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The Passaic County seller’s market continued through the third quarter of 2019, with limited inventory driving strong price appreciation even while it held back sales growth. Prices keep going up, with the average price rising almost 5% for the quarter and over 4% for the rolling year. And while relatively low levels of inventory are still stifling sales growth, causing a 3% decline in transactions this quarter, that inventory is starting to creep up as homeowners are getting tempted into the market by the rising prices. Going forward, we expect that higher levels of inventory will provide more “fuel for the fire,” which will push sales up a bit, but that strong demand will still drive meaningful price appreciation. The market fundamentals are strong, with prices still below historic highs, interest rates low, and the economy thriving, so we expect both sales and price growth through the winter and into 2020.
