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 , , , , , , , , , ,

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

The Bergen County housing market stabilized in the third quarter, with a lack of inventory continuing to stifle growth but pricing showing only mixed results. Sales were up just a tick: Single‑family home sales rose about 1% from last year’s third quarter, and condo sales rose about 2%. For the rolling year, sales in both houses and condos are down slightly, the result of inventory that continues to stick to the four‑to‑five‑month level that’s within seller market territory. But restricted supply coupled with strong demand is having only a mixed impact on pricing: Single‑family home prices were flat for the quarter and are up just a tick for the rolling year, while condos were up sharply for the quarter and now have jumped over 3% on both the average and the median for the year. Going forward, we believe that inventory will continue to stabilize and that prices should continue to go up through the fourth quarter and into 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 October 10, 2018 at 12:57 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: Third Quarter 2018 – Northern New Jersey

The housing market in the Northern New Jersey suburbs of New York City cruised through the third quarter of 2018, with strong demand driving meaningful price appreciation, 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, since 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 mostly flat. For the region, sales were up just 0.7% in the quarter, and they were mixed in the individual counties: Bergen houses up 1%, Bergen condos up 2%, Hudson down almost 8%, Passaic down a tick, Morris up 3%, Essex up 5%, and Sussex up 2%. 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 about 2% regionally, with dramatic spikes in Hudson 8%, Sussex 8%, and Bergen condos 10%. The other markets were relatively flat or even down slightly (in Morris), but the overall trend is generally positive, with most markets up for the rolling year and the rolling-year regional average price rising over 2%.

We are a little surprised we’re not seeing more meaningful price appreciation throughout the region. Given strong buyer demand responding to a growing economy, reasonably low interest rates, and pricing still at attractive levels (mostly at 2004‑05 levels), we keep expecting some dramatic jumps in pricing. Textbook economics tells us that limited supply coupled with high demand should eventually drive meaningful increases in pricing. But other than Hudson, which is feeding off the Manhattan exile market, the rest of the region is not really appreciating at the level we would expect.

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 finish the year strong and drive meaningful price appreciation through 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 October 10, 2018 at 12:30 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , , ,

Real Estate Market Report: 2nd Quarter 2018 – Bergen County, NJ

The Bergen housing market cruised through the second quarter, as low levels of inventory continued to stifle growth even while driving prices up. Sales were mixed: single‑family home sales were up about 3% from last year’s second quarter, but condo sales fell about 2%. For the year, sales in both houses and condos are down slightly, the result of inventory that’s fallen below the six‑month level that signals a seller’s market. But low supply and high demand is having its expected impact on pricing, with prices up for both property types for the quarter – rising about 4% at the median. Going forward, we believe that inventory is starting to stabilize, but robust demand will continue to drive both sales and prices up above last year’s levels in a strong summer and fall 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 Twitter, Pinterest, and Instagram.

Posted on July 24, 2018 at 11:58 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 2nd Quarter 2018 – Northern New Jersey

The housing market in the Northern New Jersey suburbs of New York City continued to develop as a fully‑realized seller’s market, with low levels of housing supply shackling sales growth but generally driving price appreciation 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 about six months of inventory in most of the Northern New Jersey markets. The lack of inventory has been stifling sales growth, since 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 mostly flat. For the region, sales were up just 0.3% in the quarter, and they were mixed in the individual counties: Bergen houses up 3%, Bergen condos down 2%, Hudson down 3%, Passaic up 3%, Morris down 4%, Essex up 1%, and only Sussex bucking the trend by rising about 11%. 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 even as low inventory stifles sales growth, it drives meaningful price appreciation. Prices rose about 2% regionally, with dramatic spikes in Hudson (8%), Passaic (6%), and Sussex (7%). Those types of increases are not sustainable, but the longer‑term trends are still meaningful, with regional average prices up about 2% for the rolling year.

Inventory, however, might be stabilizing. Textbook economics tells us that limited supply, coupled with high demand, drives prices up, which is what we’ve seen in the past several years. But that same textbook also teaches us that rising prices eventually attract more sellers into the market, which fuels sales and stabilizes pricing. And that seems to be what we’re seeing now ‒ after several years of sharply declining supply, inventory either flattened out or even rose in some markets.

Going forward, we expect the seller’s market to continue. Stabilizing inventory might drive more sales growth, but we still believe that demand is strong enough to soak up that added supply and still drive meaningful price appreciation. Accordingly, with good economic conditions, low interest rates, and attractive pricing, we expect that the Northern New Jersey market will see rising sales and prices through a robust summer and fall 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 Twitter, Pinterest, and Instagram.

Posted on July 24, 2018 at 11:32 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Bergen County, NJ

Growth in the Bergen market was stifled by a lack of inventory, which suppressed sales even while it drove meaningful price appreciation. Sales were down for both property types, falling 5% for single-family homes and over 13% in condos. This was not due to a lack of demand, but a lack of supply, as inventory fell again and is now well under the six-month level that usually signals a seller’s market. That drove significant appreciation, with single-family homes now up almost 3% on average and 4% at the median for the rolling year. This appreciation might start attracting more sellers into the market, which would ease the inventory shortage. But that will not happen in time for a spring market, which will be marked by low inventory, stifled sales, and rising prices.

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 Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 12:53 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,

Real Estate Market Report: 1st Quarter 2018 – Northern New Jersey

The housing market in the Northern New Jersey suburbs of New York City has become a fully‑realized seller’s market, with declining inventory stifling sales growth while driving meaningful price appreciation throughout the region.

