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STEADY PROGRESS IN  NEW JERSEY REAL ESTATE MARKET, PROJECTS A PROMISING 2014:

EDISON: The November housing report from the NJ Association of Realtors, indicates that the market is continuing to recover steadily. The market showed a modest increase in both the median sale price and the closed sales over November, 2012, while continuing to show a decrease in days on the market and total available inventory.

According to the November report, the total number of homes for sale is down from last year, while at the same time showing an increase in new listings, with nearly 10,000 new homes added in November. Along with that, pending sales increased to 26%, projecting a large number of closed sales to appear in the upcoming months. In the single family home market, there has been nearly a 28% increase in homes listed for sale and a 30% increase in pending sales. Closed sales increased and days on the market dropped. Additionally, the total number of homes for sale was down from last year and the median sales price dropped to $295,000.

The town house/condo market, likewise mirrored these trends, with an increase in listings and an increase in pending sales. Closed sales showed a modest increase, and days on the market dropped. Similarly, the number of properties in this category was down and the median sale price rose nearly 3% to $252,000.

As demonstrated, housing markets are very localized, but there have been significant improvements in many markets in New Jersey. Due to lower inventory, affordable housing, and mortgage interest rates still near historic lows, now is a good time to re-think your "put on hold" plans to sell and/or buy.

For all your Real Estate and Insurance needs and helpful hints, contact "the new star in town", LEGACY REALTY GROUP, EDISON, NJ. 732.744.0400