[Waldwick, NJ – March 23, 2020] – According to February’s ShowingTime market reports, the actual and expected impacts of COVID19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month.
As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
• Single Family Closed Sales increased 17.7 percent to 393.
• Townhouse-Condo Closed Sales decreased 7.2 percent to 141.
• Adult Communities Closed Sales increased 33.3 percent to 4.
• Single Family Median Sales Price was up 9.0 percent to $474,000.
• Townhouse-Condo Median Sales Price was down 1.5 percent to $335,000.
• Adult Communities Median Sales Price was up 28.4 percent to $282,500.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.
Data as of March 20, 2020. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime
Greater Bergen REALTORS® provides invaluable information, programs and services to ensure the success of its members in everyday business. As the leading voice of real estate in North Jersey, we advocate for the public to protect private property rights as well as the right to home ownership. The association is a highly influential and important member of the local, state and National REALTOR® family. Greater Bergen REALTORS® represents over 7,800 in northern New Jersey. For more information, please visit www.GreaterBergenRealtors.com.