So we’ve changed our clocks, enduring shorter days and early dark nights. We are still getting used to the early pitch black and yearning for the warm weather, yet maybe admitting to the excitement of snow that is just around the corner. While we question whether putting our housing needs on hold for now, market trend reports are indicators of past months to reflect on plans for the future, so here goes:
The Fall Monthly Indicators from the NJMLS report:
Single-family closed sales are down 12.4 percent to 922, while the median sales price remained flat at $425,000.
Townhouse-condo closed sales were down 3.4 percent to 366, while the median sales price increased 4.2 percent to $342,900.
Adult-communities closed sales were up 25 percent to 15, while the median sales price increased 25 percent to $420,000.
So where does that leave the interest for buyers to buy and sellers to sell?
Speculation is that 2018 reflects the final period in a long string of productive years of buyer demand and sellers’ excitement for the housing industry. Keep in mind residential real estate should continue along a positive path for the rest of the year; however, rising prices and interest rates coupled with salary stagnation and a generational trend toward home-purchase delay or even disinterest could create a climate of declining sales.
Tracking reputable sources is always prudent. By the numbers, we continue to see pockets of unprecedented past price heights combined with low days on the market with an economic backdrop conducive to consistent demand. However, situations change and markets do fluctuate. One can note a decrease in closed sales while prices remain flat for residential homes. The doom and gloom is balanced by the market trends and fluctuations.
Where does that leave you in planning ahead? The ball is in your court, but real estate ownership is always going to be a “piece of the rock” for the long haul. Ownership will always be the paradigm of life to be proud of!
By Ruby Kaplan
Ruby Kaplan is a real estate agent 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].
