Real Estate Market in NJ – September Home Sales Are Up by 23% in NJ
According to the leading NJ real estate analysts at the Jeffrey Otteau Valuation Group, the New Jersey housing market turned in another strong month in September with home purchase contracts increasing 23% compared to the same month last year. YTD purchase activity through September 30th has increased 24% over last year with no signs of a slowdown. The September increase is the 12th consecutive month that sales have increased since a modest 1% decline in September 2011.
This is a critical time in the real estate market because higher sales volume = less inventory. Less inventory = Price Increases. For sellers it means stronger pricing and for buyers it means the bottom –well bottomed out and we are on the upswing.