2nd Quarter Updates of New Jersey Real Estate Market; You need to see this. {SHOCKING}

Pending sales are up by 19% from 2nd quarter of 2014; last year.  The market’s demand side is a lot more active.  Please pay attention to demand and supply in this figures.

Q2-2015-Pending-Sales

Closed sales (i.e sales that completed) were up by 11.5% for 2nd quarter of 2014; last year.  Look at this figure and add the numbers to the one above for better perspective.

Q2-2015-Closed-Sales

Homes available for sale are down by 6.5%.  In English, that means supply is down.  With that in mind, when supply is down AND demand is simultaneously high, what is the effect?  Let’s take a look.

Q2-2015-Homes-for-Sale

Before we take a look at the effect of low supply and high demand, there is more to that supply story.  Monthly supply of inventory is down by 16.7% from 2nd quarter of 2014; last year.  Therefore inventory is worse.

Q2-2015-Months Supply of Inventory

Here is one of the effects of what you have been seeing in the figures above.  List price is the price a home was originally listed for when it got on the market.

As shown below, percentage of list price received at sale (which means there was ZERO negotiation down…) increased by 0.4% to 96.5% of list homes… as compared to last year 2nd quarter.

Q2-2015-Percents of List Price Received

Let’s see the effect of all these on the median sales price.  Median sales price increases by 2% from last year 2014 2nd quarter.  Looking back now, and even visually on these figures, the market is just getting started.Q2-2015-Median-Sales-PriceThis market is HOT in all kind of ways.  What that means is that there are all kinds of opportunity all over the place, regardless of what side you are one; buying, selling or investing.

Call us and let’s talk about how you can capitalize on this right here…

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Lawrence & OLA Abitogun are the father/son duo and real estate professional committed to your best interest by assuring that you have access to all the information you need to make the right decisions when it comes to your New Jersey Real Estate. Lawrence is a licensed real estate expert associated with Realmart Realty.