January 2023 Real Estate Newsletter 

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an international move? I belong to the broker national
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Little Egg Harbor, NJ
Ocean County

 
February Special Days  

February Black History Month
February 2 Groundhog Day
February 11 Thomas Edison's Birthday
February 12 Abraham Lincoln's Birthday
February 14 Valentine's Day
February 19 Coast Guard Reserves Birthday
February 20 Presidents' Day
February 22 George Washington's Birthday
February 28  National Science Day


December Housing Stats

Click To view local Monthly Housing Stats 2016 - 2022
 

Market Absorption Rate 
See each county below. 

Seller's Market

Normal Market

Buyer's Market

1
2 3 4 5 6 7 8 9 10
An  Absorption Rate  of 7 or higher is a Buyer's Market
Bergen County
Absorption Rate =   2.55  
Seller's Market
New Listings: 326
Sold Listings: 612
Average Sale Price: $676,090
Average Days On Market: 52
Essex County
Absorption Rate =    3.53 
Seller's Market
New Listings: 222
Sold Listings: 346
Average Sale Price: $632,578
Average Days On Market: 42

Passaic County
Absorption Rate =   2.97 
Seller's Market
     New Listings:
Sold Listings:
Average Sale Price:
Average Days On Market:

 131
239
$478,037

42

Morris County
Absorption Rate =   2.93 
Seller's Market
New Listings:
Sold Listings:
Average Sale Price:
Average Days On Market:

223
393
$616,914
36


Sussex County Absorption Rate =   4.03 
Seller's Market
New Listings:
Sold Listings:
Average Sale Price:
Average Days On Market:

95
218
$332,741
48

New Jersey Real Estate

Public State and County Reports
 

You don't have to be great at something to start, but you have to start to be great at something.

 

State of New Jersey

 

ANCHOR Deadline Extended: Apply for up to $1,500 in Tax Relief

Envelope with money in it

More than three million residents are eligible for up to $1,500 in property tax relief under the ANCHOR program.

Tenants and renters who were previously ineligible because their unit was covered by a PILOT agreement can now apply for the ANCHOR benefit.

To be eligible for this year's benefit, you must have occupied your primary residence on October 1st, 2019. You must also file (or be exempt from) NJ income taxes. The deadline for filing has been extended to January 31st, 2023.

Learn More

State Of The State ...

New Inland Flood Rules from the DEP

 

The 60-day public comment period for the NJ Department of Environmental Protection's new inland flood protection rule ends on Feb. 3.

 

The rule was proposed following the flood devastation from Hurricane Ida and aims to address outdated rainfall data, ensure development and construction projects are well-equipped with data, and protect New Jersey's assets.

 

NJ Realtors® is reviewing this proposal to determine the impact it will have on property owners in the affected areas.

READ MORE HERE
National News ...

 

Pending Home Sales Increased 2.5% in December, Ending Six-Month Slide
 
WASHINGTON (January 27, 2023) – Pending home sales increased in December for the first time since May 2022 — following six consecutive months of declines — according to the National Association of Realtors®. The Northeast and Midwest recorded month-over-month reductions, while the South and West posted monthly gains. All four U.S. regions saw year-over-year decreases in transactions, with the West experiencing the largest decline at 37.5%...
READ ON
 

 

Lower Inflation Portends Further Slide in Mortgage Rates

A dip below 6% has become a distinct possibility, says NAR Chief Economist Lawrence Yun.
 
After doubling from a year ago, rates likely will experience less volatility in 2023, says NAR Director of Forecasting Nadia Evangelou.
JANUARY 5, 2023
Helpful Tips ...

3 Tips for Home Buyers Purchasing With Friends, Family 

A growing number of consumers are exploring unconventional pathways to homeownership, including buying a home with a friend, family member, or partner, according to the National Association of REALTORS®’ 
2021 Home Buyers and Sellers Generational Trends Report.


*Wire Fraud is Real*.  Before wiring any money, call the intended recipient at a number you know is valid to confirm the instructions.

·  Always personally verify wire instructions.

·  Use only phone numbers that have called before or can otherwise verify are legitimate.

·  Be very suspicious of emails and phone calls with purportedly updated, revised or corrected wiring instructions. It is extremely rare that a lawyer or title agent will change wire instructions during the course of a transaction.


 E-Mail

Emil Ratti
Sales Associate
Certified New Home Specialist
Residential Construction Certified
Senior Real Estate Specialist


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REALTOR® -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS ® and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR® holds membership.