First Quarter 2019: Real Estate Market Report – Sussex County, NJ

Pricing in the Sussex market surged yet again in the first quarter of 2019, even while falling inventory suppressed sales growth. Transactions were down sharply, falling almost 12% for the quarter and now down over 2% for the rolling year. But the drop in sales clearly did not indicate a lack of demand, with average prices up almost 13% from last year’s first quarter and over 8% for the rolling year. More importantly, inventory has finally come down to manageable levels, down near six-month level that usually denotes a seller’s market. Going forward, we believe that the seller market fundamentals are strong: a growing economy, prices well below historic highs, low interest rates, and low levels of inventory. So we expect to see continued appreciation and some sales growth in a robust spring market.

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Posted on April 15, 2019 at 3:40 pm
Adam DiFrancesco | Category: Rand Country Blog

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