The regional market continues to suffer from a lack of inventory. The number of homes available for sale compared to last year fell sharply in every market in the region. At the current absorption rate, we are now down to well under six months of inventory in every county for single‑family homes (other than Sussex), which usually denotes a seller’s market.

This lack of inventory is holding back sales. While regional transactions were up 3% for the year, they were down over 3% for the first quarter, and quarterly sales fell in most of the counties. We saw this most acutely in Bergen, where quarterly condo sales were down over 13%, and in Hudson County, where sales fell over 7% for single‑family and multi‑family homes, and over 10% for condos. But this isn’t a demand problem ‑‑ demand is strong everywhere in the region. This is more of a supply problem ‑‑ we simply don’t have enough “fuel for the fire.”

But with all this demand chasing fewer homes, prices are up significantly across the region. The regional average sales price was up over 5% in the quarter, rising for every county and property type, particularly in the markets closest to the city: Bergen was up 1% for single‑families and 19% for condos, and Hudson was up 6% for single‑family, 21% for multi‑family, and 11% for condos. This type of double‑digit appreciation is not sustainable, but the long‑term trend for the rolling year is still very positive, up about 3% for the region and rising in every county except Sussex.

Going forward, this is what a seller’s market looks like. Low levels of inventory will continue to hold sales back even while driving prices up. At some point in 2018, this price appreciation will attract more sellers into the market, which will increase supply, bring sales up, and maybe moderate price increases. But that will not happen right away, so we expect a spring market with even lower levels of inventory, which will stifle sales growth but continue to drive robust price appreciation.

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 Twitter, Pinterest, and Instagram.

Posted on April 11, 2018 at 12:06 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , , ,

Better Homes and Gardens Rand Realty to Hold Open-House Event

NANUET, NY – Better Homes and Gardens Rand Realty is excited to announce that they will be holding an open-house event, where attendees can receive advice on buying and selling homes. It will take place on Saturday, April 14, and Sunday, April 15, from 12:00-4:00 p.m. on both days.

“We’re a few weeks into spring, which means it’s the prime season for the housing industry,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “Our brokerage receives many potential clients during this time of the year, and we would like to offer them guidance on how to achieve their real estate goals.”

All 27 of Rand Realty’s sales offices will be participating in the event, with listings located throughout the Lower Hudson Valley and Northern New Jersey. At these sites, attendees can engage with an agent for one-on-one assistance on how to conduct a home search or market their home for sale. They will also have the opportunity to enter a raffle to win a gift basket, with one being provided by each of the four regions that Rand Realty serves: Rockland, Orange, and Westchester Counties in New York, and Northern New Jersey.

“Being involved in a real estate transaction can be challenging, so it’s important for us to interact with buyers and sellers to make sure that their questions are being answered,” said Friend. “We want them to feel confident when they enter the market.”

 

About Better Homes and Gardens Rand Realty

Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with 28 offices (including a corporate location), serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey.

Better Homes and Gardens Rand Realty has over 1,000 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and the Hudson United Group, which provides residential mortgage lending, title services, and commercial and residential insurance.

These companies can be found online at www.RandRealty.com, www.RandCommercial.com, and www.HudsonUnited.com. Better Homes and Gardens Rand Realty can also be found and interacted with on Facebook, Twitter, Pinterest, and Instagram.

Posted on April 3, 2018 at 12:20 pm
Vincent Abbatecola | Category: In the News | Tagged , , , , , , , , , , , , , ,

Fourth Quarter 2017 Real Estate Market Report: Bergen County Overview

The Bergen County housing market slowed a bit in the fourth quarter, but still finished the year with meaningful price appreciation and remarkably low inventory levels.

Sales. Home sales were down slightly, falling over 4% from the fourth quarter of 2016, which marked the first quarterly decrease in sales in over three years. And for the year, sales were basically flat. That said, the near‑7,000 single‑family sales in 2017 was the highest number of transactions since the height of the last seller’s market over 10 years ago. What’s holding sales back right now is not a lack of demand, but a lack of inventory. If we start seeing more homes hit the market, we’ll see sales go up sharply.

Prices. Single‑family home prices were relatively flat after a torrid third quarter, falling just a tick on average and up about 2% at the median. Over the year, though, we are seeing the impact of declining inventory and strong demand, with prices up about 4% on average and at the median.

Negotiability. All the negotiability indicators are also signaling a rising seller’s market. Inventory continued to tighten in the fourth quarter, with the months of inventory falling almost 5% and now down to well under four months. Anything fewer than six months starts to signal a seller’s market, and we are now way below that level. Similarly, homes are continuing to sell more quickly and for closer to the asking price. As inventory continues to tighten, we would expect to see sellers gain even more negotiating leverage.

Condos. Activity in the Bergen condo market was flat in the fourth quarter, and prices fell about 2%. For the year, sales were up about 5% and prices down just a tick. With inventory now down to about four months, though, we would expect to eventually see some meaningful price appreciation.

Going forward, we expect Bergen County will experience a robust 2018. With inventory tightening, a relatively strong economy, near‑historically‑low interest rates, and prices still at attractive 2004‑05 levels, we believe that sustained buyer demand will continue to drive meaningful price appreciation through the full year. And those rising prices will likely tempt more homeowners into the market, which will drive sales up to even higher levels.

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 Twitter.

Posted on January 17, 2018 at 3:55 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , ,