New Jersey Real Estate Market Snapshot

REAL ESTATE MARKET SNAPSHOT:

What we hear about the real estate market day in and day out are national trends.  Northern New Jersey commuter towns serviced by the Midtown Direct and Peapack Gladstone lines, the market I serve*, have seen inventory levels comparable to 2004 since January of this year.  At the same time, the absorption rate (the time it takes to sell a property) is running 3-5 months. 

The proximity to New York City and other major employment centers is proving to be an important consideration to home shoppers.  Other New Jersey markets that do not offer commuting conveniences are carrying over 12 months of unsold inventory.

In summary, units sold are comparable to the height of the market; it is just taking longer for properties to sell due to a decreased buyer pool.

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