(WAYNE. N.J.) -- Although inventory was down from previous years, the overall housing affordability remained stable throughout 2017. Despite mixed sales volumes, housing prices were consistently on the rise. While for buyers, higher prices may not be favorable, listing activity is expected to increase as more sellers are growing confident for 2018. Experts believe that with the economy slowly shifting, improved conditions are anticipated for sellers.
In Passaic County, the number of new listings for single-family homes in December decreased by 4.7 percent from the previous year. The number of closed listings increased by 2.4 percent from December 2016. The days on the market that a house is listed also decreased by nearly 20 percent, which is a good sign for sellers. The median sales price for single-family houses in Passaic County has increased, bringing the price from $282,000 in 2016 to $310,000 at the end of 2017.
For townhouses-condos, the number of new listings in the county increased by 10.5 percent from 2016. The number of closed sales also increased by 31.3 percent. The number of days that the units are on the market has decreased by 13 percent, proving that townhouses-condos are becoming an increasingly popular amongst buyers in the area. The median sales price for townhouse-condos has also decreased by 6 percent, going from $250,000 in December 2016 to $235,000 in December 2017.
In the adult community, the number of new listings remained the same from the previous year. The number of closed sales decreased by 21.4 percent compared to December 2016 statistics. The number of days on the market increased by nearly 30 percent from the end of 2016. The median sales price also decreased by almost 50 percent, moving from $393,421 to $200,000 in December 2017.
While the U.S. economy has improved over the course of 2017, the changes did not always match the levels that home prices increased. However, the housing market remained strong, even with the anticipation of higher mortgage rates in 2018. Real estate professionals and experts are reported to be cautiously hopeful for 2018. Housing and economic indicators predict that there is optimism for the housing market despite the uncertainty behind the new federal tax legislation.
As part of the Passaic County community since 1909, The Passaic County Board of REALTORS® represents a diverse group of individuals who work together with their neighbors, community groups, schools and elected officials to help make northern New Jersey a place you want to live, work and play. The Passaic County Board of REALTORS® (PCBOR), the “Voice for Real Estate” in northern New Jersey since 1909, represents more than 2,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions, and residential sales. For more information, visit pcbor.com.
Contact: Anika Nahar