Monthly Indicators for July 2020 in Bergen County
[Waldwick, NJ – August 31, 2020] – Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many
markets. With the inventory of homes for sale still constrained, a competitive
market for buyers shows little sign of waning. Below is the breakdown of the current trends for the month of July:
- Single Family Closed Sales decreased 13.8 percent to 690.
- Townhouse-Condo Closed Sales decreased 26.9 percent to 160.
- Adult Communities Closed Sales decreased 28.6 percent to 5.
- Single Family Median Sales Price was up 10.9 percent to $556,500.
- Townhouse-Condo Median Sales Price was up 2.3 percent to $358,000.
- Adult Communities Median Sales Price was up 81.5 percent to $574,500.
While the number of unemployment insurance weekly initial claims has been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019.
Despite this significant economic impact, homebuyers remain extremely resilient. With mortgage rates remaining near-record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
The president of Greater Bergen Realtors, Gene Amsel said, “We are truly living in unforeseen times. As we continue to navigate through the pandemic, the demands at an all-time high. The interest in working from home, having more space, and capitalizing on low-interest rates have set home prices rising, thus we see sellers taking advantage of this opportunity. At the same time, we've met with the harsh reality of managing through limited access home tours, challenging situations with limited childcare, and complex school schedules that are making access for buyers limited. As buyers continue to evaluate the ideal home we see demand and interest surging in homes with home office dedicated rooms, ample space for children studying/learning from home, and amenities such as gym areas and pools as people reconsider needs based on current health restrictions.”
Data as of August 20, 2020. All data from New Jersey MLS and Hudson County MLS. The margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime.