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January 9th, 2019 1:55 PM
According to the New Jersey Association of Realtors, the booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability still remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

• Single Family Closed Sales were down 1.0 percent to 6,376.
• Townhouse-Condo Closed Sales were down 6.3 percent to 1,861.
• Adult Communities Closed Sales were down 2.2 percent to 622.
• Single Family Median Sales Price increased 6.6 percent to $319,900.
• Townhouse-Condo Median Sales Price increased 2.0 percent to $255,000.
• Adult Communities Median Sales Price increased 11.4 percent to $206,000.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

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Posted by James M. Hanson on January 9th, 2019 1:55 PMLeave a Comment

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Sales were down 2.6% compared to September 2017 but are up 7.7% year-to-date. Prices were down 2.5% compared to last September and are now the same year-to-date. Foreclosure sales were 21% of September's sales, down from 23% in September 2017.

The number of homes for sale during September decreased by 0.6% and is 14.6% below the 2017 level compared to an 18% shortfall throughout the region. The Months Supply of Inventory is at 4.9 months, down from 6.0 months a year ago.

Sales were down 2.6% compared to last September but are up 7.7% year-to-date. Foreclosure sales were down 14% from September 2017 and comprised 21% of all sales in September while normal sales were up 1.7% from September 2017. The Property Marketing Period was 44 days, down from 50 days last September.

The median sold price in September was down 2.5% from last September and is the same as 2017 year-to-date. When the foreclosure sales are removed, the non-foreclosure sales had a median sales price of $195,000 compared $197,000 last September, a 1.0% decrease.

The sold price to original list price ratio of 96.2% was above the normal range of 93-95%. In September the sold price to list price ratio was at 98.4% compared to 98.2% last year.


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Posted by James M. Hanson on November 3rd, 2018 7:10 AMLeave a Comment

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Sales were down 10.2% compared to last September but are up 30% year-to-date. Foreclosure sales were 22% of all sales this month and had a median sale price of $53,000 compared to $154,975 for non-foreclosure sales.

Inventory decreased by 45 listings this month but is 8.7% higher than a year ago. The Months Supply of Inventory dropped to 6.4 in September, compared to 7.0 months last year.

Sales this month were down 10.2% compared to last year but are up 30.4% year-to-date.

The median sold price in Cumberland County was up 21.3% compared to a year ago and is up 8.3% year-to-date.

The sold price to original list price ratio was at 95.1% in September and 94.6% year-to-date. The sale price to list price ratio in September was 98.1%.


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Posted by James M. Hanson on November 3rd, 2018 7:08 AMLeave a Comment

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In September, Camden County home sales were down 10.6% compared to September 2017 and the median sold price was up 8.1%. The 122 foreclosure sales were down 19% from September 2017 but still were 20% of all sales.

The number of homes available for sale in Camden County dropped 5.0% in September and is now 16.6% lower than a year ago. The Months Supply of Inventory has dropped from 5.0 months a year ago to 4.2 months due to the lower inventory.

September sales were 10.6% lower than last September and are 0.3% lower year-to-date. Foreclosure sales were down 19% from last September and comprised 20% of all sales. Non-foreclosure sales were down 9.3% in September and the Property Marketing Period was increased from 37 days last year to 41 days this year.

The median sold price was up 8.1% compared to last September and is up 3.1% year-to-date. The median sold price of non-foreclosure sales in Camden County in September was $180,000 up 7.8% from September 2017.

The sold price to original list price ratio in September at 95.6% was above the normal range of 92-94%. In September, properties in Camden sold for 97.9% of the current list price up from 97.8% last September.

 


Posted in:General
Posted by James M. Hanson on November 3rd, 2018 7:05 AMLeave a Comment

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New findings from the National Association of Realtors® show that a record high 77 percent of Americans believe that now is a good time to sell a house, while those that think now is a good time to buy continues to decline.

NAR’s third quarter Housing Opportunities and Market Experience (HOME) survey also found that a majority of consumers believe prices have and will continue to rise, while the quality of schools is a critical factor in deciding whether or not to buy a home.

Half of all Americans strongly believe now is a good time to sell (compared to 46 percent last quarter), while 27 percent moderately believe this is the right time (29 percent last quarter). Respondents in the West are the most likely to think now is a good time (85 percent) as are those who currently own a home (82 percent). Only 22 percent believe that now is not a good time to sell, down from 29 percent in the second quarter.

Optimism that now is a good time to buy has declined slightly from last quarter. Sixty-three percent of respondents either strongly or moderately believe that now is a good time buy compared to 68 percent last quarter. Among renters, positive feelings about purchasing continue to fall, dropping from 49 percent in the second quarter to 45 percent this quarter. Optimism is highest among older U.S. households (65 or over) and those with a household income of more than $100,000 a year (70 and 68 percent respectively).

NAR Chief Economist Lawrence Yun says several consecutive years of strong home price growth are enticing homeowners to consider selling. “Though the vast majority of consumers believe home prices will continue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end. Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.”

Respondents were also asked about their view of home prices in their neighborhoods. Seventy percent believe that home prices have gone up in their area in the last 12 months, up from 68 percent in the second quarter. Fifty-three percent also believe that home prices will continue to increase in their communities in the next six months; this is down from the last quarter (55 percent).

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce


Posted in:General
Posted by James M. Hanson on October 26th, 2018 7:33 AMLeave a Comment

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