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So What’s Going on in the Passaic County Real Estate Market?: The Rand Quarterly Market Report for 2015Q2
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 Passaic County housing market continued to strengthen in the second quarter of 2015, with increases in both sales and prices that reflect a sustained increase in buyer demand. Going forward, we expect that this will continue through a seasonably strong third quarter.
Sales. Passaic County sales were up in the second quarter, rising 5.1% from last year. That marked the third straight quarter with year-on-year sales increases, demonstrating sustained growth in buyer demand. You can see that in the longer-term trend, with sales up 5.4% for the rolling year. Clearly, buyer demand in Passaic County is strong and getting stronger.
Prices. These sustained increases in buyer demand are having their expected impact on pricing, with prices up across the board from last year: 3.3% on average, and 3.1% at the median. For the year, we saw a mild but meaningful 1.1% increase in the average sales price, indicating that Passaic pricing is slowly but surely moving in a positive direction.
Negotiability. The negotiability indicators, though, were decidedly mixed, demonstrating that sellers are still struggling to gain negotiating leverage with buyers. The days-on-market indicator was essentially flat for both the quarter and the rolling year, and the listing retention rate was actually down a bit. In other words, homes were taking just about as long to sell, and were being discounted a little more heavily.
Going forward, we expect that Passaic County buyer demand will stay strong through the seasonally robust third quarter, and that we will continue to see price appreciation through the end of the year. With home prices at affordable levels, interest rates near historic lows, and a generally improving economy, we expect the Passaic market to stay strong.
CLICK HERE TO DOWNLOAD YOUR COPY OF THE COMPLETE REPORT
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
So What’s Going on in the Morris County Real Estate Market?: The Rand Quarterly Market Report for 2015Q2
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.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
