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Real Estate Newsletter and Housing Stats

 

Saddle River Grand
Saddle River, Bergen County NJ

 
June Special Days 

June 3 National Donut Day
June 6 D-Day
June 14 National Bourbon Day
June 16 International Day of Family
June 19 Father's Day
June 21 Summer Solstice 
June 26 Day against Drug Abuse
June 27 National Ice Cream Cake Day


April 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 =   1.65  
Seller's Market
New Listings: 1220
Sold Listings: 706
Average Sale Price: $687,341
Average Days On Market: 33
Essex County
Absorption Rate =    2.59 
Seller's Market
New Listings: 689
Sold Listings: 397
Average Sale Price: $680,295
Average Days On Market: 30

Passaic County
Absorption Rate =   2.4 
Seller's Market
     New Listings:
Sold Listings:
Average Sale Price:
Average Days On Market:

364
249
473,235
35

Morris County
Absorption Rate =  2.33 
Seller's Market
New Listings:
Sold Listings:
Average Sale Price:
Average Days On Market:

770
465
635,779
28


Sussex County
Absorption Rate =   2.0 
Seller's Market
New Listings:
Sold Listings:
Average Sale Price:
Average Days On Market:

355
217
$363,538
38

New Jersey Real Estate

Public State and County Reports

Zig Ziglar Quotes

“People don’t buy for logical reasons. They buy for emotional reasons.”


April Data Reveals Spring Housing Market Climate


The sellers' market continues with the April 2022 median sales price hitting $420,000, a 9.1% increase over last April. The percentage of list price received was the only other positive category in April, coming in with an increase of 2.5%, raising it to 103.5%. 

May 2022


Applications for new homes dropped 14% in April


Skyrocketing mortgage rates and a slowdown in new home constructions led to a drop in home purchases in April. Mortgage applications for new home purchases dropped 10.6% in April from the same period last year, according to the Mortgage Bankers Association builder application survey. Compared with last month, applications dropped by 14%. 

HOUSING WIRE
May, 2022


Homes in April sold for an average of $13,655 above the list price. Find out where homes fetched the highest premiums.


A new feature rolling out may help house hunters get an aerial view of the surrounding area before they visit.


High inflation and material costs as well as supply chain bottlenecks aren’t prompting homeowners to rethink their remodeling plans.

May 2022


Can You Put an Offer on a House That’s Contingent?

Once you find your dream home and it happens to be marked as contingent, you can still place an offer. Here’s all you should know about contingent sales as a potential home buyer. Contingent meaning. Real estate listings go through different stages.

RIS MEDIA
April 2022


The VA’s little-known program for Native American veterans

A Department of Veterans Affairs lending program for Native American veterans has been severely underutilized, a government watchdog found. According to a report the Government Accountability Office published this week, the VA’s Native American Direct Loan program only resulted in 89 loans originated in the continental U.S. from 2012 to 2021.
 

HOUSING WIRE
April 2022


Home buyers likely will have to lose some before they win. On average, half of buyers made two offers before being successful in their purchase with the third try.
April 2022


With rental growth and resilience in student housing, investment companies, such as Blackstone Inc., are making noteworthy acquisitions in the sector.

April 2022


Tax assessments may be lagging behind rising property values.
4/15/2022


Since the start of the year, about $400 has been added to the average monthly mortgage payment on a median-priced home.

4/15/2022


Recent bathroom remodeling trends have focused on removing the tub and supersizing the shower—but that could hurt resale value.

4/15/2022


Inflation is at a 40-year high and higher spending on other consumer items may mean less money to spend on a mortgage payment.

4/14/2022


Homes in New Jersey are selling 15 days faster than a year ago

Based on realtor.com properties and usage comparing year over year referencing last month's data reported to realtor.com


The one-two punch of higher mortgage rates and escalating home prices reduced homebuyers ’ ability to buy homes in February. The trend is also likely to worsen in the coming months.
 

Housing Wire

As some potential home buyers get priced out, they’re sparking a rush in the single-family rental market.

Read More: 


 
 
Weekly News and Updates
State News...

State of the State

How Are You Voting in the 2022 Primary Election?

The deadline to apply for a mail-in ballot for the NJ Primary Election is May 31. If you're voting by mail ensure you complete your ballot and either mail it, place it in a secure ballot drop box location, or deliver it in-person to your county's board of elections office. 

Click here for more information on the upcoming NJ Primary Election.

New Jersey is getting past: Single-Use Carryout Bags, Polystyrene Foam Food Service Products, and Plastic Stra (P.L. 2020, c. 117 

Starting May 4, 2022, New Jersey retail stores, grocery stores and food service businesses may not provide or sell single-use plastic carryout bags and polystyrene foam food service products. Single-use paper carryout bags are allowed to be provided or sold, except by grocery stores equal to or larger than 2500 square feet, which may only provide or sell reusable carryout bags. After November 4, 2021, plastic straws may be provided only upon the request of the customer.

National News...
OFFICE OCCUPANCY IS INCREASING
Employees are headed back to the office. After the pandemic caused many companies to encourage work-from-home policies for office workers, real estate indicators signal a reversal. As they return, companies want more space.
 
 
Global Perspectives...

Helpful Real Estate Articles

Buying Your New Home

Selling Your Home

Home Maintenance

Condo/Townhome Tips

Seniors 55+

Smart Homes and Features

Do Not Pay Too Much For Your Home

Make Yourself Scarce

Moving and Relocation

NJ School Reports

Your First Home

 

Average Days On Market
Below are my figures for northern New Jersey:

County

April
2016
April
2022
Bergen County  90  47
Essex County   84  30
Morris County 83 28
Passaic County 99  35
Sussex County 120 38

*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


www.BCNJRE.com
www.NJCondoTownHomes.com
Coldwell Banker | LinkedIn
Coldwell Banker
Realty

NJCondoTownhomes.com

 Luxury Homes NJ Multiple Listing Service Free Market Analysis   Helpful Buying/Selling Tips Mortgage Calculator
 

 

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