Hope on the Horizon for the Summer Market BY COLLEEN KING OLIVER
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s expected, the housing market numbers in April were down in almost every category, except price. But as the state slowly started to reopen in June, cautious optimism was in the forecast for the summer. The spring market took the hit at the height of the pandemic, with some sellers hesitant to list and some buyers hesitant to make the next step. In April, the median sales price for all properties was $333,000, up 14.4 percent over April 2019. Homes are moving quickly, with the average property spending just 61 days on the market, a 9 percent decline since April 2019.
14 | NEW JERSEY REALTOR® | July/August 2020
The pandemic did no favors to already-low inventory, either. “It’s a case of supply and demand,” said 2020 New Jersey Realtors® President Angela Sicoli about the rise in costs. “Far before this pandemic we had an inventory shortage throughout the state and now, compounded with a large percentage of people who were ready to sell in March but put their plans on pause, you are seeing buyers who have far less to choose from. With only a small pool of homes to choose from buyers are sometimes paying slightly above asking or finding themselves in a situation with multiple offers on the property.”
