Year end data from New Jersey Realtors shows a sturdy market closed out in 2016, despite continued low inventory throughout the state. However, falling inventory is nothing new to market watchers, and is expected to remain low in the months to come.
Median sales prices remained steady or higher than last year and fewer houses for buyers to pick from means the stock available was pulling in close to or above asking price. In fact, in year-end surveys, real estate professionals stated they were as busy and excited about their prospects as ever.
“We are constantly watching the levels of inventory throughout the state and while the decline is often sharply reflected in the numbers, there are many ways to interpret it” said 2017 NJ Realtors President Bob Oppenheimer.
“Fewer people may be selling their homes, but a lot of people are still in the market looking to buy. All indications show a busy , fruitful year that is one more step in the right direction of housing recovery.”
Complete market data reports for the state, counties & towns are available at: www.njrealtor.com
reprinted from New Jersey Realtor