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

The Sussex market surged yet again in the third quarter, with small increases in sales coupled with a dramatic jump in pricing. Transactions were only up about 2% for the quarter, but that finished a year where sales rose over 9%. That’s a pretty robust showing compared to other markets in the region. This strong buyer demand is having its expected impact on pricing, with the average price spiking over 8% and the median up over 5%. And we’re starting to finally see some long‑term price appreciation, with the average price up 3% for the rolling year and the median up just a tick. More importantly, inventory has finally come down to manageable levels, almost 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 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 3:57 pm
Vincent Abbatecola | Category: Rand Country Blog | Tagged , , , , ,

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

The Essex housing market experienced a strong third quarter, with both sales and prices rising in what is now a pretty robust seller’s market. Sales were up over 5% for the quarter, finishing a year in which they rose about 3%. That’s not a torrid transactional pace, but compared to other counties in the market, which generally saw flat or declining sales due to the lack of inventory, it was a pretty encouraging result. And prices were up for the quarter, rising a tick on average and up almost 3% at the median. More importantly, we’re seeing long‑term price appreciation, with average prices up over 1% and the median rising almost 5% for the rolling year. And we’re seeing seller’s gain leverage in negotiating, with the days‑on‑market falling over 5% for the quarter and now 7% for the year, and the listing retention rate continuing to go up above full price. Going forward, with inventory still falling, we might see some restriction on sales growth, but we believe prices still have room 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 3:27 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: Rand Country Blog | Tagged , , , , ,

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

The Passaic housing market cooled off a little in the third quarter, with both sales and prices relatively flat after a robust second quarter. Indeed, we saw exactly one fewer sale in the third quarter compared to last year, and only 40 more sales for the rolling year. But this sales plateau does not indicate a lack of demand, since prices were up again, rising about 2% on average and at the median for the quarter, and finishing a rolling year up over 4% on average and almost 7% at the median. Meanwhile, inventory is still falling, now down below the six‑month level that usually denotes a seller’s market, which is what is holding sales figures down. 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 appreciation in pricing through a robust 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 2:31 pm
Vincent Abbatecola | Category: 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: 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: Rand Country Blog | Tagged , , , , , , , , , ,

Tri-County Realty Teams with Rand Realty

NANUET, NY – Better Homes and Gardens Rand Realty continues to grow throughout Northern New Jersey, following their Wayne, New Jersey, office’s acquisition of Tri-County Realty, which was located in the township and owned by Joseph Palermo, a broker/salesperson.

“I’ve had the privilege of leading my brokerage for 20 years, and I’m grateful that my dedicated team now has the chance to work with Better Homes and Gardens Rand Realty,” said Palermo.  “My agents have a strong commitment to service, which will make them a perfect match for their new colleagues.”

Palermo has been licensed since 1980 and has held several distinguished positions within past agencies.  He has been a top manager for Schlott Realtors, an area manager for Coldwell Banker, and a regional vice president and Wayne office manager for Better Homes and Gardens Murphy & Co.  He has consistently achieved status as a million-dollar producer, is a member of the New Jersey REALTORS® Distinguished Sales Club, and is a recipient of their Circle of Excellence Award.

“We’re thrilled to have the opportunity to work with Joseph and his team of agents,” said Justin Wrobel, New Jersey regional manager for Rand Realty.  “The deep roots that they have in our markets are going to open new opportunities for our offices in these regions.”

 

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 28 offices serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties the Bronx in New York, as well as Bergen, Passaic, Morris, Essex, Sussex, and Hudson 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 August 8, 2018 at 12:56 pm
Vincent Abbatecola | Category: Press Room | Tagged , , , , , ,

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

The Hudson County housing market surged again in the second quarter, with low levels of inventory stifling sales activity but driving a spike in pricing. Overall sales for the county were down about 3%, with both multi-family and condo sales falling sharply due to the lack of inventory available on the market. But that lack of supply, coupled with high levels of demand, is having a dramatic impact on pricing. Average prices were up almost 8% for all property types, rising over 17% for single-family homes, 18% for multi-family, and almost 3% for condos. Going forward, we expect this to continue through a robust summer and fall 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 Twitter, Pinterest, and Instagram.

Posted on July 24, 2018 at 3:26 pm
Vincent Abbatecola | Category: Rand Country Blog | Tagged , , , , ,

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

The Sussex market surged again in the second quarter, with sharp increases in both sales and prices. Transactions were up over 11% from last year’s second quarter, continuing a yearlong trend that brought sales up almost 14% for the rolling year. That kind of buyer demand has winnowed down the housing supply, with the months of inventory falling over 21% from last year and now getting close to the six‑month mark that signals a seller’s market. We’re certainly moving into that territory, given the spike in pricing in the quarter: rising almost 7% on average and 8% at the median. Prices are still relatively flat for the year, but the lack of inventory and high demand will likely drive both sales and prices 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 1:56 pm
Vincent Abbatecola | Category: Rand Country Blog | Tagged , , , , ,

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

The Essex housing market was flat for the second quarter, with mixed results in sales and pricing. Sales were up just a tick from last year, and are up about 2% for the rolling year. That said, we’re now seeing sales at levels higher than any time in the past 15 years, since the height of the last seller’s market. To get sales moving, though, we need more supply in the market, since the months of inventory has now settled at the six‑month level that usually signals a seller’s market. But reduced inventory has generally been driving some meaningful price appreciation: although pricing was mixed for the quarter, it was up almost 3% at the median for the rolling year. Going forward, we believe that stabilizing inventory will support a solid summer and fall market, with both sales and prices rising over last 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 1:26 pm
Vincent Abbatecola | Category: Rand Country Blog | Tagged , , , , ,