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 – 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 , , , , , , , , , ,

Better Homes and Gardens Rand Realty-Morristown Celebrates Successful First Year, Expanding from 5 to 35 Agents!

Congratulations to Morristown Branch Manager Keith Kirkwood and all the talented agents in our new Morristown office on their 1st Birthday! The Morristown office just celebrated its First Anniversary with a big office party for agents, management, owners, affiliates, friends and family. The Morristown office started out as a team of five and now, just one year later, has a team of 35 (with more eagerly waiting to join)!

2018 has been a huge year of growth for the office as it continues to exceed goals. We spoke with Branch Manager Keith Kirkwood to find out more about what makes his office different.

“My previous experience in real estate was very much an agent-centric culture. It was not the most supportive environment to be in. I was fortunate enough to become very successful as an agent, but I could see the struggles that particularly new agents were facing. I knew there had to be a better way.”

He explains: “I wanted to see if we could take the ego out of the process and focus on agent development and client servicing. I also knew that it was important to have an environment where team members felt valued and valuable, and where it was OK to fail – but “fail forward.”. At Better Homes and Gardens Rand Realty, agents feel as though they are part of a team and everyone celebrates each other’s wins, regardless of what they are,” Keith said.

All of our Better Homes and Gardens Rand Realty offices emphasize community spirit and participation – and Morristown is no different! The Morristown office has joined the Morristown Partnership and are regulars at the Sunday Famers Market. This month, the office was involved in the Morristown Fall Festival that packed over 60,000 attendees.

Morristown has been described as a “great place to work, live and play” with its urban lifestyle, bars and restaurants, along with its vibrant arts and theater scene. And, it has a prime location with easy access to NYC transit. Combined with a sense of tranquility, beautiful landscapes and outdoor living, Morristown truly is a unique place to call home.

And, our Morristown branch office indeed matches the culture of our town!

“There is a great energy that permeates the office, which has resulted in a hardworking, positive environment,” says Keith. “I am so proud of the people who have chosen to come along with me on this adventure. They have placed their trust in me and I treasure that so much. My big ‘why’ now is to help them achieve whatever it is they hope to achieve in their business, while holding them to the highest standards of practice in the field.”

Posted on October 29, 2018 at 4:20 pm
Vincent Abbatecola | Category: Rand Country Blog | Tagged , , , , , ,

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

The Morris County housing market contained a series of contradictory indicators in the third quarter, with sales up, prices down, and the negotiability metrics suggesting increased leverage for sellers. Unlike most of the higher‑end markets in the region, Morris actually experienced sales growth, with sales up over 3% for the quarter, and the rolling-year totals relatively flat. But also unlike those other markets, Morris saw some price depreciation, with prices down almost 3% on average and 2% at the median. Meanwhile, the secondary metrics all pointed to increasing seller leverage: Inventory was down a tick, and now below the six‑month level that denotes a seller’s market; days‑on‑market fell again, and the listing retention rate was up just a tick. So what to make of the decline in pricing? Well, that might just be a blip, the result of some disproportionate strength in the middle‑ and lower‑range price points of the market. Indeed, if you look at the rolling year, prices are up nicely. Going forward, we will watch the pricing trend, but we do believe that demand is strong and will eventually drive more meaningful price appreciation 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 2:58 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 – Morris County, NJ

The Morris housing market flattened out a bit in the second quarter, with sales down and prices basically flat. Quarterly sales were down for only the second time in about four years, falling over 4% and now down about 1% for the rolling year. But demand remains strong, driving prices up slightly for the quarter and between 2‑3% for the rolling year. Sales might pick up in the third quarter, since we’re starting to see inventory levels rise just a bit after severe declines for most of the past few years. Going forward, we expect that the market will remain strong, with sales and prices generally rising through the end of the 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, Pinterest, and Instagram.

Posted on July 24, 2018 at 1:00 pm
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 – Morris County, NJ

The Morris market cruised through the first quarter, with increases in both sales and prices. Even an almost 20% drop in inventory did not hold sales back, with closings up over 4% from last year. But that lack of inventory did have its expected impact on pricing, which was up over 3% for both the average and the median. We’re now seeing sustained appreciation, with yearlong pricing up over 3% on average and almost 4% at the median. These rising prices will eventually attract more sellers into the market, but probably not in time for the spring market. So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.

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 3:26 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 , , , , , , , , , , , , , ,