Sales Cool, Prices Remain Hot for Fall
Trenton, NJ (Oct. 25, 2021)—High prices and low inventory have continued to cool sales throughout New Jersey. While New Jersey saw a slight decline in closed sales the past few months, overall sales are up 13.6 percent since the start of the year.
“For the past two years, the housing market has been an anomaly for a number of reasons,” said 2021 NJ Realtors President Jeff Jones. “The return to a more balanced market after almost a full two years of this competitive, in-demand atmosphere will be slower than potential buyers want and, likely, faster than those on the fence to sell will expect.”
Single family closed sales were down 17.5 percent in September 2021, to 7,756. Townhouse-condo closed sales were down 8.1 percent to 2,479, and adult community homes followed suit with a decrease of 14.4 percent to 729. Yet despite fewer sales, median sales price increased again across all categories in September. The single family median sales price increased 7.3 percent to $440,000; the townhouse-condo median sales price increased 5.1 percent to $310,000; and adult communities median sales price increased 26.4 percent to $303,330.
While listings are down year-over-year, the year-to-date new listings for all markets is down just 1.2 percent over the same period last year, which points to the market making up ground this fall, when new listings are typically lower.
The number of single family homes for sale remains low, but is still above the historical low of this past winter, which had the lowest number of homes for sale in over a decade, if not more. In September, there were 18,863 single family homes for sale throughout the state, representing a 26.1 percent decrease, which is typical of the decreases of the past three months.
Increasing inventory will be key to moderating prices, relaxing buyer competition, and opening the market back up. Many buyers have either been forced out due to affordability and not finding what they want leading them to wait. In a recent survey to 63,000 New Jersey Realtors, a majority of members see inventory as a very serious or serious problem, but with less intensity than when surveyed this past spring. Similarly, members surveyed said clients are not finding what they want within their price range, with just 41 percent reporting their clients are currently satisfied with the options in their price range.
If you know a potential first time homebuyer that is struggling to enter the market, have them visit newjersey.realestate/keys to register for a free virtual seminar to help potential first-time home buyers become homeowners. The seminar is this Thursday, Oct. 28 at 6:30 p.m. and all attendees will be entered to win a $250 gift card.
For the full market reports on the state and county level visit njrealtor.com/data.
New Jersey Realtors is the voice of real estate for New Jersey. It is a non-profit organization serving the professional needs of more than 63,000 Realtor and Realtor-Associate members engaged in all facets of the real estate business. In addition to serving the professional needs of its members, NJ Realtors is dedicated to enhancing the ability of its members to conduct their business successfully while maintaining the preservation of private property rights. Realtor is a registered collective membership mark, which may be used only by real estate professionals who subscribe to the Realtor organization’s strict Code of Ethics and are members of the national, state and local Realtor organizations. For more information, visit njrealtor.com.
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