Volatility may be hitting every sector but not the housing market. There seems to be a growing consensus that the housing market is positioned to be a driving force to bring back the economy. Following a lull in home sales earlier this year due to the COVID-19 outbreak, the suburban New Jersey real estate market is rebounding strongly heading into the summer. Driven by city dwellers from New York seeking big houses with space for home offices and backyards for socially distant entertaining, contracts for homes priced at $2.5 million or more surged 69% in May compared to the same month last year according to real estate consultancy Otteau Valuation Group. The increase came entirely from counties just beyond the city because of the ease of commuting. We are seeing houses sell quickly and in some cases as soon as they hit the market. Our team’s sales are up almost 3% overall from last year and over 60% week over week from last year.
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With strong pent up demand and low mortgage rates, all indicator point to a strong summer real estate market much like we are used to seeing in the spring. Our week over week showings this past week were up a startling 42.4% compared to 24.5% last year.
If you are thinking of selling, the next couple months may present a great opportunity. The Sue Adler Team is committed to helping you during this pandemic safely and are set up to show houses virtually through apps like Facebook Live, Zoom and FaceTime. Our cutting edge marketing tools and technology offer a wide range of options such as drone/aerial photography/video, virtual staging, 3D home tours, and much more. As always, please don’t hesitate to contact the Sue Adler Team to learn about the latest news and trends impacting our local markets.
Click on the video below to learn more about what is going on in the market today.
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