From the Star Ledger:
New Jersey homes are selling for more than they were a year ago, new data shows, as real estate professionals in the state report a strong housing market that isn’t expected to ebb soon.
Tg Glazer, the president-elect of New Jersey Realtors and an agent at the Coldwell Banker Westfield East office, said listings are up and sales are up. That’s pushing up prices, Glazer said, but “at a reasonable rate.”
“We’re in the heart of the spring market right now,” Glazer said. “We have a few months left in that busy part of our season and we’re expecting that the trends are going to continue.”
Data released earlier this month by New Jersey Realtors put the median sales price for single-family properties, townhouses, condominiums and properties in adult communities in the state at $270,000 in April, a jump of 4.2 percent from the same time a year ago. The report also showed an increase in new listings, pending sales and closed sales.
A report released Thursday morning by the Irvine, Calif.-based real estate data firm RealtyTrac also shows a year-over-year increase in median sales prices in New Jersey though it’s not as large.
The median sales price for single-family homes and condos in New Jersey clocked in at $248,000 in April, the RealtyTrac report found, which represents an increase of 1 percent over the same time last year.
The median sales prices nationwide inched up 2 percent to $171,700 over that time frame, according to the RealtyTrac report.
While prices are ticking up overall, the market varies from place to place in New Jersey.
County-level data from New Jersey Realtors shows the median sales price of just single-family homes in Cape May County dropped by 10 percent in April compared to April 2014, while Essex County saw a 10 percent bump. The RealtyTrac data also shows swings from county to county.
As Glazer put it: “All real estate is very local.”
Richard Leonard, the broker/owner of Arcadia Realtors in Roseland, said the market is active, with some homes in towns like Glen Ridge, Caldwell and Montclair garnering multiple bids.
When asked how this spring stacks up with recent years, Leonard said, “No comparison, in my opinion. I haven’t seen this kind of situation until prior to 2008.”