Rand Country Blog January 22, 2019

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.

Rand Country Blog January 22, 2019

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.

Rand Country Blog October 10, 2018

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.

Rand Country Blog October 10, 2018

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.

Rand Country Blog July 24, 2018

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.

Rand Country Blog July 24, 2018

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.

Rand Country Blog April 11, 2018

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

Sales in the Sussex market continued to surge in the first quarter, rising almost 7% and marking over three straight years of increasing transactions. This demand continues to winnow down the inventory, which was down almost 22% and is now getting close to the six‑month level that usually denotes the beginning of a seller’s market. But Sussex homeowners are still waiting for some meaningful appreciation, with prices flat for the quarter and still down for the year. We continue to believe that these high levels of demand coupled with declining inventory will eventually drive some meaningful price appreciation, perhaps even as soon as this 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 Twitter, Pinterest, and Instagram.

Rand Country Blog April 11, 2018

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.

Press Room April 3, 2018

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.

Rand Country Blog January 18, 2018

Fourth Quarter 2017 Real Estate Market Report: Sussex County Overview

Activity in the Sussex County housing market surged yet again in the fourth quarter of 2017, with sales up sharply even while prices continued to struggle.

Sales. Sussex sales were up yet again in the fourth quarter, rising over 18% from last year and now up over 22% for the year. And the 2,348 sales for the year represented the highest calendar year total in over 10 years. Indeed, Sussex sales have now more than doubled from the bottom of the market in 2011.

Prices. Even with these sustained increases in buyer demand, though, prices continued to struggle. Average prices were down every quarter in 2017 compared to the prior year quarter, falling 2% in the first, 2% in the second, 3% in the third, and now 3% in the fourth. Accordingly, the yearlong price trend was negative, down 2.5% on average and almost 5% at the median. We remain baffled by this, since rising sales and declining inventory would normally drive prices up, not down. But we’ve now seen this trend develop for over a year, so we are skeptical, if hopeful, that prices will turn around in the spring market.

Inventory. The Sussex inventory of available homes for sale fell again, dropping over 35% and now down to about seven months. That’s a significant decline, but inventory is still higher than in other Northern New Jersey counties, which are all below the six‑month inventory line that usually signals the beginning of a seller’s market. If inventory continues to go down, we would expect that to put some additional upward pressure on pricing.

Negotiability. The negotiability metrics indicated that sellers were gaining negotiating leverage with buyers. For the year, the days‑on‑market fell by 14%, dropping by about a month, and sellers were retaining a lot more of their asking price, with listing retention jumping almost two percentage points and now up to over 96%.

Going forward, we expect that Sussex is going to continue to see rising sales. The question is whether this will finally drive some meaningful price appreciation, or at least stem the decline we saw this year. But we remain hopeful that an improving economy, attractive pricing, and near‑historically‑low interest rates will eventually drive prices up in 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.