Waldwick, NJ – (January 26, 2020) – Generally, December is one of the slowest months of the year, however strong buyer demand across most segments of the market, buoyed by near-record low-interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.

With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.

2021 President, Alireza Memar said, " It's now 1 year since the states presented with its first case of Covid-19. Yet, low mortgage interest rates, as well as low inventory, are the reason for the continual sales in the first month of 2021." 

November closed with the following numbers:

• Single Family Closed Sales increased 58.8 percent to 856.
• Townhouse-Condo Closed Sales increased 30.9 percent to 301.
• Adult Communities Closed Sales increased 600.0 percent to 14.
• Single Family Median Sales Price was up 14.6 percent to $550,000.
• Townhouse-Condo Median Sales Price was up 0.7 percent to $355,000.
• Adult Communities Median Sales Price was up 112.9 percent to $544,950.

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Data as of January 20, 2021. 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 © 2021 ShowingTime.