Rahway Real Estate during the pandemic

By
Real Estate Agent with Samsel & Associates 0790808

It is really easy to find news about COVID these days.  The virus affects all ages and all demographics. The shutdown, similarly, affects all ages and all demographics. Here's how it is affecting real estate in our area. 

Rahway real estate usually has a cyclical feel to it - prices and sales peaking in the summer and dropping in the winter.

In a "normal" year, sales typically look like this. Sales, in orange in this graph, start out low in the winter and then gradually pick up until the summer and then drop off in the fall. Listings, in blue in the graph, do the same thing.

We definitely can't expect a normal year this year. In all likelihood, the summer peak will be a few months later and winter won't drop down as much.

So far, every indication is that this year is slower than last year.

Inventory at the beginning of May in Rahway is 73 houses were on the market, a 43% drop from this time last year.

What does a drop in inventory mean?

Buyers and sellers are both nervous.

Only buyers who really need to buy are out looking - there aren't any casual home lookers right now. And, because of COVID, buyers are looking at fewer house to reduce their exposure. When they find the house they want, they are quick to make an offer.

Sellers don't want to invite many people into their homes and risk exposure, so only sellers who really need to sell are listing their homes now. They're pricing their homes competitively to attract the right buyers and are negotiating to sell at close to list price.

Homes going under contract have decreased this year compared to last. In April of 2019, 34 homes went under contract, but only 22 were signed this April - a 35% reduction. 

This reduction in sales is not surprising due to fewer homes on the market, and fewer buyers in the market. This reduction in sales did not create an increase in inventory so Rahway still has about 4 months of inventory.

By the summer, we should have a good idea of how real estate prices have been affected by COVID.

Experts have weighed in on what they think will happen to the real estate market in the near and distant future. Here's our analysis on the impact of COVID on the real estate market in New Jersey as well as the future for luxury real estate.

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Topic:
Real Estate Market Trends
Location:
New Jersey Union County Rahway
Tags:
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Rainer
202,733
Don Baker
Lane Realty - Eatonton, GA

We don't have anyone being rash on prices or selling, but we are way off of same point for last year.  People where sheltering at home and not looking at lake homes.  We'll catch up 

May 08, 2020 12:51 PM #1
Rainmaker
1,301,706
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Thank you for sharing this insight on the market!

May 08, 2020 02:08 PM #2
Rainmaker
1,301,706
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Thank for the hyper-local view of your market area. It is interesting to see how different parts of the Country are doing.

May 09, 2020 03:40 AM #3
Rainmaker
3,554,422
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Wayne and Jean. Thanks for the update on your market. Seems like everyone is feeling a pinch in activity. How big the pinch is a local thing! Enjoy your day!

May 09, 2020 05:16 AM #4
Rainmaker
3,442,289
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great report on Rahway... Wayne and Jean Marie. I could have been reading about the Charlotte market!

May 09, 2020 06:40 AM #5
Rainmaker
5,766,280
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing this report.

Have a lovely weekend.

May 09, 2020 06:58 AM #6
Rainmaker
1,820,952
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

We will come through this - and it is certainly interesting to imagine what life will be like once we are on the other side of this pandemic

May 10, 2020 08:53 AM #7
Rainer
269,013
Tracy Hawke, The Woodland Companies!
Woodland Management Service - Minocqua, WI
Wisconsin Forest Land Experts!

Thanks for the update on this community, all the best to you as you get many of these properties listed and sold.

Tracy

 

May 13, 2020 12:44 AM #8
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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