New Jersey has long been an attractive place to buy a home. It’s situated near two major cities, New York City and Philadelphia, and communities near those cities give residents a chance to experience the best of suburban living. It’s also a diverse state, with urban, suburban and rural counties. Another attraction of the Garden State is that it sits on the Atlantic Ocean and beach property can be a lure for many people. Whatever it is you might be looking for, when you’re looking to buy property, there’s a very good chance, New Jersey has it. At Cliffco Mortgage Bankers, we’re in the business of helping people buy homes and we know that the New Jersey real estate market almost always bears watching. So we want to tell you about what’s going on in the Garden State market and let you know about current trends.
Mixed Trends for Housing in New Jersey
There’s mixed news about the New Jersey Housing market as of spring 2017. There have been signs that the housing market is finally starting to shake out of the doldrums of the 2008 recession, but there are still concerns about markets in certain parts of the state. While many observers are bullish on some of the state’s urban areas like Jersey City. There are differing forecasts on the state as a whole.
According to a report on the New Jersey Realtors website, the Garden State began 2017 seeing an 11.9 percent increase in closed sales from a year earlier. The change in the median sales price for all types of property from January 2016 to January 2017 was up only slightly at 0.6 percent. The total number of homes for sale was down 19.1 percent in January from the previous year.
The average sales price of a single family home was $377,737, up 1.9 percent from $370,789. Homes moved quicker as the average number of days on the market dropped from 96 in January 2016 to 88 a year later.
Expert Real Estate Forecasts
There have been different interpretations about what these numbers mean. Rob Dekanski, a realtor with RE/MAX 1st Advantage, tells New Jersey 101.5’s website that because there are fewer homes for sale, there’s going to be a seller’s market. He says there’s less inventory, or homes for sale than there has been in 18 years.
“For sellers, they have a great, great, great market,” Dekanski said. “We’ve seen a lot of bidding wars, not a lot to choose from, a lot of buyers fighting over the same properties, so if it’s a good house they’re flying off the shelves.”
But not every market in the Garden State is doing well. Two New Jersey markets, northern New Jersey and Central New Jersey made a list of the unhealthiest real estate markets in the United States, according to CNBC. The two areas of the state were flagged because home prices are high, while job and population growth were flat.
One trend that several experts are looking at is strong urban markets in New Jersey. NJBiz.com asked experts about real estate trends at the start of the year and Jenny Bernell, of the real estate development firm Kushner Companies, sites Jersey City as an example.
“Jersey City’s transformation into a sought-after place to live, work and visit will hit full stride in 2017,” she said. “That will be due in large part to a slate of cutting-edge projects either under construction or in the planning phase.” Robert A. Klausner of Fox Rothschild LLP said he anticipates “continued growth in construction in ‘urban transit centers,’ together with surprising rent growth in these areas.”
Let Cliffco Mortgage Bankers Help You Find Opportunities
There are areas with growth in New Jersey and areas where growth is expected to be flat. That means there are opportunities for investment and opportunities to find bargains. If you’re looking to purchase property in the Garden State talk to Cliffco Mortgage Bankers. We’ll help you crunch the numbers and help you discover what opportunities may be right for you. Contact Cliffco today.