The Northern New Jersey Real Estate Market and specifically the town of Clifton RE Market Report – 2nd Half of 2019 VS 2020

Take a Look at Your Local Housing STATS (For Stats Pertaining to your Local Neighborhood, feel free to reach out)

Median Sold Price for Homes Sold ifrom July-December 2019

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 377

Median-Price – Median Sold Price – Sale to List Ratio – DOM

$ 359,000                $ 360,000                    100                       31

VS

Median Sold Price for Homes Sold ifrom July-December 2020

Single Homes SOLD (Incl, Condo/Townhomes, Active Comm Homes): 61

Median Price  – Median Sold Price  – Sale to List Ratio – DOM

   $ 398,500                 $ 400,000                    100                        20

Over 10% Increase

ABSORTION RATE:

Extremely low, in less than 2 Months all available homes would be gone if no other homes were listed, which is a great indicator of the market activity in a particular area, typically a over 5-6 months of inventory is consider a buyers market.

This is still an outstanding increase of value in just a year, in spite of the health crisis and the tremendous share of uncertainty in many areas of our lives, real estate still shows strength and resiliency in the face of continued concerns about the resurge of Covid-19 cases and virus strains.

WHAT TO EXPECT IN 2021!? 

The continued rock bottom, historically low interest rates, strong buyer traffic in spite of the past Holidays and now severe Winter season in the Northeast tells us its a great time to be a seller, these conditions have contributed to the continued rise of prices, which have been offset the increases in mortgage payments.

Several points to consider:

• New construction permits by builder is much higher however, it will take some time for these homes to become available.
• There might be an increase in listings due to homeowners in hardship looking to sell to avoid foreclosure.
• Expected increase of buyers traffic (60.7% higher than same period last year per showingtime.com) for the foreseeable future (2021) due to buyers looking for a more suburban lifestyle, more outdoor/indoor space, more room to breath in the outskirts of bigger cities, especially now that working remotely has and is becoming the new norm.
• After a period of continued uncertainty it might be the best time to sell higher in a high demand-less inventory market, attaining higher price with possible multiple offers and better terms/conditions.
• REMEMBER: RE is about the 3 P’s; Presentation, Promotion(Exposure) and Price.

Call us for a FREE consulation.

 Have a great week and Prosperou, Peaceful and Healthy 2021

BE SAFE!