Monthly Indicators - ShowingTimemarketstatsreports.showingtime.com/NJAR_yyf2q/NJAR_NCJAR_M… · Single Family Market Overview Townhouse-Condo Market Overview Adult Community Market
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As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
• Single Family Closed Sales were up 10.1 percent to 1,747. • Townhouse-Condo Closed Sales were up 1.2 percent to 423. • Adult Communities Closed Sales were down 20.0 percent to 44.
• Single Family Median Sales Price increased 3.9 percent to $350,000. • Townhouse-Condo Median Sales Price increased 14.5 percent to $271,631. • Adult Communities Median Sales Price decreased 0.6 percent to $317,500.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.
For residential real estate activity in Essex, Hunterdon, Morris, Somerset, Sussex, Union and Warren Counties. Percent changes are calculated using rounded figures.
Median Sales PriceAverage Sales PricePercent of List Price ReceivedDays on Market Until SaleHousing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory
New Listings
Single Family Market OverviewTownhouse-Condo Market OverviewAdult Community Market Overview
Key metrics for Single Family Properties Only, excluding Manufactured Housing, for the report month and for year-to-date (YTD) starting from the first of the year.
Historical Median Sales Price by Month Single Family Townhouse-Condo Adult Communities
November 2015 $340,000 $253,000 $344,000
December 2015 $347,750 $248,000 $317,500
January 2016 $322,500 $245,000 $337,000
February 2016 $315,000 $247,750 $319,000
March 2016 $322,700 $250,000 $340,000
April 2016 $348,500 $252,000 $339,000
May 2016 $375,000 $265,000 $340,000
June 2016 $412,000 $259,500 $316,750
July 2016 $410,000 $245,000 $326,000
August 2016 $410,000 $260,000 $357,450
September 2016 $360,000 $260,000 $347,900
October 2016 $350,000 $271,631 $317,500
12-Month Med.* $368,000 $255,000 $335,000 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Historical Average Sales Price by Month Single Family Townhouse-Condo Adult Communities
November 2015 $422,183 $290,126 $368,848
December 2015 $437,476 $283,474 $351,565
January 2016 $402,897 $275,763 $480,060
February 2016 $392,280 $280,174 $330,863
March 2016 $404,043 $275,010 $374,440
April 2016 $440,192 $281,649 $339,922
May 2016 $466,065 $309,457 $354,944
June 2016 $495,960 $298,356 $347,998
July 2016 $491,313 $286,581 $353,569
August 2016 $504,723 $302,049 $395,760
September 2016 $436,914 $288,932 $359,546
October 2016 $428,397 $295,680 $366,054
12-Month Avg.* $452,173 $290,197 $364,637 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Historical Percent of List Price Received by Month Single Family Townhouse-Condo Adult Communities
November 2015 96.4% 97.1% 97.6%
December 2015 96.6% 96.6% 96.8%
January 2016 96.6% 97.7% 97.5%
February 2016 96.4% 96.7% 98.8%
March 2016 96.6% 97.0% 96.1%
April 2016 96.8% 96.8% 96.6%
May 2016 97.5% 97.4% 97.2%
June 2016 97.9% 97.1% 97.5%
July 2016 98.4% 97.3% 96.8%
August 2016 98.0% 97.2% 97.1%
September 2016 97.2% 97.3% 97.6%
October 2016 97.4% 97.1% 98.3%
12-Month Avg.* 97.3% 97.1% 97.3% Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
* Affordability Index for all properties from November 2015 through October 2016. This is not the average of the individual figures above.
Historical Inventory of Homes for Sale by Month Single Family Townhouse-Condo Adult Communities
November 2015 11,685 2,110 261
December 2015 10,082 1,819 221
January 2016 10,019 1,811 230
February 2016 10,312 1,833 253
March 2016 11,110 1,945 273
April 2016 11,872 2,000 292
May 2016 12,258 2,020 283
June 2016 12,334 2,011 282
July 2016 11,983 2,035 280
August 2016 11,241 1,931 290
September 2016 10,938 1,955 275
October 2016 10,098 1,740 268
12-Month Avg. 11,161 1,934 267 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
The number of properties available for sale in active status at the end of a given month.
Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year.