Opportunities for Buyers and Sellers

Opportunities for Buyers and Sellers

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

  • ↓3.2% (lowest in 12 years - down from 9.8% in 2009)
  • NJ Y-O-Y Sales Activity Higher in 2019 +6%
  • NJ Y-T-D Sales Activity Higher in 2019 +3%

Nj Unsold Inventory Declined for the First Time in 2019

  • below 400K a sharp decrease of 11%
  • -45% compared to the cyclical high in 2011
  • equating to 3.7 months of sales - in the seller’s favor
Bergen County
YOY comparison (August 2019 to August 2018)
Y-T-D Single Family Closed Sales
Y-T-D Single Family Pending Sales
Y-T-D Single Family New Listings
Y-O-Y Days-on-Market Single Family
Y-O-Y Residential Median Sold Price
Residential Absorption Rate
-7.3% (from 4.1mo in 2018 to 3.8mo in 2019)
(<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.

Work With Till

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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