Home News Here are the N.J. towns where the housing market may be cooling the most

Here are the N.J. towns where the housing market may be cooling the most

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housing market it’s cold.

degree of interest increased by 4 points 2.7% from August 2021 onwards. Inflation is around 8.3%, making everything from food to gasoline expensive. Home prices have risen 28% over the past two years. Increase so far in 2022.

All of this has combined to slow sales and build inventories, pushing the market in favor of buyers.

“We are currently moving from a seller’s market … to a buyer’s market,” said Jeffrey Oteei, real estate economist and president of the Otoh Group. You won’t feel it,” he said.

Data from the Otteau Group show that home sales are down 17% year-to-date, with 7,000 more homes on the market than last year.

One indicator of whether a market is a buyer’s market or a seller’s market is the “monthly supply” of homes for sale in a given area. Months of supply refers to the number of months it will take the current inventory of homes on the market to sell at the current sales pace. National Real Estate Association.

According to the New Jersey Realtors, New Jersey has 2.7 months of stock available statewide as of August.

Robert White, president of New Jersey Realtors and broker of Caldwell Bunker Spring Lake, said:

He said Howell’s New Adult Community, whose property was listed for $849,000, is being offered for $720,000 this month if the buyer can close by Oct. 31.

“I think we’re going to see that in a lot of these communities,” White said. “When you build a house in phases when you sell it, you usually raise the price by a certain percentage.

According to James Hughes of Compass in Montclair, there are still areas of the state that are strong sellers’ markets, especially in transportation-centric towns and neighboring towns.

Pricing matters,” he said. “Properly priced properties sell quickly.”

According to Oto Group data, the largest supply of unsold homes is in the $1 million to $2.5 million price range and the over $2.5 million price range, each with 17% more unsold homes. Unsold homes are up 10% in the $600,000 to $1 million price group.

Unsold inventory is lowest in the sub-$400,000 price range, where 22% fewer homes are on the market. The Otteau Group also found that in the $400,000 to $599,000 range, he was down 6%.

Alpine in Bergen County has the highest month-to-month housing supply in New Jersey, with a median home price of $4.04 million and a sale in about 150 days, according to Redfin data.

Alpine is the state’s most expensive zip code, Ranked One of the most expensive zip codes in the county.

“Alpine doesn’t have many homes to begin with, so when you do the percentages it always feels like a lot,” said Michael Kolsky of Caldwell Banker, adding that Alpine has between 800 and 900 in total. I added that I have a house.

“Some of that is because housing isn’t priced right. Part of it is location,” Kolsky said. “Many of the Alpine homes on the market have received offers that were not accepted.

In Guttenberg, where homes sell in about 119 days with a median selling price of $477,000, according to Redfin data, Century21 Realty Group broker Myra Fernandez says there is plenty of condos in stock. .

There are 38 properties for sale at The Galaxy Towers, three condominium units with a total of about 3,000 units.

“We have the same problems as everyone else as far as one- or two-family homes are concerned,” says Fernandez. “Nothing available.”

According to data from the Otteau Group, New Jersey’s towns with the highest housing supply and the number of months of supply are:

1. Alpine – 11.8

2. Lovelady – 6.8

3. Saddle River – 5.4

4. Far Hills – 5.1

5. Atlantic City – 4.9

6. Guttenberg – 4.8

7. Delaware Township – 4.8

8. Millstone – 4.7

9. Rocky Hill Borough – 4.3

10. Long Beach Township – 4.1

11. Fort Lee – 4.1

12. Long Branch City – 4

13. Harvey Cedars – 4

14. Surf City – 4

15. Lambertville – 3.9

16. West Long Branch – 4

Are you an active agent, buyer or seller in this changing market? Any tips on the New Jersey real estate market? Unusual listings? tell us.

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To contact Allison Pryce: [email protected].

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