US Job Creation slower in 2019:

2019 YTD Aug                              + 1.3M  (500,000 below 2018)                  

Jan – Aug 2018                             + 1.9M                          

2018 actual                                  + 2.5M

 

US Unemployment steady low:                              3.7%                      (50+ year low)

 

NJ Job Creation ahead of 2018

2019 Jan – August                               +21,300 jobs 2018 Jan – Aug +14,000

NJ Unemployment below national Avg.

3.2% (lowest in 12 years    down from 9.8% in 2009)

NJ Y-O-Y Sales Activity higher in 2019 + 6%

NJ Y-T-D Sales Activity higher in 2019 + 3%   

NJ Unsold Inventory declining for the first time in 2019  

below 400K a sharp decreased by 11%

– 45% compared to the cyclical high in 2011

equating to 3.7 months of sales – in the seller’s favor

 

Bergen County     YOY comparison (August 2019 to August 2018)

Y-T-D Single Family Closed Sales ………………..+2.8%

Y-T-D Single Family Pending Sales……………….+6.1%

Y-T-D Single Family New Listings ………………..+4.6%

Y-O-Y Days-on-Market Single Family ……………-8.3%

Y-O-Y Residential Median Sold Price …………….+2.4%

Residential Absorption Rate ………………………-7.3%  (from 4.1mo in 2018 to 3.8mo in 2019)

(<5-6mo of inventory = seller’s market and >5-6mo of inventory = buyer’s market)

 

Mortgage Rates 1% below 2018 down to 3.5%  from 4.5% 

resulting in more buyers jumping into action, increasing the competition among buyers

We are at a time of political uncertainty. However, the housing market is still strong and regardless of anyone’s political preference, one can agree that no party will let the housing market come to a standstill in 2020. Additional rate cuts that are planned will eventually trickle into the long term mortgage market and create even more opportunities for Buyers.

Seller’s beware! While the market is still strong, some market with high property taxes have seen 1M+ houses stay on the market longer IN ADDITON to an increase in inventory in the 1M+ range. Your chance will be NOW and Spring 2020. Don’t miss it. 

Contact me at thorkenbach@gmail.com to receive a property evaluation.