Homes for Sale - Northfield NJ, NJ - Real Estate Trends - November 2014
The Northfield, NJ Real Estate Market is showing no improvement for November. November saw a 18.2% decrease in new listings coming on the market over November 2013. 9 new single family homes where introduced to the market.
The number of newly listed single family Homes for Sale in Northfield, NJ during the year to date period is down 8.5% over the previous year to date period.
Sold properties in November where down 25% over last November with 6 sold single family properties. This brings the current total of sold properties for the year to date period to 70. A 28.6% decrease over the previous year to date period.
Combined, the total number of newly listed Northfield, NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to rise to 17.2 months. A 59.3% increase from 2013. This denotes an strong Buyers Marketand is up from 10.8 months supply last year.
Average Days on Market in November are down 31.7% to 110 days. Days on Market for the running 12 month period is up 1.7% to 103 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Short Sale Homes for Sale in Northfield, NJ are closing considerably faster than they were a year ago. Short Sales presently represent 22 percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiated properly they are only taking 3 to 4 months average with some closing as fast as 5 to 6 weeks.
Median Sale Prices for this November were down 7.6% from November 2013. The year to date Median Sale Price is down .3%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Northfield, NJ will be able to stabilize.
Unemployment continues to remain the highest in the State and higher than most areas of the country. Unemployment in Atlantic County is the biggest detriment to prices we face. If prospective buyers do not have decent paying, full time jobs, they do not qualify to purchase. The result is a much smaller pool of buyers and reduced demand.
Mortgage Rates at this writing are in the 4% range. As can be seen in the above graph, we continue to stay in the same side ways price channel we've been in for the last three years.
With supply remaining high, demand light, and interest rates fairly stable, the Median Sale prices will most likely remain relatively flat. When interest rates increase, buyers qualify for lower mortgages and as a result can afford to pay less for a home.
Real Estate Trends - Homes for Sale - Northfield NJ - November 2013
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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