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

The Hudson housing market surged yet again in the fourth quarter, with prices rising across the board. Overall sales for the county were down almost 11% from last year’s fourth quarter, with both multi‑family and condo sales falling sharply due to the lack of inventory available on the market. Indeed, for the 2018 year, sales were down 5% overall, falling 9% for multi‑families and 6% for condos, with single‑family homes being the only property type to see an increase, at 5%. But the drop in sales does not indicate a lack of demand, with prices up across the board: quarterly prices were up 14% for single‑family homes, 2% for multi‑families, and almost 7% for condos. And for the year, we’re seeing pretty dramatic price appreciation: single‑family homes up 12%, multi‑families up 12%, and condos up 7%. Going forward, we expect this to continue through a robust winter and spring market, as demand for housing in Hudson remains strong.

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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 3:28 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

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

Pricing in the Sussex market surged yet again in the fourth quarter, even while falling inventory held sales down. Transactions were down sharply, falling almost 12% for the quarter, but finishing the year up almost 2%. But the drop in sales clearly did not indicate a lack of demand, with prices spiking across the board: up 6% on average and 13% at the median for the quarter, and finishing the 2018 year up 5% on average and 6% at the median. More importantly, inventory has finally come down to manageable levels, down to the six‑month level that usually denotes a seller’s market. Going forward, we expect continued strength in sales, coupled with meaningful price appreciation through a strong 2019.

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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 2:56 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

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

Sales in the Essex housing market went up again in the fourth quarter, but this increase in buyer demand had a middling effect on pricing. Sales rose almost 4% for the quarter, and finished the year up over 2%. But pricing was mixed: for the quarter, the average price was down over 4%, even while the median was up a tick. We saw the same thing for the full‑year results, with the average down slightly and the median up about 2%. The negotiability indicators, though, continue to support the idea that we’re in a seller’s market: homes are selling more quickly, and for very close to the asking price. And inventory continues to stay well below the six‑month level that usually denotes a seller’s market. Going forward, we do believe that prices have room for growth, and that rising prices will eventually attract more sellers, and more inventory, into the 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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 2:27 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Morris County, NJ

The Morris housing market finished the year with a welcome burst of price appreciation, the result of low levels of inventory, coupled with strong buyer demand. After a surprising pricing decline in the third quarter, prices came back in the fourth, rising almost 3% on average and 5% at the median. That helped Morris close the year (barely) in the black, with the average and median both up just a tick. Inventory continued to stay well below the six‑month level, though, which is holding back sales: transactions were down 6% for the quarter, and finished the year down about 1%. Going forward, we do believe that prices have room for growth, and that rising prices will eventually attract more sellers, and more inventory, into the 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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 12:58 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Passaic County, NJ

Pricing in the Passaic housing market surged in the fourth quarter, closing a robust year in which low levels of inventory suppressed sales, even while driving prices up. Inventory is still falling, dropping over 23% from last year and now down below the six‑month level that usually denotes a seller’s market. And we’re seeing that in the pricing trends, with prices up 6% on average and 7% for the quarter, finishing the full 2018 year up 5% on average and at the median. The lack of inventory is still, though, holding back sales, which fell 7% for the quarter and ended the 2018 year down almost 2%. Going forward, we expect that sales will only go up when these rising prices tempt more homeowners into the market, and that we will continue to see price appreciation through a robust winter and 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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 12:30 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Bergen County, NJ

The Bergen housing market saw meaningful price appreciation in the fourth quarter, even while a lack of inventory continued to stifle sales growth. Sales were mixed, with single‑family homes down 4%, even while condos were up 3%. For the full 2018 year, sales in both houses and condos were down slightly, the result of constricted inventory levels that are now well below five months. But restricted supply, coupled with strong demand, is having its expected impact on pricing: quarterly single‑family home prices rose over 3% on average and 6% at the median, and condo prices spiked 15% on average and 8% at the median. And for the year, we’ve seen meaningful price appreciation in Bergen, with single‑family homes up 1% on average and 3% at the median, and condos up almost 8% on average and 6% at the median.
Going forward, we believe that these rising prices will eventually attract more sellers into the market, which will moderate the inventory problems and drive both sales and prices up in the 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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 11:59 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Northern New Jersey

Pricing in the housing market in the Northern New Jersey suburbs of New York City continued to appreciate in the fourth quarter of 2018, even while low levels of inventory suppressed sales growth throughout the region.

The regional market continues to suffer from a lack of supply. The number of homes available has settled at levels that generally signal a seller’s market, with fewer than six months of inventory in most of the Northern New Jersey markets. The lack of inventory has been stifling sales growth because the market lacks “fuel for the fire” to meet the existing buyer demand, even while driving meaningful price appreciation throughout the region.

