Us Job Creation Slower in 2019:
| 2019 YTD Aug | +1.3M (500,000 below 2018) |
| Jan-Aug 2018 | +1.9M |
| 2018 Actual | +2.5M |
Us Unemployment Steady Low:
| 3.7% | (50+ year low) |
Nj Job Creation Ahead of 2018:
| 2019 Jan-Aug | +21,300 jobs |
| 2018 Jan-Aug | +14,000 jobs |
Nj Unemployment Below National Avg
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↓3.2% (lowest in 12 years - down from 9.8% in 2009)
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NJ Y-O-Y Sales Activity Higher in 2019 +6%
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NJ Y-T-D Sales Activity Higher in 2019 +3%
Nj Unsold Inventory Declined for the First Time in 2019
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below 400K a sharp decrease of 11%
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-45% compared to the cyclical high in 2011
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equating to 3.7 months of sales - in the seller’s favor
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Bergen County
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YOY comparison (August 2019 to August 2018)
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Y-T-D Single Family Closed Sales
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+2.8%
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Y-T-D Single Family Pending Sales
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+6.1%
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Y-T-D Single Family New Listings
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+4.6%
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Y-O-Y Days-on-Market Single Family
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-8.3%
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Y-O-Y Residential Median Sold Price
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+2.4%
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Residential Absorption Rate
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-7.3% (from 4.1mo in 2018 to 3.8mo in 2019)
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(<5-6mo of inventory = seller’s market and >5-6mo of inventory = buyer’s market).
Mortgage Rates are 1% below 2018 down to 3.5% from 4.5%
Resulting in more buyers jumping into action, increasing the competition among buyers.
We are at a time of political uncertainty. However, the housing market is still strong and regardless of anyone’s political preference, one can agree that no party will let the housing market come to a standstill in 2020. Additional rate cuts that are planned will eventually trickle into the long-term mortgage market and create even more opportunities for Buyers.
Sellers beware! While the market is still strong, some markets with high property taxes have seen 1M+ houses stay on the market longer in addition to an increase in inventory in the 1M+ range. Your chance will be now and in Spring 2020. Don’t miss it.
Contact me to receive a property evaluation.
