(WAYNE, NJ) The real estate market continues to favor sellers and builders as the economy gradually improves. While the number of listings and openings are increasing nationally, NJ is still behind in terms of inventory. Low inventory rates are expected to help sustain a competitive market for buyers, leading to price increases over the next several months.
“Passaic County sales have slowed down because of the lack of available homes for buyers but we are anticipating that inventory will pick up soon,” Passaic County Board of Realtors® President Judith Mizzone said.
“The asking price of homes for sale has increased and home value in Passaic County is expected to rise in the next year. I think many people are starting to see the true potential that Passaic County has to offer,” Mizzone added.
In Passaic County, the number of new listings for single-family homes in April increased by 5.9 percent from the previous year. The number of closed listings increased by 15.9 percent compared to April 2017. The days on the market for listings decreased by 2.5 percent, which proves that it continues to be a seller’s market. The median sales price for single-family houses in Passaic County has increased by 5.2 percent, bringing the price from $290,000 in April 2017 to $305,000 in April 2018.
For townhouses-condos, the number of new listings in the county increased by 13.5 percent from 2017. The number of closed sales also increased by 15.8 percent. The number of days that the units are on the market has increased by 3.8 percent, a slight change in a usually busy market. The median sales price for townhouse-condos has decreased by seven percent, going from $270,000 in April 2017 to $251,000 in April 2018.
In the adult community, the number of new listings decreased by 40 percent. The number of closed sales remained the same from April 2017. The number of days on the market also jumped from last year, with a significant 148.3 percent increase. The median sales price in Passaic County decreased by 17.7 percent from April 2017, moving from $376,500 to $310,000.
Unusual weather patterns and a low inventory rate made for an interesting several months in the real estate market. As the climate becomes more stable, along with a surge in consumer spending and wages, the real estate market could soon see positive changes. Buyers are still advised to act quickly as the number of days that listings stay on the market is decreasing even more and multiple-offer situations are becoming prevalent. Impending increases in mortgage rates is also a factor that many buyers are considering when making an offer.
To Connect, to Educate, to Inspire…
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