Because of the lack of inventory, sales were down sharply. For the region, sales were down almost 5% in the quarter, falling in almost all of the counties: down 4% in Bergen, 11% in Hudson, 7% in Passaic, 6% in Morris, and 12% in Sussex. Sales were only up in Sussex and for Bergen condos. And for the 2018 year, sales were down about 1%, and down in most of the counties. That said, sales are now at levels we haven’t seen since the seller’s market of the mid‑2000s, and almost double in many places from the bottom of the market following the correction of 2008‑09.

But these low levels of inventory are also driving meaningful price appreciation. Prices rose sharply for the region, rising almost 5% for the quarter and up in most of the counties: rising 3% in Bergen, 6% in Hudson, 6% in Passaic, 3% in Morris, and 6% in Sussex (down only in Essex). For the year, we saw meaningful price appreciation throughout the region, with the regional price up almost 3%.

Going forward, we expect the seller’s market to continue. With good economic conditions, low interest rates, and attractive pricing, we expect that the Northern New Jersey market will continue to see meaningful price appreciation. This will eventually attract more sellers into the market, perhaps in time to help drive sales growth in the 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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 11:29 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Bronx, NY

With Better Homes and Gardens Rand Realty’s recent expansion into the Bronx, we are delighted to present the Rand Quarterly Market Report for Bronx County. We have been providing these quarterly market analyses for almost 15 years for the markets we service, which include Westchester and the Hudson Valley, Northern New Jersey, and now the Bronx. We hope you enjoy the Report, and if you have any questions, please reach out to your Rand Realty agent.

The Bronx housing market surged again in the fourth quarter of 2018, with prices rising sharply in a growing seller’s market, even while low levels of inventory held back sales growth. Going forward, we expect that strong demand will continue to drive meaningful price appreciation through a robust winter and spring market.

Prices were up across the board. For all property types, the average price rose over 13% from the fourth quarter of last year, and was relatively balanced: single‑family homes were up almost 6% on average and over 10% at the median, multi‑families were up 8% on average and almost 9% at the median; coops were up 10% on average and 8% at the median; and condos were up over 40% on average and 67% at the median. We caution not to read too much into the striking condo results because the market is relatively thin (only 45 sales in the quarter) and can be skewed by a couple of outliers. That said, even for the more reliable full 2018 year, we have some eye‑popping results for Bronx condos: up 16% on average and 13% at the median. Moreover, we’re seeing sustained price appreciation across the board, with the average price rising over 13% for all property types and up in every market segment.

But sales were down overall, and for most property types. For the borough as a whole, sales fell about 8%, even while they were relatively flat for the year. Most likely, we’re just seeing the impact of restricted inventory holding back sales, with the market lacking enough “fuel for the fire” to satiate demand. We would expect that these rising prices will eventually tempt more sellers into the market, which could help drive sales up.

Inventory continues to fall. We measure inventory by looking at the number of homes available for sale, and the rate at which homes are selling. A balanced market has about six months of inventory, meaning that at the current rate of home sales, it would take six months to sell all the homes currently available. What we’re seeing, though, is a clear sign of a seller’s market, with the months of inventory well below six months for all property types: 4.2 for single‑family homes, 5.0 for multi‑families, 4.9 for coops, and 5.6 for condos.

Overall, this is exactly what a robust seller’s market looks like. We have high demand and falling inventory driving sales and prices up throughout the borough. Textbook economics tells us that rising prices will eventually attract more sellers into the market, but in the meantime we can expect that high demand will continue to drive prices up through a robust winter and spring market.

Editor’s Note: This report includes only those sales reported through the Hudson Valley Gateway Multiple Listing Service.

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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 11:00 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Dutchess County, NY

Pricing in the Dutchess housing market soared again in the fourth quarter, with prices rising from high demand and limited inventory. Sales were down, just as in the rest of the region, with low levels of inventory holding back the market. But prices were up across the board: single‑family home prices rose over 12% on average and 6% at the median for the quarter, finishing the 2018 year up almost 10% on average and over 9% at the median. And we saw the same results in the condo market, with the full‑year prices rising 7% on average and almost 5% at the median. Going forward, we expect that sellers will eventually be attracted into this rising market, which might drive sales up in the winter and spring markets.

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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 10:29 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

Fourth-Quarter 2018: Real Estate Market Report – Putnam County, NY

Putnam continues to show every sign of a thriving seller’s market, with low levels of inventory stifling sales growth but driving meaningful price appreciation. For the quarter, sales were down just a tick, but prices were up over 3% on average and almost 6% at the median. And that strong quarter closed a robust 2018, with sales up 2% and prices rising 6% on average and almost 5% at the median. Indeed, the condo market was downright frothy, with sharply reduced inventory holding back sales but driving the full‑year pricing up almost 15% on average and 19% at the median. We think that this kind of price appreciation is not sustainable over the long‑term, but that low levels of inventory, coupled with high demand, will continue to drive meaningful appreciation through the winter and spring markets.

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 TwitterPinterest, and Instagram.

Posted on January 22, 2019 at 9:58 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,