NCJAR Market Data is a comprehensive report that provides valuable insights into the real estate market in the North Central New Jersey region. It includes key metrics such as median listing price, average selling price, number of active listings, and the average days a property stays on the market, among others. This dynamic tool serves as a valuable resource for Realtors, buyers, and sellers, assisting them in making well-informed decisions in their real estate transactions.
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Latest News
26% of REALTORS® Reported that Inventory Shortages and Housing Affordability Hindered Clients from Buying Homes in 2023, as Existing-Home Sales Dropped to a 1995 Low
In 2023, the real estate market faced significant challenges, marking the lowest volume of existing-home sales since 1995. According to the National Association of REALTORS®' (NAR) 2024 Member Profile, 26% of REALTORS® identified inventory shortages and housing affordability as the main barriers preventing clients from purchasing homes.
Market Conditions and REALTOR® Challenges The past year proved difficult for REALTORS® due to high mortgage rates and low housing inventory, significantly impacting sales volume. Jessica Lautz, NAR deputy chief economist and vice president of research, highlighted the intense competition REALTORS® faced to secure client representation and accepted offers in a tough market.
Join Us for NCJAR's Upcoming CE Courses!
Elevate Your Skills
Join us for a lineup of compelling Continuing Education (CE) courses and events. Don't miss out on the opportunity to stay ahead in your field!
Featured Upcoming NCJAR CE Courses:
- FREE Virtual: ABR Two Day Core Course | 12 Ethics - Tuesday-Wednesday, July 16th-17th at 9:00am-4:00pm (click link to register)
- Virtual: Multiple Offers...Be Prepared - 3 Core - Tuesday, July 23rd at 9:30am-12:30pm (click link to register)
Important Announcement: Exciting Changes Ahead for NCJAR!
As the real estate landscape evolves, NCJAR is adapting to better serve you. We’re excited to announce the sale of our four buildings in Morristown, Wayne, Bloomfield, and Westfield. We'll be moving to a new, centrally located building designed to meet your needs.
Why This Change?
- Financial Responsibility: Our current buildings are underutilized as education, seminars, and meetings have shifted online. Consolidating into one regional office reduces overhead costs, allowing us to use your membership dollars more effectively.
- Enhanced Member Experience: A centralized location offers a streamlined, modern hub for all your professional needs. We'll also maintain small satellite spaces for lockbox and board store purchases.
- Virtual Innovation: We're investing in robust online platforms to enhance virtual education, support, and networking, making it easier to access essential resources from anywhere.
- Strategic Growth: This move aligns with our 2024-2026 Strategic Plan, positioning NCJAR to be more agile and responsive to your evolving needs.
What’s Next?
May 2024 Market Stats
U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
- Single Family Closed Sales were up 1.2 percent to 1,554.
- Townhouse-Condo Closed Sales were up 9.2 percent to 428.
- Adult Communities Closed Sales were up 25.9 percent to 68.
Breaking News: Governor Signs Bill S3192/A4454 Into Law
New Jersey Realtors® commends the signing of the Real Estate Consumer Protection Enhancement Act into law today by Gov. Phil Murphy. New Jersey Realtors® worked with the sponsors of Bill S3192/A4454—Sen. Patrick Diegnan and Asm. Roy Freiman—to craft this legislation, which will enhance transaction transparency and further protect consumers throughout the state.
The law, which will go into effect on Aug. 1, strengthens both consumer and real estate licensee protections.
The following are the six major changes the law provides for:
- Sellers must provide a fully completed property condition disclosure form before buyers sign a contract.
- Listing agents will be required to explicitly disclose who they represent at open houses.
- Designated agency, which enables a brokerage to appoint an agent to either side of a transaction at the client’s request, is now permissible.
Morristown, NJ 07960
(973) 425-0110
Bloomfield, NJ 07003
(973) 743-5114
Westfield, NJ 07090
(908) 232-9000
Wayne, NJ 07470
(973) 305-1100