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How's the Market, New Jersey?

By Edward Perez

Real Estate Agent with Sothbey's International Realty

June 01, 2012 04:45 AM

By Eddie Perez

Hows the Market, New Jersey? Market statistics are like beauty, it's in the eye of the beholder! (Thanks, mom, for your continued support). However there are signs that our markets are looking better and better.

Here is a list of some recent statistics compiled from the New Jersey Association of REALTORS^® that shed a favorable light on our GardenState. Knowing as many facts as possible is advantageous to making the best decisions for you and your family.

As always, let me know how I can help!

Here's the Latest...

April Existing-Home Sales Up, Prices Rise Again

Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the NATIONAL ASSOCIATION OF REALTORS ®. The improvements in sales and prices were broad based across all regions.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.

Lawrence Yun, NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”

Regionally, existing-home sales in the Northeast rose 5.1 percent to an annual level of 620,000 in April and are 19.2 percent higher than a year ago. The median price in the Northeast was $256,600, up 8.8 percent from April 2011.

To view the full story, please view NAR’s press release.

March Pending Home Sales Rise, Market Recovering

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 4.1 percent in March from an upwardly revised February and is 12.8 percent above March 2011. The data reflects contracts but not closings.

The index is now at the highest level since April 2010. Regionally, the PHSI in the Northeast slipped 0.8 percent in March but is 21.1 percent above March 2011.

Fourth Quarter Metro Median Prices and Affordability Reports Now Available

Reacting to the NATIONAL ASSOCIATION OF REALTORS^®' (NAR) 2011 Fourth Quarter Metropolitan Area Median Prices and Affordability reports, NJAR^® CEO Jarrod C. Grasso issued the following statement:

“There’s no doubt that now is a tremendous opportunity to enter the New Jersey real estate market. For consumers with steady income, the case for homeownership is strong. If you are a first-time buyer or renter, you should look to take advantage of the state’s market conditions.”

The press release also introduced the American Dream Get the REAL Story^® campaign which appeals to the emotional aspect of buying a home. View the full press release for additional details and statement from NJAR® President Gary Large; and check out the American Dream campaign.

Study: ‘Hurdle Rate’ Favorable for Buying

Now is a great time to buy because the “hurdle rate” is very favorable toward home ownership, an academic study by researchers at three universities finds. Learn more in a 2-minute video in which one of the researchers talks about the findings.

Christie Launches Website Detailing Property Tax Records and Other Vital Public Information

In an effort to increase government transparency, Governor Chris Christie recently launched a website that provides the public with data that makes it easier to understand New Jersey’s public finances. Included on this website, www.YourMoney.NJ.Gov, is an interactive map that displays the GardenState’s 3.1 million property tax assessment records. With the new property tax feature, REALTORS^® and consumers can check individual records in their town or community, jump from record to record, and compare assessments and taxes from one town to another.

Be sure to visit the website frequently to provide your feedback and view other reports.

Get the Facts

Despite the national trends and statistics you might have heard, the old adage that all real estate is local has never been truer. Market facts in New Jersey, combined with national incentives, make now a good time to get active in New Jersey’s real estate market. Here's why:

Seven-year real estate appreciation in the GardenState – at 37% – is five times the national average.
Mortgage rates are near historic lows, giving buyers a better chance to secure low payments for years to come.
Housing affordability – determined by home prices, income data and other factors – is high in New Jersey.
Increased Federal Housing Administration (FHA) loan limits means more money is available, expanding your purchasing power.
The NJ Housing & Mortgage Finance Agency (NJHMFA) offers low-interest loans and down payment assistance to first-time home buyers. Find out more about those programs and the Live Where You Work initiative for all eligible buyers.

New Jersey’s Homegrown Advantages

With unique and attractive neighborhoods, great schools, and other benefits, New Jersey is a great fit for the three rules of real estate – location, location, location. See what makes the GardenState such a great place to live and check out our interactive map to see specific county information and local real stories.

Make it a great day!

Eddie

Eddie Perez, Broker - REALTOR

201.344.2886 mobile / text

eddie@InvestHoboken.com

RE/MAX Gold Coast Realty

56 Newark St, HobokenNJ07030

Representing the finest properties......Yours!