Real Estate Market Report: 1st Quarter 2018 – Hudson County, NJ

Hudson County’s lack of inventory had its expected impact, driving sales down sharply but prices up dramatically in a strong first quarter. Although overall sales for all property types were up 1.6% from the prior rolling year, they were down 9% from last year’s first quarter, dropping for the first time in over three years. They were down for all property types, falling about 7% for single‑family and multi‑family homes, and over 10% for condos, simply because we don’t have enough inventory to meet demand. But lots of buyers chasing fewer homes had its expected impact on average prices, which spiked across the board: rising over 16% for single‑family, over 21% for multi‑family, and over 11% for condos. That kind of price appreciation is not sustainable, but even the yearlong trends are pretty impressive: up 5% for single-family, 15% for multi-family, and 5% for condos. The Hudson market, bolstered by demand emanating out of Manhattan, is simply on fire, and we expect that to continue for a torrid spring.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 4:56 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Sussex County, NJ

Sales in the Sussex market continued to surge in the first quarter, rising almost 7% and marking over three straight years of increasing transactions. This demand continues to winnow down the inventory, which was down almost 22% and is now getting close to the six‑month level that usually denotes the beginning of a seller’s market. But Sussex homeowners are still waiting for some meaningful appreciation, with prices flat for the quarter and still down for the year. We continue to believe that these high levels of demand coupled with declining inventory will eventually drive some meaningful price appreciation, perhaps even as soon as this spring market.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 4:28 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Essex County, NJ

Growth in the Essex market was stifled by a lack of inventory, which was down over 17% from last year and kept sales relatively flat. But increasing demand chasing fewer homes for sale drove prices up, with the average and median both rising about 2%. We’re now seeing sustained appreciation in Essex, with the yearlong prices up almost 2% on average and over 4% at the median. These rising prices will eventually attract more homeowners into selling their homes, but probably not in time for the spring market.  So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 3:58 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Morris County, NJ

The Morris market cruised through the first quarter, with increases in both sales and prices. Even an almost 20% drop in inventory did not hold sales back, with closings up over 4% from last year. But that lack of inventory did have its expected impact on pricing, which was up over 3% for both the average and the median. We’re now seeing sustained appreciation, with yearlong pricing up over 3% on average and almost 4% at the median. These rising prices will eventually attract more sellers into the market, but probably not in time for the spring market. So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 3:26 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Passaic County, NJ

Passaic sales growth was stifled by a lack of available homes for sale, which fell over 21% and is now down to 5.3 months of inventory. That lack of inventory drove sales down almost 4%, but also had a dramatic impact on pricing, which was up almost 6% on average and 7% at the median. We’re now seeing a sustainable appreciation trend, with yearlong prices up almost 4% on average and 5% at the median. These rising prices will eventually attract more homeowners into selling their homes,  but probably not in time for the spring market.  So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 1:45 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Bergen County, NJ

Growth in the Bergen market was stifled by a lack of inventory, which suppressed sales even while it drove meaningful price appreciation. Sales were down for both property types, falling 5% for single-family homes and over 13% in condos. This was not due to a lack of demand, but a lack of supply, as inventory fell again and is now well under the six-month level that usually signals a seller’s market. That drove significant appreciation, with single-family homes now up almost 3% on average and 4% at the median for the rolling year. This appreciation might start attracting more sellers into the market, which would ease the inventory shortage. But that will not happen in time for a spring market, which will be marked by low inventory, stifled sales, and rising prices.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 12:53 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Northern New Jersey

The housing market in the Northern New Jersey suburbs of New York City has become a fully‑realized seller’s market, with declining inventory stifling sales growth while driving meaningful price appreciation throughout the region.

The regional market continues to suffer from a lack of inventory. The number of homes available for sale compared to last year fell sharply in every market in the region. At the current absorption rate, we are now down to well under six months of inventory in every county for single‑family homes (other than Sussex), which usually denotes a seller’s market.

This lack of inventory is holding back sales. While regional transactions were up 3% for the year, they were down over 3% for the first quarter, and quarterly sales fell in most of the counties. We saw this most acutely in Bergen, where quarterly condo sales were down over 13%, and in Hudson County, where sales fell over 7% for single‑family and multi‑family homes, and over 10% for condos. But this isn’t a demand problem ‑‑ demand is strong everywhere in the region. This is more of a supply problem ‑‑ we simply don’t have enough “fuel for the fire.”

But with all this demand chasing fewer homes, prices are up significantly across the region. The regional average sales price was up over 5% in the quarter, rising for every county and property type, particularly in the markets closest to the city: Bergen was up 1% for single‑families and 19% for condos, and Hudson was up 6% for single‑family, 21% for multi‑family, and 11% for condos. This type of double‑digit appreciation is not sustainable, but the long‑term trend for the rolling year is still very positive, up about 3% for the region and rising in every county except Sussex.

Going forward, this is what a seller’s market looks like. Low levels of inventory will continue to hold sales back even while driving prices up. At some point in 2018, this price appreciation will attract more sellers into the market, which will increase supply, bring sales up, and maybe moderate price increases. But that will not happen right away, so we expect a spring market with even lower levels of inventory, which will stifle sales growth but continue to drive robust price appreciation.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 12:06 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , , ,

Better Homes and Gardens Rand Realty to Hold Open-House Event

NANUET, NY – Better Homes and Gardens Rand Realty is excited to announce that they will be holding an open-house event, where attendees can receive advice on buying and selling homes. It will take place on Saturday, April 14, and Sunday, April 15, from 12:00-4:00 p.m. on both days.

“We’re a few weeks into spring, which means it’s the prime season for the housing industry,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “Our brokerage receives many potential clients during this time of the year, and we would like to offer them guidance on how to achieve their real estate goals.”

All 27 of Rand Realty’s sales offices will be participating in the event, with listings located throughout the Lower Hudson Valley and Northern New Jersey. At these sites, attendees can engage with an agent for one-on-one assistance on how to conduct a home search or market their home for sale. They will also have the opportunity to enter a raffle to win a gift basket, with one being provided by each of the four regions that Rand Realty serves: Rockland, Orange, and Westchester Counties in New York, and Northern New Jersey.

“Being involved in a real estate transaction can be challenging, so it’s important for us to interact with buyers and sellers to make sure that their questions are being answered,” said Friend. “We want them to feel confident when they enter the market.”

 

About Better Homes and Gardens Rand Realty

Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with 28 offices (including a corporate location), serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey.

Better Homes and Gardens Rand Realty has over 1,000 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and the Hudson United Group, which provides residential mortgage lending, title services, and commercial and residential insurance.

These companies can be found online at www.RandRealty.com, www.RandCommercial.com, and www.HudsonUnited.com. Better Homes and Gardens Rand Realty can also be found and interacted with on Facebook, Twitter, Pinterest, and Instagram.

Posted on April 3, 2018 at 12:20 pm
Vincent Abbatecola | Category: In the News | Tagged , , , , , , , , , , , , , ,

Fourth Quarter 2017 Real Estate Market Report: Sussex County Overview

Activity in the Sussex County housing market surged yet again in the fourth quarter of 2017, with sales up sharply even while prices continued to struggle.

Sales. Sussex sales were up yet again in the fourth quarter, rising over 18% from last year and now up over 22% for the year. And the 2,348 sales for the year represented the highest calendar year total in over 10 years. Indeed, Sussex sales have now more than doubled from the bottom of the market in 2011.

Prices. Even with these sustained increases in buyer demand, though, prices continued to struggle. Average prices were down every quarter in 2017 compared to the prior year quarter, falling 2% in the first, 2% in the second, 3% in the third, and now 3% in the fourth. Accordingly, the yearlong price trend was negative, down 2.5% on average and almost 5% at the median. We remain baffled by this, since rising sales and declining inventory would normally drive prices up, not down. But we’ve now seen this trend develop for over a year, so we are skeptical, if hopeful, that prices will turn around in the spring market.

Inventory. The Sussex inventory of available homes for sale fell again, dropping over 35% and now down to about seven months. That’s a significant decline, but inventory is still higher than in other Northern New Jersey counties, which are all below the six‑month inventory line that usually signals the beginning of a seller’s market. If inventory continues to go down, we would expect that to put some additional upward pressure on pricing.

Negotiability. The negotiability metrics indicated that sellers were gaining negotiating leverage with buyers. For the year, the days‑on‑market fell by 14%, dropping by about a month, and sellers were retaining a lot more of their asking price, with listing retention jumping almost two percentage points and now up to over 96%.

Going forward, we expect that Sussex is going to continue to see rising sales. The question is whether this will finally drive some meaningful price appreciation, or at least stem the decline we saw this year. But we remain hopeful that an improving economy, attractive pricing, and near‑historically‑low interest rates will eventually drive prices up in 2018.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

Posted on January 18, 2018 at 11:27 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Fourth Quarter 2017 Real Estate Market Report: Essex County Overview

The Essex County housing finished 2017 strong, with solid increases in both sales and prices.

Sales. Essex sales activity was up again, rising almost 6% from the fourth quarter of last year. And for the full year, sales were up over 8%, hitting over 5,000 sales. This represented the largest yearly total since the height of the seller’s market over 10 years ago, and an increase of almost 70% from the bottom of the market in 2011.

Prices. Essex also started to show some signs of meaningful price appreciation. For the quarter, the average price rose over 5% and the median was up over 4%. More importantly, we saw the first meaningful yearly price appreciation in years, with the average and median both up about 2%. With inventory continuing to fall and buyer demand relatively strong, we would expect prices to gain some momentum throughout 2018.

Inventory. Essex inventory fell again, dropping over 41% from last year’s fourth quarter and now down to just over four months’ worth of available homes. We measure “months of inventory” by calculating the number of months it would take to sell all the available homes at the current rate of absorption, and generally consider anything below six months to signal a seller’s market that would normally drive prices up. So, the fact that Essex is now well below six months would tend to indicate more price appreciation in 2018.

Negotiability. The negotiability indicators – the amount of time sold homes were on the market, and the rate at which sellers were able to retain their full asking price – suggested the sellers might be gaining significant negotiating leverage. Most notably, the listing retention rate crossed the 100% threshold for the third quarter in a row, meaning that Essex homes on average are selling for higher than the listed price. Similarly, the days‑on‑market fell about 11%, and is now down to well under four months of market time. Those are both positive signals of potential future appreciation.

Going forward, we expect that Essex County’s sales activity will continue to drive meaningful price appreciation. With homes still at historically affordable prices, interest rates low, and a generally improving economy, we believe that low inventory levels coupled with stable buyer demand will drive a strong market throughout 2018.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

Posted on January 18, 2018 at 10:29 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,