just 6,162 pending sales, while May pending sales jumped to 10,237. New listings for April totaled 7,272 but May rose to 12,822.
The year-to-date median sales price for all markets was $315,000, up 9.4 percent over 2019, indicating prices are on the rise. The percent of list price received year-to-date is fairly static at 97.7 percent, showing that New Jersey Realtors are helping their clients price properties accurately according to the current market. Properties are moving fast, sitting for an average of just 61 days in May.
Inventory, as usual, remains a concern. There were just 35,683 total properties for sale in May, compared to May of last year which had 57,969, reflecting a drop of 38.4 percent.
“We feel some relief that after a long few months we are starting to see the numbers tick upwards,” said 2020 New Jersey Realtors President Angela Sicoli. “Hearing from other agents in the field about the difference in activity from just a few weeks ago is a big confidence boost for the industry. In some markets, it’s possible this summer could beat out last spring’s selling season.”
The local story is the suburbs are hot, fueled by outmigration from cities, but the activity seen lately likely won’t be reflected in the numbers until June or July.
Sellers are benefitting from the rising prices and while buyers may have less homes to choose from, the low interest rates should help.
Data is aggregated from the eight MLSs in the state for New Jersey Realtors. For the full reports, visit njrealtor.com/data.