Facebook
X
Pinterest
Copy Link
Third-Quarter 2017 Real Estate Market Report: Northern New Jersey Market Overview
The Northern New Jersey housing market surged again in the third quarter of 2017, with another increase in sales and modest-but-meaningful price appreciation. With inventory levels continuing to fall throughout the region, we expect that sustained buyer demand will drive a robust seller’s market through rest of the year and into 2018.
Sales surged throughout the region. All the Northern New Jersey markets continued to grow, with regional sales up over 4% and transactions rising in every market in the region: up 1% for Bergen houses, 5% for Bergen condos, 8% in Passaic, 0.4% in Morris, 4% in Essex, and 17% in Sussex. For the rolling year, sales were up 8%, reaching sales levels we have not seen since the height of the last seller’s market. Indeed, regional sales are now up over 75% from the bottom of the market in 2011.
The number of available homes for sale continues to go down. Indeed, inventory was down from last year in every individual county in the Rand Report: Bergen single‑family homes down 17%, and condos down 22%; Passaic down 28%; Morris down 29%; Essex down 29%; and Sussex down 11%. Moreover, most of our Northern New Jersey markets have reached the six‑months‑of‑inventory level that traditionally starts to signal a seller’s market. If inventory continues to tighten, and demand stays strong, we are likely to see more upward pressure on pricing.
With sales up and inventory down, prices are starting to show some “green shoots” of modest price appreciation. Basic economics of supply and demand would tell us that after five years of steadily increasing buyer demand, we would expect to see some meaningful price increases. And we’re starting to see some promising signs: the regional average sales price was flat, but prices were up sharply in Bergen, Passaic, and Morris, even while they continue to struggle in Essex and Sussex.
Going forward, we remain confident that rising demand and falling inventory will continue to drive price appreciation through the rest of 2017. Sales have now been increasing for five years, which has brought inventory to the seller’s market threshold in much of the region. The economic fundamentals are all good: homes are priced at 2004 levels (without even adjusting for inflation), interest rates are still near historic lows, and the regional economy is stable. Accordingly, we continue to believe the region is poised for a strong fall market and a strong 2018.
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.
Third-Quarter 2017 Market Report: Dutchess County Market Overview
The Dutchess County housing market showed clear signs of an emerging seller’s market in the third quarter of 2017, with a lack of inventory constricting growth but driving prices up.
Sales. Dutchess sales were down again in the third quarter, more a reflection of falling inventory in the market than a decline in buyer demand. Sales were down almost 5% for the quarter and are now down over 2% for the rolling year. Dutchess definitely needs some “fuel for the fire” to accommodate strong buyer demand.
Prices. Home prices continued to show the effects of declining inventory coupled with strong demand, with pricing up over 3% on average, 5% at the median, but down almost 12% in the price‑per‑square foot. We can see the same story in the rolling year numbers, with the average price up 2% and the median up over 3%, indicating that Dutchess is moving into a sustained seller’s market.
Negotiability. Dutchess homes are continuing to sell more quickly and for closer to the asking price, reflecting the negotiating leverage that sellers are getting in this market.
Condominiums. The condo market was down after a spike in the second quarter, with sales falling almost 11%. Prices were also down for the quarter, even while the yearlong trend was mostly positive.
Going forward, we believe that the Dutchess market will finish the year strong. With tightening inventory, a stable economy, near‑historically‑low interest rates, and homes still priced at appealing 2003‑04 levels, Dutchess is likely to see meaningful price appreciation through the end of the year and into next year.
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.
Third-Quarter 2017 Market Report: Putnam County Market Overview
The Putnam County housing market slowed a bit in the third quarter of 2017, with sales falling and prices mixed.
Sales. Putnam single‑family home sales were down almost 10% for the quarter, the third straight quarter of a significant decline in transactions. After over five years of steadily increasing sales, Putnam is now seeing the impact of a lack of inventory, with sales now down 5% for the rolling year.
Prices. This lack of inventory, though, is not driving sustained increases in pricing. Prices were mixed at best: down 3% on average, up a tick at the median, and flat in the price‑per‑square‑foot. We see the same thing in the yearlong trend, with the average down almost 2%, and the median and price‑per‑square‑foot mixed. We have been expecting meaningful appreciation in Putnam for some time now, and still believe that low levels of inventory and stable demand will eventually drive prices up.
