As a professional Realtor who depends on the vitality and optimism of the real estate market, I am sorry to report that the first quarter of 2019 there was a noted decrease in foot traffic of buyer activity leading to potential home sales. It seems the decrease in interest is coupled with lower buyer affordability in contrast to higher prices still hovering on the market. With an inventory situation still recovering from record lows of homes for sale combined with the backdrop of wintry weather in April, slower sales persisted across most residential real estate markets. But before we get too concerned, buyers are beginning to return in force for spring 2019. Overall, well-priced homes in desirable locations continue to experience strong interest within a typically competitive market.
The market report indicates according to the New Jersey Multiple Listing System that
single-family closed sales were up 0.7% to 894 with townhouse-condo closed sales down 13.6% to 337. Adult communities were also down 26.7% to 11.
In terms of pricing reports, which appeals to all consumers, whether buying or selling or just watching the market, the single-family median sales price decreased 0.5% to $438,000 with townhouse-condo median sales price also decreased to 4.0% to $330,000. However, in contrast, adult communities median sales price increased 20.3% to $409,000. It seems the results of townhouse-condo homes indicates reduction in both categories of closed sales and median sales price as well.
To reflect the financial climate, hiring and wage gains have been disappointingly below expectations. In order for sales to increase on a grander scale, buyers will need more spending power, or sellers will need to reduce prices to meet the buying power of active purchasers. The monthly snapshot of data reflect the one-year change of all properties combined, indicating a decrease of 3.9% of closed sales, a decrease of 8.0% of houses for sale in all categories, resulting in lower inventory and a 1.0% decreased change in median sales prices for all properties.
Don’t let the market discourage you since the market is cyclical and fluid. It is still a good to time to buy or sell while interest rates have not escalated enormously as speculated, which affect the buying power of affordability. Remember, “home is where the heart is,” and there is always the opportunity out there to make it happen. Don’t waste any more precious time to meet your housing dreams and goals. Owning a “piece of the rock” will always be truly precious!
By Ruby Kaplan
Ruby Kaplan is a realtor 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. Visit www.rubybobbyhomes.com for more information. The Ruby and Bobby Kaplan team/United RE/ will promote your home with the best of social media and create alerts for your criteria of housing needs. Your housing needs are our priority! Ruby can be reached at 201-314-4152 or on her cell at
917-576-4177 or at [email protected].
