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MARKET AREA UPDATE Year: Report as of: 1Q 2Q 3Q 4Q
Market Area (City, State): Essex. Hunterdon, Middlesex, Morris, Somerset & Union Counties Provided by (Company / Companies): BHHS New Jersey Properties Provided by RDC Member(s): Susan Magenta, CIPS, CRP, GMS-T
What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) *Limited Inventory
Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: *
Single Family (detached)
Condominiums / Townhomes (attached)
**Sales Price (current) Choose one: Average Median
$ 498,765
$ 361,304
**Sales Price (same time prior year) Choose one: Average Median
$ 501,125
$ 356,869
Average Days on Market – list to contract (current)
# 55 Increase Decreasing Stable
# 56 Increase Decreasing Stable
Absorption – Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Example: Active Listings = 4500 Closed sales in the past 3 months = 4000 RIGHT: 4,000/3 (months)=1,333 (sales per month)
4,500/1,333=3.37 months of inventory WRONG: 4,500/4,000=1 month of inventory
# 3.6
# 3.01
Absorption – Months of Inventory (same time prior year) # 4.19 # 3.73
Active Listings # 7246 # 1388
Closed ( total last 3 months) # 6002 # 1383
Expired Listings ( total last 3 months if available) # 5221 # 853
Change in Home Values
-.02 %
Increase in past 3 months Stable Decreasing in past 3 months
.1 %
Increase in past 3 months Stable Decreasing in past 3 months
Sold LP/SP Ratio (last 3 months) 99.3 % 97.9 %
*Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values
How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: 4.5 % % Average – Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) *The local Real Estate Market is tight. Limited inventory continues and this is creating multiple bids in some towns. Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No
Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent $3000-$6000 Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $1500-$3000 Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $1200-$2000
REAL ESTATE MARKET DATA
GENERAL ECONOMY
RENTAL INFORMATION
Monthly Snapshot
23456789
101112131415
August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
• Single Family Closed Sales were up 9.9 percent to 8,845.• Townhouse-Condo Closed Sales were up 1.5 percent to 2,296.• Adult Communities Closed Sales were up 4.3 percent to 758.
• Single Family Median Sales Price increased 0.6 percent to $334,000.• Townhouse-Condo Median Sales Price increased 1.2 percent to $260,000.• Adult Communities Median Sales Price increased 9.5 percent to $202,500.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
One-Year Change in Homes for SaleAll Properties
One-Year Change in Median Sales Price
All Properties
+ 1.0%
Pending Sales
Closed Sales
One-Year Change in Closed SalesAll Properties
Single Family Market Overview
Townhouse-Condo Market Overview
Adult Community Market Overview
Total Market Overview
Monthly Indicators
August 2017
+ 7.8%
Residential real estate activity comprised of single family properties, townhouses and condominiums combined, and properties in adult communities. Percent changes are calculated using rounded figures.
Median Sales Price
Average Sales Price
Percent of List Price Received
Days on Market Until Sale
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
New Listings
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime.
- 20.6%
For residential real estate activity in the state of New Jersey
Single Family Market Overview
Key Metrics Historical Sparklines 8-2016 8-2017 Percent Change YTD 2016 YTD 2017 Percent Change
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.
New Listings 10,230 10,917 + 6.7% 95,038 + 1.5%
Pending Sales 6,938 7,854 + 13.2% 53,046 59,605 + 12.4%
93,589
+ 11.7%
Median Sales Price $332,000 $334,000 + 0.6% $305,000 $305,100 + 0.0%
Closed Sales 8,049 8,845 + 9.9% 48,877 54,602
+ 0.9%
Pct. of List Price Received 97.1% 98.0% + 0.9% 96.7% 97.6% + 0.9%
Avg. Sales Price $412,329 $411,166 - 0.3% $387,101 $390,455
- 11.1%
Affordability Index 130 125 - 3.8% 142 137 - 3.5%
Days on Market 73 64 - 12.3% 81 72
-- --
Homes for Sale 47,348 38,084 - 19.6% -- --
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 2
--
Months Supply 7.8 5.6 - 28.2% --
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
Townhouse-Condo Market Overview
Key Metrics Historical Sparklines 8-2016 8-2017 Percent Change YTD 2016 YTD 2017 Percent Change
Key metrics for Townhouses and Condominiums Only for the report month and for year-to-date (YTD) starting from the first of the year.
--Months Supply 6.9 4.9 - 29.0% -- --
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 3
- 4.6%
Homes for Sale 12,839 9,883 - 23.0% -- -- --
Affordability Index 168 161 - 4.2% 175 167
+ 0.6%
Days on Market 71 64 - 9.9% 79 71 - 10.1%
Pct. of List Price Received 97.0% 97.4% + 0.4% 96.5% 97.1%
$319,777 + 1.4%
Median Sales Price $256,900 $260,000 + 1.2% $246,500 $251,000
Avg. Sales Price $324,595 $332,682 + 2.5% $315,249
16,010 + 7.9%
+ 1.8%
Closed Sales 2,261 2,296 + 1.5% 14,831
26,001 - 2.3%
Pending Sales 2,057 2,367 + 15.1% 15,900 17,549 + 10.4%
26,613New Listings 2,980 3,006 + 0.9%
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
Adult Community Market Overview
Key Metrics Historical Sparklines 8-2016 8-2017 Percent Change YTD 2016 YTD 2017 Percent Change
--Months Supply 4.9 3.5 - 28.6% -- --
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 4
- 9.8%
Homes for Sale 2,954 2,228 - 24.6% -- -- --
Affordability Index 239 211 - 11.7% 256 231
+ 0.5%
Days on Market 70 67 - 4.3% 77 71 - 7.8%
Pct. of List Price Received 96.6% 97.2% + 0.6% 96.4% 96.9%
$216,269 + 4.5%
Median Sales Price $185,000 $202,500 + 9.5% $173,000 $184,999
Avg. Sales Price $221,386 $226,059 + 2.1% $206,930
4,655 4,891 + 5.1%
+ 6.9%
- 2.2%
Closed Sales 727 758 + 4.3%
Key metrics for properties in Adult Communities Only for the report month and for year-to-date (YTD) starting from the first of the year.
6,893 - 2.5%
Pending Sales 740 749 + 1.2% 5,118 5,359 + 4.7%
7,073New Listings 906 886
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
New Listings
Historical New Listings by Month Single Family Townhouse-Condo Adult Communities
September 2016 10,462 3,141 778
October 2016 9,196 2,592 849
November 2016 7,619 2,194 706
December 2016 5,884 1,687 481
January 2017 9,625 2,982 725
February 2017 10,686 2,980 756
March 2017 13,174 3,701 916
April 2017 12,832 3,376 867
May 2017 14,117 3,607 949
June 2017 12,657 3,287 967
July 2017 11,030 3,062 827
August 2017 10,917 3,006 886
12-Month Avg. 10,683 2,968 809 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
A count of the properties that have been newly listed on the market in a given month.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 5
9,867
2,871
898
10,230
2,980
906
10,917
3,006
886
Single Family Townhouse-Condo Adult Communities
August
0
2,500
5,000
7,500
10,000
12,500
15,000
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
90,505
26,676
7,067
93,589
26,613
7,073
95,038
26,001
6,893
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
+ 0.9%+ 3.8%+ 6.7%+ 3.7% - 0.2%+ 1.5%+ 3.4% - 2.3%
2015 2016 2017 2015 2016 2017 2015 2016 2017
+ 8.2% + 8.8% + 6.7%+ 1.4% - 2.2%+ 0.9%2015 2016 2017
+ 6.5% - 2.5%+ 0.1%2015 2016 2017
+ 5.6%
Pending Sales
Historical Pending Sales by Month Single Family Townhouse-Condo Adult Communities
September 2016 6,218 1,824 676
October 2016 6,197 1,859 599
November 2016 5,454 1,598 526
December 2016 4,700 1,450 445
January 2017 5,136 1,616 441
February 2017 6,147 1,923 556
March 2017 8,216 2,435 720
April 2017 7,587 2,229 636
May 2017 8,757 2,505 792
June 2017 8,402 2,361 742
July 2017 7,506 2,113 723
August 2017 7,854 2,367 749
12-Month Avg. 6,848 2,023 634 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 6
A count of the properties on which offers have been accepted in a given month.
5,892
1,861
609
6,938
2,057
740
7,854
2,367
749
Single Family Townhouse-Condo Adult Communities
August
0
2,000
4,000
6,000
8,000
10,000
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
46,483
14,789
4,711
53,046
15,900
5,118
59,605
17,549
5,359
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
+ 15.1%+ 10.5%+ 13.2%+ 17.8% + 7.5%+ 12.4%+ 14.1% + 10.4%
2015 2016 2017 2015 2016 2017 2015 2016 2017
+ 16.1% + 16.8% + 13.9%+ 13.1% + 1.2%+ 21.5%2015 2016 2017
+ 2.5% + 4.7%+ 8.6%2015 2016 2017
+ 5.9%
Closed Sales
Historical Closed Sales by Month Single Family Townhouse-Condo Adult Communities
September 2016 6,822 2,049 727
October 2016 6,313 1,873 681
November 2016 6,134 1,760 595
December 2016 6,552 1,976 648
January 2017 5,024 1,465 445
February 2017 4,398 1,364 409
March 2017 5,986 1,947 566
April 2017 6,019 1,856 555
May 2017 7,437 2,327 703
June 2017 9,158 2,550 743
July 2017 7,735 2,205 712
August 2017 8,845 2,296 758
12-Month Avg. 6,702 1,972 629 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 7
A count of the actual sales that closed in a given month.
6,923
2,053
674
8,049
2,261
727
8,845
2,296
758
Single Family Townhouse-Condo Adult Communities
August
0
2,000
4,000
6,000
8,000
10,000
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
42,433
13,577
4,303
48,877
14,831
4,655
54,602
16,010
4,891
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
+ 1.5%+ 10.1%+ 9.9%+ 16.3% + 9.2%+ 11.7%+ 15.2% + 7.9%
2015 2016 2017 2015 2016 2017 2015 2016 2017
+ 13.8% + 15.2% + 11.9%+ 14.9% + 4.3%+ 7.9%2015 2016 2017
+ 8.4% + 5.1%+ 8.2%2015 2016 2017
+ 3.0%
Median Sales Price
Historical Median Sales Price by Month Single Family Townhouse-Condo Adult Communities
September 2016 $310,000 $257,750 $180,000
October 2016 $295,950 $253,000 $180,000
November 2016 $295,000 $240,000 $180,000
December 2016 $292,500 $250,000 $172,750
January 2017 $285,000 $235,000 $172,500
February 2017 $265,000 $234,950 $159,000
March 2017 $272,000 $240,000 $165,000
April 2017 $289,000 $246,000 $186,000
May 2017 $308,000 $255,000 $194,000
June 2017 $327,950 $260,000 $190,000
July 2017 $329,950 $260,000 $180,000
August 2017 $334,000 $260,000 $202,500
12-Month Med.* $303,500 $250,000 $180,750 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 8
* Median Sales Price for all properties from September 2016 through August 2017. This is not the average of the individual figures above.
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
$330,000
$255,000
$180,000
$332,000
$256,900
$185,000
$334,000
$260,000
$202,500
Single Family Townhouse-Condo Adult Communities
August
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
$312,000
$252,000
$169,900
$305,000
$246,500
$173,000
$305,100
$251,000
$184,999
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
+ 1.2%+ 0.7%+ 0.6%+ 0.6% - 2.2%+ 0.0%- 2.2% + 1.8%
2015 2016 2017 2015 2016 2017 2015 2016 2017
- 1.8% - 1.0% + 0.8%0.0% + 9.5%+ 2.8%2015 2016 2017
+ 5.9% + 6.9%+ 1.8%2015 2016 2017
+ 7.5%
Average Sales Price
Historical Average Sales Price by Month Single Family Townhouse-Condo Adult Communities
September 2016 $393,328 $320,543 $213,620
October 2016 $378,945 $329,888 $221,458
November 2016 $368,682 $309,963 $207,519
December 2016 $368,791 $318,303 $208,499
January 2017 $374,427 $310,002 $216,732
February 2017 $346,122 $296,402 $195,816
March 2017 $358,780 $305,931 $203,340
April 2017 $375,211 $317,806 $213,508
May 2017 $390,766 $328,731 $219,776
June 2017 $416,381 $326,917 $225,899
July 2017 $407,713 $323,521 $216,238
August 2017 $411,166 $332,682 $226,059
12-Month Avg.* $386,370 $319,790 $215,124 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 9
* Avg. Sales Price for all properties from September 2016 through August 2017. This is not the average of the individual figures above.
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
$418,846
$319,264
$216,140
$412,329
$324,595
$221,386
$411,166
$332,682
$226,059
Single Family Townhouse-Condo Adult Communities
August
$100,000
$200,000
$300,000
$400,000
$500,000
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
$403,102
$316,742
$202,311
$387,101
$315,249
$206,930
$390,455
$319,777
$216,269
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
+ 2.5%+ 1.7%- 0.3%- 1.6% - 0.5%+ 0.9%- 4.0% + 1.4%
2015 2016 2017 2015 2016 2017 2015 2016 2017
- 3.9% - 0.8% + 2.1%+ 0.0% + 2.1%+ 2.4%2015 2016 2017
+ 7.8% + 4.5%+ 2.3%2015 2016 2017
+ 4.1%
Percent of List Price Received
Historical Percent of List Price Received by Month Single Family Townhouse-Condo Adult Communities
September 2016 96.8% 96.7% 96.4%
October 2016 96.6% 96.6% 96.9%
November 2016 96.9% 96.3% 96.5%
December 2016 96.6% 96.4% 96.7%
January 2017 96.5% 96.3% 96.2%
February 2017 96.8% 96.3% 96.0%
March 2017 96.9% 96.6% 96.8%
April 2017 97.4% 96.9% 96.9%
May 2017 97.7% 97.4% 97.1%
June 2017 98.0% 97.6% 97.2%
July 2017 98.1% 97.8% 97.4%
August 2017 98.0% 97.4% 97.2%
12-Month Avg.* 97.3% 96.9% 96.8% Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 10
* Pct. of List Price Received for all properties from September 2016 through August 2017. This is not the average of the individual figures above.
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.
96.7% 96.4% 96.0%97.1% 97.0% 96.6%
98.0%97.4% 97.2%
Single Family Townhouse-Condo Adult Communities
August
90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
96.4% 96.3% 96.0%96.7% 96.5% 96.4%
97.6% 97.1% 96.9%
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
+ 0.4%+ 0.6%+ 0.9%+ 0.4% + 0.2%+ 0.9%+ 0.3% + 0.6%
2015 2016 2017 2015 2016 2017 2015 2016 2017
+ 0.2% + 0.3% + 0.1%0.0% + 0.6%+ 0.6%2015 2016 2017
+ 0.1% + 0.5%+ 0.4%2015 2016 2017
+ 0.2%
Days on Market Until Sale
Historical Days on Market Until Sale by Month Single Family Townhouse-Condo Adult Communities
September 2016 78 77 71
October 2016 82 81 72
November 2016 81 81 74
December 2016 84 78 73
January 2017 87 84 79
February 2017 88 82 79
March 2017 84 79 79
April 2017 75 74 76
May 2017 70 68 66
June 2017 64 65 73
July 2017 62 61 60
August 2017 64 64 67
12-Month Avg.* 75 73 72 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 11
* Days on Market for all properties from September 2016 through August 2017. This is not the average of the individual figures above.
Average number of days between when a property is listed and when an offer is accepted in a given month.
74 76 7873 71 70
64 64 67
Single Family Townhouse-Condo Adult Communities
August
40
60
80
100
120
140
160
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
85 8277
81 79 7772 71 71
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
- 9.9%- 6.6%- 12.3%- 1.4% - 3.7%- 11.1%- 4.7% - 10.1%
2015 2016 2017 2015 2016 2017 2015 2016 2017
- 1.3% - 1.2% 0.0%0.0% - 4.3%- 10.3%2015 2016 2017
+ 11.4% - 7.8%0.0%2015 2016 2017
+ 1.3%
Housing Affordability Index
Historical Housing Affordability Index by Month Single Family Townhouse-Condo Adult Communities
September 2016 139 167 245
October 2016 147 173 248
November 2016 140 172 235
December 2016 137 160 237
January 2017 139 169 235
February 2017 153 173 262
March 2017 149 169 252
April 2017 144 169 228
May 2017 135 164 220
June 2017 127 160 225
July 2017 127 161 238
August 2017 125 161 211
12-Month Avg.* 139 167 236 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 12
* Affordability Index for all properties from September 2016 through August 2017. This is not the average of the individual figures above.
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.
127
165
239
130
168
239
125
161
211
Single Family Townhouse-Condo Adult Communities
August
100
150
200
250
300
350
400
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
135
167
253
142
175
256
137
167
231
Single Family Townhouse-Condo Adult Communities
Year to Date
2015 2016 2017
- 4.2%+ 1.8%- 3.8%+ 2.4% + 4.8%- 3.5%+ 5.2% - 4.6%
2015 2016 2017 2015 2016 2017 2015 2016 2017
+ 6.7% + 6.3% + 4.4%+ 5.1% - 11.7%0.0%2015 2016 2017
- 0.4% - 9.8%+ 1.2%2015 2016 2017
- 1.9%
Inventory of Homes for Sale
Historical Inventory of Homes for Sale by Month Single Family Townhouse-Condo Adult Communities
September 2016 46,329 12,740 2,807
October 2016 44,049 12,102 2,790
November 2016 41,536 11,519 2,734
December 2016 36,535 10,231 2,439
January 2017 36,625 10,459 2,496
February 2017 37,540 10,627 2,491
March 2017 38,461 10,781 2,455
April 2017 40,028 10,948 2,485
May 2017 41,310 10,955 2,439
June 2017 41,135 10,706 2,462
July 2017 40,070 10,486 2,335
August 2017 38,084 9,883 2,228
12-Month Avg. 40,142 10,953 2,513 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 13
The number of properties available for sale in active status at the end of a given month.
51,445
14,307
3,133
47,348
12,839
2,954
38,084
9,8832,228
Single Family Townhouse-Condo Adult Communities
August
0
10,000
20,000
30,000
40,000
50,000
60,000
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
2015 2016 2017- 23.0%- 10.3%- 19.6%- 8.0%
2015 2016 2017- 0.3% - 0.1% - 24.6%- 5.7%
2015 2016 2017+ 2.2%
Months Supply of Inventory
Historical Months Supply of Inventory by Month Single Family Townhouse-Condo Adult Communities
September 2016 7.5 6.9 4.6
October 2016 7.1 6.5 4.6
November 2016 6.6 6.1 4.5
December 2016 5.8 5.4 4.0
January 2017 5.7 5.5 4.1
February 2017 5.8 5.5 4.0
March 2017 5.9 5.6 3.9
April 2017 6.1 5.7 4.0
May 2017 6.2 5.6 3.9
June 2017 6.1 5.4 3.9
July 2017 5.9 5.2 3.7
August 2017 5.6 4.9 3.5
12-Month Avg.* 6.2 5.7 4.1 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 14
* Months Supply for all properties from September 2016 through August 2017. This is not the average of the individual figures above.
The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
9.78.4
5.6
7.86.9
4.95.64.9
3.5
Single Family Townhouse-Condo Adult Communities
August
0
5
10
15
20
1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017
Single Family Townhouse-Condo Adult Communities
2015 2016 2017- 29.0%- 17.9%- 28.2%- 19.6%
2015 2016 2017- 12.6% - 10.6% - 28.6%- 12.5%
2015 2016 2017- 3.4%
Total Market Overview
Key Metrics Historical Sparklines 8-2016 8-2017 Percent Change YTD 2016 YTD 2017 Percent Change
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.
New Listings 14,440 15,127 + 4.8% 130,739 + 0.6%
Pending Sales 9,934 11,219 + 12.9% 75,430 84,108 + 11.5%
129,935
Closed Sales 11,217 12,095 + 7.8% 69,630 76,872 + 10.4%
+ 1.1%
$363,234 + 1.4%
Median Sales Price $305,000 $308,000 + 1.0% $280,000 $283,000
Avg. Sales Price $380,476 $382,983 + 0.7% $358,338
+ 0.8%
Days on Market 73 64 - 12.3% 81 72 - 11.1%
Pct. of List Price Received 97.1% 97.8% + 0.7% 96.6% 97.4%
- 3.9%
Homes for Sale 65,024 51,649 - 20.6% -- -- --
Affordability Index 142 136 - 4.2% 154 148
--Months Supply 7.5 5.3 - 29.3% -- --
Data as of September 20, 2017. All data from the multiple listing services in the state of New Jersey. The margin of error for numbers reported at the statewide level is +/- 4% at the 95% confidence level. Provided by New Jersey REALTORS®. Report © 2017 ShowingTime. | 15
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
8-2014 8-2015 8-2016 8-2017