Inventory. Inventory continued to tighten, falling over 12% and now down to the six‑month level that usually denotes a tightening seller’s market. This lack of available homes is what’s been restricting sales, since we don’t have enough “fuel for the fire” to keep the market going.
Negotiability. The negotiability indicators support the idea that a seller’s market is emerging, with the listing retention rate up just a tick and the days‑on‑market falling sharply. Homes in Putnam are now selling in about five months from listing to closing.
Condos. The impact of low inventory on the condo market was even more severe, with sales down almost 17%. In this case, though, prices were up sharply, rising 6% on average, almost 5% at the median, and over 1% in the price‑per‑square foot. For the year, though, both sales and prices are down.
Going forward, we believe that Putnam is struggling through some growing pains, but that it will soon start to show the same signs of life that we’re seeing in Westchester and the rest of the Hudson Valley. The fundamentals of the market are tremendous: inventory is low, rates are near historic lows, and prices are still at attractive 2004‑05 levels. We think that meaningful price appreciation in Putnam is just a matter of time.
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.
Third-Quarter 2017 Real Estate Market Report: Orange County Market Overview
The Orange County housing market surged again in the third quarter of 2017, with both sales and prices up while inventory continued to fall.
Sales. Orange sales were up yet again, rising over 6% from last year’s third quarter. Quarterly transactions have now gone up in 12 straight quarters and 21 out of the last 22. Indeed, for the rolling year, sales were up almost 10%, and the 3,722 single‑family sales were the highest total we have seen since the height of the last seller’s market.
Prices. These sustained levels of buyer demand are finally having a meaningful impact on pricing. Home prices rose again in the third quarter, up a tick on average and almost 5% at the median (although down slightly in the price‑per‑square‑foot). And home prices are now showing meaningful signs of appreciation over the longer‑term, with the rolling year prices up almost 4% on average, over 5% at the median, and almost 2% in the price‑per‑square foot.
Negotiability. The available inventory continues to tighten, down over 22% and now down to the six‑month level that starts to signal a seller’s market. Meanwhile, homes are selling more quickly and for closer to the asking price, with the days‑on‑market falling and the listing retention rate rising. Homes are now selling in almost five months from listing to closing.
Condominiums. The condo market was also up sharply, continuing a welcome trend that we finally started to see this year. Sales were up almost 15%, and prices were up over 1% on average and almost 7% at the median. The rolling year pricing showed that this is now a longer‑term trend: up 4% on average, over 5% at the median, and over 3% in the price‑per‑square foot.
Going forward, we believe that the Orange County housing market is poised for a great year: demand is high, prices are still at attractive 2003‑04 levels, interest rates are at historic lows, and the economy is generally strong. With inventory continuing to decline, we expect to see meaningful price appreciation through the rest of 2017 and into 2018.
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.
Third-Quarter 2017 Real Estate Market Report: Rockland County Market Overview
Prices in the Rockland County housing market soared in the third quarter of 2017, even while a lack of inventory stifled sales growth.
Sales. After spiking at the beginning of the year, sales gave some of that growth back, dropping over 8% from the third quarter of last year. This was only the second time in the last four years that year‑on‑year sales have gone down. That said, sales were still up slightly for the year, marking the highest twelve‑month total in over 12 years.
Prices. These sustained increases in buyer demand had a dramatic impact on prices, which were up over 5% on average, almost 4% at the median, and almost 9% in the price‑per‑square foot. And we are continuing to see meaningful and sustainable price appreciation over the longer term, with the rolling year average price up almost 3%, the median up almost 4%, and the price‑per‑square‑foot up almost 5%. Rockland is now up over 14% from the bottom of the market in 2012.
Negotiability. Inventory continued to fall in the third quarter, depriving Rockland of the “fuel for the fire” that would drive more sales growth. The months of inventory fell over 14%, and is now consistently at that six‑month market that denotes a seller’s market. Similarly, the listing retention rate rose and the days‑on‑market fell sharply again, indicating that sellers are increasingly gaining negotiating leverage with buyers.
Condos. The Rockland condo market cooled a little in the third quarter, with sales up a tick and prices mixed. For the year, sales are up over 21%, and prices are showing the first signs of life in a decade. With inventory falling, we expect that prices will continue to rise.
Going forward, we expect that buyer demand in Rockland will continue to drive prices up and inventory down. With prices still at attractive 2004 levels, interest rates near historic lows, inventory falling, and the economy generally strengthening, we believe that sustained buyer demand will continue to drive meaningful price appreciation through the rest of 2017 and into next year.
