Residential Single Family Home Sales fell in again in February. This drop marks the sixth consecutive monthly decline seen in the Northern New Jersey region, a trend which began late last summer. Home sales this February (1395 Sales) were down 12% from February of 2005 (1578 Sales), and down 18% from January (1705 Sales). The February sales numbers were in line with our previously reported estimates. February traditionally marks the lowest point of the Northern NJ sales season, so we should see sales volume pick up from this point forward, however it’s likely the trend will continue with volume being approximately 15% lower than what has been seen over the past 3 years.
This data is not seasonally adjusted and consists of sales of GSMLS listed properties in Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, and Warren counties. This data does not include sales from other listing services (NJMLS or Hudson MLS) nor does it contain FSBO sales. However, GSMLS is the largest MLS service in Northern NJ, thus we’re confident that the data provided is representative of the market.