Waldwick, NJ – (April 26, 2021) Normal spring increases in sales activity, coupled with relaxing COVID-19 policies,

created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home sellers and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.

During the month of March of this year we have noticed that in the market overview key metrics, new listings have increased by 28.1% in comparison to March of 2020. Pending sales also had a 64.8% increase from this time last year. Closed sales continue to rise. It took an increasingly high jump just from last month alone. The overall average sales price of property has increased 14.0% with the average cost being $621,574. In March of 2020, the average sales price was $545,254.  

Single Family Closed Sales increased 37.9 percent to 600. Townhouse-Condo Closed Sales increased 44.7 percent to 246.

Adult Communities Closed Sales remained flat at 6. Single Family Median Sales Price was up 16.0 percent to $580,000. Townhouse-Condo Median Sales Price was up 5.0 percent to $357,000. Adult Communities Median Sales Price was up 2.1 percent to $342,000.

While many home builders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.

First Vice-President, Yesenia Frias added, “There is no doubt that the real estate market is hot now. Even though people are getting vaccinated, more and more people and companies have adopted this new Work from Home lifestyle and many new and current homeowners are looking for a bigger, better, and socially distanced space for themselves and their families. I am intrigued to see how the market trends change as more people get vaccinated and things start to slowly but shortly return to its normalcy.”

Click here for the full showingTime report for the month of March 2021.

Data as of April 20, 2021. 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®.