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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June 2024 Market Stats
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
- Single Family Closed Sales were down 10.4 percent to 1,810.
- Townhouse-Condo Closed Sales were down 6.4 percent to 479.
- Adult Communities Closed Sales were down 6.4 percent to 44.
Important Reminder: Real Estate Consumer Protection Enhancement Act
Governor Phil Murphy recently signed the Real Estate Consumer Protection Enhancement Act (Bill S3192/A4454) into law. Effective August 1, 2024, this law introduces measures to protect both consumers and real estate licensees in New Jersey.
Here are the key changes:
1. Seller's Property Condition Disclosure Statement Required
Sellers must provide a fully completed property condition disclosure statement before buyers are contractually obligated. This ensures buyers have all necessary information, promoting informed decisions and reducing potential disputes.
2. Designated Agency Allowed
Brokerages can now appoint different agents to represent both the seller and the buyer within the same transaction. This ensures full fiduciary duties to each client, even when represented by the same brokerage.
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:
New Jersey REALTORS® Good Neighbor Award Application is Now OPEN
The NJ Realtors® Good Neighbor Award recognizes three exceptional REALTORS® or REALTOR-Associates® who have demonstrated extraordinary commitments to enhancing the quality of life in their local and global communities through volunteer service.
Eligible nominees must be NJ REALTORS® members in good standing, with community work conducted between September 1, 2023, and August 31, 2024. Individual contributions are highlighted, with necessary documentation of impact.
Winners, selected by an independent panel, will direct donations to a 501(c)(3) organization of their choice, with prizes of $2,500, $1,500, and $1,000 for first, second, and third place respectively.
The nomination deadline is September 6, 2024.
CLICK HERE TO APPLY ONLINE
NJREC Licensing Period and Continuing Education Requirements (July 1, 2023 - June 30, 2025)
All CE MUST be completed by APRIL 30, 2025 to avoid the fine imposed by the NJREC.
The New Jersey Real Estate Commission (NJREC) has specific Continuing Education (CE) requirements for all licensees during the licensing period from July 1, 2023, to June 30, 2025. Here's everything you need to know:
Total CE Hours Required
All licensees MUST complete a total of 12 credit hours of Continuing Education (CE) within this period. However, if you became a salesperson licensee after July 1, 2024, you are exempt from CE requirements for this cycle. You will start your CE in the next cycle.
Breakdown of CE Requirements
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Fair Housing and New Jersey Law Against Discrimination: 1 Hour
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Ethics: 2 Hours
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Core Topics: 3 Hours
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Mix or Electives: 6 Hours
Key Points to Remember
Morristown, NJ 07960
(973) 425-0110
Bloomfield, NJ 07003
(973) 743-5114
Westfield, NJ 07090
(908) 232-9000
Wayne, NJ 07470
(973) 305-1100