OK, we finally got there! Endured the cooler May season leading to summer months of sweltering heat…just what we’ve all been waiting for! As we enjoy our summer season, for those who are not buying or selling homes right now, the interest in market trends is put on the back burner. If you read my April real estate Market Trends article, I can attest to the casual comment of “So how is the market doing?” This query interestingly occurs less often in the summertime as families are busy packing kids off to camp, enjoying the initial freedom wondering whether you like the absence of the noise and tumult or miss it after all, summer barbeques that could be buggy and muggy, refreshing pool and beach recreation etc. It’s obvious that real estate thoughts and ponderings don’t require immediate attention and wane in the background. However, on the flip side, buyers and sellers who need immediate results, some pressured to secure a place before the school year starts, should be tuned in to market trends and indicators in order to make intelligent, prudent choices vis-à-vis real estate options. Below are important facts to help you with your buying and selling decisions.
May 2018 NJMLS reports:
– Single-Family Closed Sales were down 5.2 percent to 1,0003.
– Townhouse-Condos Closed Sales were down 11.0 percent to 379.
– Adult Communities Closed Sales were down 25.0 percent to 18.
– Single-Family Median Sales Price increased 4.7 percent to $450,000.
– Townhouse-Condo Median Sales Price increased to 3.0 percent to $340,000.
– Adult Communities Median Sales price decreased 19.3 percent to $254,950.
OK, if you are paying attention and reading these facts closely you’ll notice a recent drop in closed sales. No need to panic if you are on the selling end since the drop indicator may be primarily due to low inventory rather than a lack of buyer interest. Actually, stronger home loan approvals that are in place now as opposed to a decade ago have created a market whereby fewer days on market coupled with higher prices actually do persist year after year. In fact, in sustaining a sellers’ market, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains strong, thus heightening competitive needs and pricing. An awareness and concern of spiraling mortgage rates are also the caveat to purchasing sooner rather than later since your buying power is reduced with an escalation of rates.
What does this all mean to you? Bottom line, home is where the heart is, get a good piece of the rock that suits your needs and budget and take the plunge now! You won’t be sorry!
By Ruby Kaplan
Ruby Kaplan is a realtor with V & N Group LLC, licensed in both New Jersey and New York. Her passion is to help people meet their housing needs and goals. Having bought, sold and built homes, she has acquired an expertise to represent both sellers and buyers. She is sensitive to her clients’ needs and has a driven commitment to oversee all her transactions with honesty, integrity, knowledge and dedication. Ruby can be reached at her office at 201-692-3700, at the company’s website at www.vera-nechama.com, on her cell at 917-576-4177 or at [email protected].
