Waldwick, NJ – (November 24, 2020) October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

2020 Greater Bergen Realtors® Treasurer, Robert Funabashi said, “The Market continues to show strength even as we enter a normal slowdown period. In the last month, the New Jersey Multiple Listing Service (NJMLS) has shown the following: Over 1,900 listings added to the inventory, 2,100 listings marked Under Contract, and 1,700 listings marked Sold. January through October 30th, 2020 is virtually equal to 2019 even with 3 months of negative comparisons. January through October 30th, 2020 shows that the dollar volume of sold listings is up 9%. January through October 30th, 2020 shows the Average Sold Price is up 10%.”

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

October closed with the following numbers: Single Family Closed Sales increased 55.3 percent to 848; Townhouse-Condo Closed Sales increased 39.2 percent to 284; Adult Communities Closed Sales increased 11.1 percent to 10. Single Family Median Sales Price was up 14.8 percent to $560,000; Townhouse-Condo Median Sales Price was up 9.5 percent to $372,250; Adult Communities Median Sales Price was up 26.6 percent to $404,950. For the full showing time report, click here. 

Data as of November 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.