Real Estate Market Report – March 2018

Spring is Almost Here!

It’s evident home buyers are being cautiously optimistic, last year the stock market was strong, salaries were rising and home buying activity was extremely competitive. according to the experts not much has changed in 2018, however the high emotions are leaving room for prudence and buyers are being more thoughtful when it comes to such a highly important financial decision as it is purchasing a home or real estate investment, that’s evident despite a lower than usual inventory stock of possible homes to choose from keeping sellers in check despite the belief that, which in real terms it’s a sellers’ market. (these stats as per njms).

• Single Family Closed Sales were down 9.5 percent to 703.

• Townhouse-Condo Closed Sales were down 3.7 percent to 257

• Adult Communities Closed Sales were down 46.7 percent to 8.

• Single Family Median Sales Price increased 1.3 percent to $400,000.

• Townhouse-Condo Median Sales Price decreased 8.6 percent to

$292,500.

• Adult Communities Median Sales Price increased 3.0 percent to

$340,000.

Let’s expect the measured balance between the forces of buyers and sellers will prevail in an environment of raising interest rates and prices aggravated by lower than usual inventory of homes for sale, specially for the most popular priced properties.

It’s Still a Great Time to be a Seller!

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