May Data Update 2019

May Data Update 2019

Lower interest rates (3.8% in May) have been a catalyst for increased sales activity. Future rate increases will again diminish the buying power. Indecisive buyers have a lot of competition. A strong economy and banking system will prohibit a market correction shortly and the tight inventory will continue to drive up prices, just a little slower this year - a good time to make a move!

National Job Creation

2018 actual +2.5M
2019 May +75,000 (YTD 800,000 // YTD 2018 1.1m)
2019 Forecast +1.9M

Us Unemployment

  • ↓3.6% (50+ year low)

New Jersey Job Creation

2018 Actual +39,000 jobs
2019 Jan-May +14,700
NJ Unemployment ↓3.8%
(lowest in 12 years - down from 9.8% in 2009).
Y-O-Y Sales Activity + 1% (5/19 compared 5/18)
(YTD +3% Y-O-Y) the largest gain in <400K.

NJ Unsold Inventory Continues to Rise Slowly

  • below 400K a sharply decreased (-13% May)
  • -41% compared to the cyclical high in 2011
  • equating to 3.5 months of sales - in the seller’s favor
Bergen County YOY comparison (May 2019 to May 2018)
Y-T-D Single Family Closed Sales +10.8%
Y-T-D Single Family Pending Sales +5.8%
Y-T-D Single Family New Listings +6.3%
Y-O-Y Days-on-Market Single Family +16.9% (from 65 in 2018 to 76 days in 2019)
Y-O-Y Residential Median Sold Price +0.7%
Residential Absorption Rate +4.8%
(<5-6mo of inventory = seller’s market and >5-6mo of inventory = buyer’s market).
Mortgage Rates are down 3.8%  from 4.5% in May 2018 resulting in more buyers jumping into action, increasing the competition among buyers.

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Till strives for absolute customer satisfaction, developing long-lasting relationships that extend years beyond the sale or purchase of your home - this is the key to his success. Contact us today!

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