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.
Third-Quarter 2017 Real Estate Market Report: Westchester County Market Overview
Prices in the Westchester housing market rose again in the third quarter of 2017, even while a lack of inventory suppressed sales growth.
Sales. Home sales were down in the third quarter, falling about 5% from the third quarter of last year and marking the second straight quarter of declining sales in a row. This is almost certainly a lack of inventory stifling sales growth, though, rather than a decline in buyer demand. Still, though, sales are at levels we have not seen in over ten years, almost doubling from the bottom of the market at the end of 2009.
Prices. Low levels of inventory had some impact on prices, up 1% on average, 2% at the median, and down a tick in the price‑per‑square foot. Over the longer‑term, we’re starting to see some meaningful price appreciation, with average prices up almost 4%, and the median up almost 3%, for the rolling year.
Negotiability. The negotiability indicators continue to signal the emergence of the seller’s market. Inventory declined again, falling over 5% and now at the lowest level of inventory we have had in Westchester in over 12 years, since the height of the last seller’s market. Similarly, the listing retention rate was up again, and is now at almost 99% of the last listed price. And the days‑on‑market fell sharply ‑‑ homes are now selling in Westchester within about four months from listing to closing.
Condos and Coops. The condo and coop market was even more robust. Sales of coops were up almost 10%, and condo sales were up just a tick. But that shortage of available condos and coops is having its expected impact on pricing, which was up sharply across the board for both property types in the quarter and for the rolling year.
Going forward, we expect that Westchester is going to continue to see meaningful price appreciation through the rest of the year, especially as inventory continues to tighten. With pricing near 2004‑05 levels and interest rates near historic lows, we believe that the market will continue to thrive in the 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.
Third-Quarter 2017 Real Estate Market Report: Westchester & Hudson Valley Market Overview
The housing market in Westchester and the Hudson Valley surged again in the third quarter of 2017, with strong buyer demand driving meaningful price appreciation even while declining inventory stifled sales growth. With inventory rates continuing to fall, we expect this trend to continue through the rest of the year.
Inventory throughout the region continues to fall. Regional inventory was down almost 23%, and is now down to 6.1 months– right at the level that the industry considers a “balanced” market. But many of the individual counties in the region are now at‑or‑below six‑months’ worth of inventory, which usually signals a rising seller’s market: Westchester single family homes are now at 5.5, Putnam at 6.4, Rockland at 5.5, and Orange at 6.3.
The lack of inventory is stifling sales growth. Regional sales were down for the second straight quarter, falling over 5% from the third quarter of last year. Even though sales were up just a tick for the rolling year, we’re definitely seeing some pressure on sales growth from the lack of inventory on the market. Essentially, we need more “fuel for the fire.” That said, sales are now at levels we have not seen down since the height of the last seller’s market in 2005
These inventory levels are starting to drive meaningful price appreciation. The regional average sales price was up for the third quarter in a row, rising just about 1%. Most importantly, though, we’re starting to see long‑term meaningful price appreciation, with the average price up almost 3% for the rolling year. And quarterly average prices were up in almost every county in the region, rising 1% in Westchester, over 5% in Rockland, 1% in Orange, and over 3% in Dutchess (prices fell about 3% in Putnam).
Going forward, we expect that prices will continue to appreciate through the rest of the year. Demand is strong, bolstered by near‑historically‑low interest rates, prices that are still near 2003‑04 levels (without controlling for inflation), a generally strong economy, and sharply declining inventory. We will need fresh new listings to drive more sales growth, but we expect that we will continue to see price appreciation through a strong fall market and into 2018.
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.
Better Homes and Gardens Rand Realty Opens Office in Morristown, NJ
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce that they have opened a new office in Morristown, New Jersey, at 163 Madison Avenue, Suite 110.
“It’s a modern-day workplace in an office building, which is a perfect meeting spot for agents and clients,” said Jeffrey Halpern, business development manager for the New Jersey offices of Better Homes and Gardens Rand Realty. “It has all of the technology, support, and space that’s necessary for the agents’ success, and we look forward to tackling this market with our growing team of Realtors.”
Morristown is at the center of Morris County, making it the ideal location from which Realtors can reach out to the community. It’s a small urban area in a suburban environment, complete with a train station that has a direct line into New York City, eateries, offices, upscale shops, the famous Mayo Performing Arts Center, and the highly rated Morristown Medical Center. This office will serve all of Morris County, as well as Upper Union County.
