March Sales
March had the highest number in new contracts for this first quarter (Jan - March). The month saw a spike in new contracts with 78 units reporting pending. While some of this is attributable to the Spring market, the other can be attributable to the resetting of prices and realistic sellers. Buyers have been waiting to buy, and there has been a reduction in inventory, and with that comes a shortage of desirable, well priced homes.
Of those well priced, they have performed favorably for investors, first time buyers and move up buyers alike. March's median sale price was $452,000 with 47 sales, up from February's 38, and January's 18 sales.
Inventory and absorption rates continue trending downward. Some homes are experiencing multiple bids and while not many are selling above asking price, some are selling at asking or very close to it. There is an increase in investor confidence as more and more investors are stepping in the market and purchasing about 30% of market share.
History Price Check: The median sale price in 2004 was $375,000 and in 2005 was $460,000, peaking in 2008 at $506,000.
What are your thoughts? Do you think we've hit bottom?
Information compiled from the Hudson County MLS, deemed reliable but not guaranteed.
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