[Waldwick, NJ – June 26, 2020] – While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers, and lifting showing activity in New Jersey in the final week of May to slightly above levels seen in the same week last year.
By the numbers, single family closed sales decreased 30.1 percent to 422; townhouse-condo closed sales decreased 54.1 percent to 101; adult communities closed sales decreased 20.0 percent to 4. The median price for single families was up 4.5 percent to $525,250. Townhouse-condo median sales price was up 8.9 percent to $350,000. Adult Communities Median Sales Price was up 24.0 percent to $297,500.
GREATER Bergen Realtors® First Vice President, Margaret Ajamian said, “The Covid-19 Pandemic has done a number on the real estate market. Despite new listings, pending sales and closed sales all see a decline year over year, the median and average sales prices are up! Looking further, she continued, the days on market is decreasing and inventory is down. What does this mean in the current market? We are in a Seller’s Market; with continued low interest rates and consumers leaving the cities for the suburbs our real estate market is HOT! This is a great time for agents to follow up with clients that were thinking of selling.”
Buyers have been quicker to return to the housing market than sellers, who have been showing reluctance to list their homes in what is typical for this time of year. However, the trends are improving, and COVID-19 policies continue to soften, real estate activity is expected to continue to improve in the coming weeks.
Data as of June 20, 2020. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime.
Greater Bergen REALTORS® provides invaluable information, programs and services to ensure the success of its members in everyday business. As the leading voice of real estate in North Jersey, we advocate for the public to protect private property rights as well as the right to home ownership. The association is a highly influential and important member of the local, state and National REALTOR® family. Greater Bergen REALTORS® represents over 7,800 in northern New Jersey. For more information, please visit www.GreaterBergenRealtors.com.