Designated Realtor®–February 2023

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WHAT’S BUZZING IN REAL ESTATE?

Realtor.com® ranked Gloucester City the fourth best real estate market for first-time homebuyers in 2023. Click here to read more

In celebration of Black History Month, Lisa Rice, President and CEO of the National Fair Housing Alliance, discusses Black and Latino homeownership and wealth building. According to Rice, “For Black and Latino households, homeownership and home equity are a much larger component of our net worth.” Watch the full interview here.

The continuing education term deadline is April 30, 2023. New Jersey Realtors® can purchase a self-paced renewal course package through NJ Realtors® Academy of Continuing Education for just $31.50 and complete their NJ real estate license renewal online. Click here to learn more

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With a myriad of ways to communicate, it’s important to consider best practices for effective, respectful communication between Realtors® and clients. Speaking with someone on the phone is superior to texting when it comes to clarity. It also shows your client that you have the time for them and want to help them. Read more tips here.

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Office Closed Memorial Day 1 2 3

A new study revealed Jersey City as the Garden State’s most picturesque city, with 2.5 million posts on Instagram and a hashtag posts-per-population ratio of 9.03. Posts including #jerseycity reveal vibrant “Instagrammable” spots with waterfront dining, parks, and beautiful street art. Discover NJ’s other picturesque sights here

Year-end Housing Data Shows Market Softening

Rising interest rates, low inventory, and climbing prices have cooled the market in 2022, with closed sales down 17.8 percent over 2021, according to the year-end data reports from New Jersey Realtors®

“The 2022 market has softened due to the rise in interest rates and elevated home prices,” said 2023 New Jersey Realtors® President Nick Manis. “But there’s still buyer interest and activity on the inventory that is available.”

Closed sales for single-family homes were down 18.6%, with 73,613 units sold during the year, compared to 90,416 sold in 2021. The median sales price for single family homes rose 8.7% to $473,000. Demand remains in this market sector with homes receiving 102.5% of the listing price and are on the market for an average of just 34 days.

The townhouse/condo market saw a similar decrease in closed sales of 17.8% to 25,214. Units were on the market for an average of just 35 days during 2022, a decrease of 12.5% over 2021. The median sales price also rose in this category, up 7.9% to $340,000.

In the adult community category, there were 7,601 closed sales in 2022 with a median sales price of $315,000, a 12.5% increase over 2021. New listings in adult communities saw little to no change in 2022 with just a 1.5% decrease in new units for sale.

Inventory remains a concern across the board, with just 13,595 single family homes for sale in the month of December in 2022, a decrease of 9.8% over an already-low 15,066 units for sale in 2021.

While mortgage interest rates are higher than they were a year ago, Freddie Mac reported another drop at the end of January with the 30-year rate coming in at 6.13%. This could be a plus for more first-time buyers to enter the market and for sellers to consider listing their home knowing they can afford a new home.

For the full reports, visit njrealtor.com/data

Towns with the Most New Listings in 2022

For the past several years, the inventory of homes for sale in New Jersey has dropped and changed the landscape of the housing market. While housing stock has continued to decline throughout the state, these are the top five towns with the most new listings, according to New Jersey Realtors® yearend housing data report for the total market.

The data includes single-family homes, townhouses/condos, and adult community homes.

JERSEY CITY

Hudson County

4,339 New Listings in 2022

Home to more than 280,000 residents, according to the U.S. Census, Jersey City is just a quick 20-minute train ride to New York City. It boasts beautiful brownstone homes and an abundance of townhouses and condos, which account for most of the city’s new listings.

Click here to read more about Jersey City in a recent issue of New Jersey Realtor® Magazine.

TOMS RIVER TOWNSHIP

Ocean County

2,220

Toms River Township is located along the Jersey Shore and encompasses some beachfront areas surrounding Lavallette. The township is not densely populated and clocks in at 40.54 square miles according to the U.S. Census, which accounts for its high number of new listings in 2022.

Toms River also has an ample inventory of townhouses/condos, which account for 500+ of the new listings in 2022.

Jersey City

MANCHESTER TOWNSHIP Ocean County

1,725

New Listings in 2022

Deep within the New Jersey Pinelands is where you’ll find Manchester Township, referred to as one of the most popular places in New Jersey to retire, according to NJ.com. Of its 1,725 new listings in 2022, adult community homes account for 1,200 of them, and according to the U.S. Census, 48.6% of residents are over 65 years old.

The single-family market on the other hand, differs in terms of price and demand. Single-family homes sold in less than a month, the 2022 median sales price was 24.1% higher than in 2021, and homes received 103.1% of the listing price.

BRICK TOWNSHIP Ocean County

1,635

New Listings in 2022

There were 1,635 new listings in Brick Township, a 25.59 square mile beach town neighboring Point Pleasant.

Nearly 75,000 residents, according to the U.S. Census, call this Ocean County town home. Unlike Manchester, most new listings in Brick fall under the single-family category. Demand for these homes remains strong, with homes sitting on the market for just 32 days and receiving an average of 102.4% of the listing price.

BERKELEY TOWNSHIP Ocean County

1,601 New Listings in 2022

This beach community is home to New Jersey’s Island Beach State Park, a preserved barrier island most known for its 10 miles of beaches and surf fishing.

According to the 2022 year-end housing market data reports, adult communities in Berkeley Township made up more than 60% of the town’s 1,601 new listings in 2022. Demand for these homes remains high, with homes staying on the market for just 32 days and closed sales dropping just 5.4%.