“I couldn’t be more thrilled to join forces with the Rand family and their amazing company,” said Keith Kirkwood, manager of the Morristown, New Jersey office. “I’ve always admired the exquisite design and lifestyle brand of Better Homes and Gardens, and I feel blessed and optimistic about the future.”
Kirkwood, originally from Edinburgh, Scotland, moved with his family to New Jersey in 2011, and he has been a licensed realtor ever since. For his excellence in the field, Kirkwood earned the New Jersey REALTORS® Circle of Excellence Sales Award at the Platinum level for 2016. To reach the Platinum level, a member must achieve a minimum of $20 million in closed dollar volume and 30 units, or 125 units. Last year, Kirkwood and his team, “The Kirkwood Group,” successfully helped over 50 families buy and/or sell their homes.
“Morristown is one of the most vibrant areas in New Jersey, and we’re thrilled to be given the chance to immerse ourselves in this market,” said Matthew Rand, CEO of Better Homes and Gardens Rand Realty. “Morris County is a fast-growing market and represents a huge opportunity for growth of our firm.”
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 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 more than 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 and Twitter.
Better Homes and Gardens Rand Realty Welcomes New Manager for Suffern, NY and Ramsey, NJ Branches
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce they have named Daniel Brozyna as the new manager for their offices in Suffern, New York and Ramsey, New Jersey.
“I’m excited to have the opportunity to work with this productive team of associates and the Rand family,” said Brozyna. “I hope to continue what Joy Dorn helped to build, and I wish her all of the best in her retirement.”
First licensed in 2004, Brozyna holds a real estate broker’s license in New York and New Jersey. Throughout his career, he has assisted hundreds of clients in buying and selling their homes in Bergen, Essex, Hudson, Morris, and Passaic Counties in New Jersey and Rockland and Orange Counties in New York. Aside from selling real estate, Brozyna has aided others in developing and growing their careers within the industry.
Brozyna is a graduate of Don Bosco Preparatory High School in Ramsey, New Jersey and Quinnipiac University in Hamden, Connecticut. Professionally, he is a New Jersey Association of REALTORS® Circle of Excellence recipient, member of the National Association of REALTORS®, the New Jersey Association of REALTORS®, the Passaic County Board of REALTORS®, and the Hudson Gateway Association of REALTORS®.
“Dan is a great leader who has shown considerable dexterity when it comes to handling real estate in New York and New Jersey,” said Matthew Rand, CEO of Better Homes and Gardens Rand Realty. “Because of his abundant experience and lauded career, I know he has the capability of leading two groups of agents and providing them with the guidance that will help them continue their successful careers.”
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 over 29 offices 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 more than 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 and Twitter.
Better Homes and Gardens Rand Realty Acquires Riverside Realty in Hoboken, NJ
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce that it has acquired Riverside Realty, which is located at 209 Washington Street in Hoboken, New Jersey.
“We received a high demand of requests from agents in Hoboken to find out when we were going to be entering that market, and we’re very excited to arrive there and work with Riverside Realty,” said Justin Wrobel, New Jersey regional manager for Better Homes and Gardens Rand Realty. “Over the past few years, our company has worked hard to build a strong presence in New Jersey, just as we have in New York, and our expansion into Hoboken will continue that enterprise as we establish lasting connections in that locale.”
Riverside Realty was founded by Neima Grandela on July 7, 1986, and is currently owned and managed by Mary M. Knapp, a 21-year experienced and respected broker. Riverside Realty has been a dedicated group of agents in Hoboken for more than 31 years.
Today, Riverside Realty has 25 agents, most of whom were born and raised in Hoboken, which gives them a great advantage, as they have created strong bonds with the community as a whole. The company has always been known as a boutique agency that cares about their customers and their needs.
“We are so proud of what we have accomplished with our team of experts in Hudson County and the surrounding areas over the years,” said Knapp. “We chose to join Rand Realty because they share our same core values, which are to provide the best service and create lasting relationships with our customers. We care about our community and are eager to take a hold of the countless opportunities that will come our way in this new stage of our careers.”
“With beautiful properties, a thriving economy, and a close proximity to New York City, Hoboken is going to be a wonderful area in which to work,” said Matthew Rand, CEO of Better Homes and Gardens Rand Realty. “Mary has served this region for many years, and everyone at Riverside is going to be of great assistance to our company as we transition into that 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 over 29 offices 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 more than 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 and Twitter.
