This week, Better Homes and Gardens Rand Realty is releasing its Quarterly Market Report for all the counties it services: Westchester, Putnam, Rockland, Orange, and Dutchess Counties in New York; and Bergen, Passaic, and Morris Counties in New Jersey. Below is an excerpt from the report, but you can get the full Report here.
The Morris County housing market spiked in the second quarter of 2015, with sales up sharply and prices continuing to appreciate. If buyer demand stays strong, then we are likely to see continued meaningful price appreciation through the end of the year.
Sales. Morris County sales surged 17% in the second quarter, with the 1,498 sales marked the highest second-quarter total since 2007, at the tail end of the last seller’s market. This continues a trend that we’ve been watching for almost a year, with year-on-year sales now up for three quarters in a row – with the rolling year sales now up 6.2% from the prior rolling year.
Prices. As we would expect, these sustained increases in buyer demand are having an impact on pricing, with the average sales price up 4.1% and the median sales price up almost 1%. For the rolling year, we’re also seeing positive results, with the average price up 2.3% — a meaningful and sustainable level of appreciation.
Negotiability. Morris County home sellers are also gaining some leverage in negotiability, as indicated by the time that homes are staying on the market and the amount that they’re discounted by sellers. The days-on-market were down 4.4% for the quarter and 5.1% for the year, indicating that homes are starting to move more quickly. And the listing retention rate was up for both the quarter and the year, indicating that sellers are negotiating deals closer to their asking price.
Going forward, we expect that the Morris County market will continue to grow through a seasonally strong third quarter. With homes still at historically affordable prices, interest rates low, and a generally improving economy, we believe that buyer demand will stay strong and continue to drive price appreciation through the end of the year.