The New Jersey Skinny
Report for May, 2015
Pending Sales Up!
As we move into the second quarter of 2015, the real estate market in New Jersey is fully entrenched in the spring market. Pending sales are up year-over-year, while the available inventory has lagged a bit behind. What does this mean? Simple supply and demand dictates that this will put upward pressure on prices. This is, indeed, the case, with the median home price up 4.2% over 2014.
Indications are that more inventory will still become availble and the market will remain active and healthy.
Keep an eye on stats such as Days on Market, Absorption Rate, and List Price-to-Sales Price Ratio for insights into where things are headed throughout the year.