May was another strong month for NJ home sales. The busy spring market continues to see multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. 

Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.

Stats for NJ as a whole are below:

• Single Family Closed Sales were up 26.6 percent to 6,960.

• Townhouse-Condo Closed Sales were up 67.4 percent to 2,422.

• Adult Communities Closed Sales were up 40.7 percent to 650.

• Single Family Median Sales Price increased 24.3 percent to $435,000.

• Townhouse-Condo Median Sales Price increased 20.8 percent to $320,000.

• Adult Communities Median Sales Price increased 13.4 percent to $255,250.

With such a low inventory of existing homes to purchase, the new home builders are working on providing a boost in inventory to help meet the buyer demand. 

However, increasing material and labor costs, and supply chain challenges, have contributed to much higher construction costs. Builder end up passing on the higher cost to the buyers. 

Rising sales prices could bring in more sellers but the outlook is to continue the trend of having historically low inventory of homes on the market for the foreseeable future.

Essex County

In Essex County, the median sales price of a single-family home went up 21.1% versus the same time last year. That is another big double-digit gain. Townhouses and condos went up 8.1% over the same time.

The scenario in Essex County is still, Inventory of homes is down, homes are selling fast and the value of homes keeps going up.

New listings went up 12.5% so there were more homes coming on the market in May this year compared to last year.

Houses are still selling fast in Essex County as Days On Market went down -29.8% from 47 days to 33 days to sell a single family home and 37 days to sell a townhouse/condo.

Union County

In Union County, the median sales price of a single-family home went up 17.5% to $470,000 versus the same time last year. That is another big double-digit gain. Townhouses and condos went up 8.2% to $330,000 over the same time.

The scenario in Union County is still the same. The inventory of homes is down, homes are selling fast and the value of homes is going up.

New listings went up 10.8% so there were more homes coming on the market in May this year compared to last year.

Houses are still selling fast in Union County as Days On Market went down -34.1% from 44 days to 29 days to sell a single family home and 30 days to sell a townhouse/condo.

If you want to get the full NJ report you can download it here.

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