Here’s how fast or slow homes are selling in your county in NJ
Remember that point back in fall of last year when the seller’s market was transitioning to a mixed bag? For a short while it seemed certain zip codes were cooling off in New Jersey and some areas were even beginning to resemble a buyer’s market.
Rising interest rates it seemed were finally starting to do what experts felt would happen all along. Throw a bucket of ice water onto the hot seller’s market.
Funny thing happened in the new year. Interest rates climbed even higher, but with inventory remaining as low as ever, the seller’s market popped some steroids and caught its second wind.
I talked with RE/MAX First Advantage’s Rob Dekanski who confirms it all.
We’ve been waiting for a cool down but it just isn’t happening,” said Dekanski. “Demand is sky high and inventory levels are still near record lows. If your home shows well and is priced appropriately, it’s gone in a weekend.
In full disclosure I used Rob myself to sell my home in Raritan Township. Even though this was at that time last fall when things looked like they were cooling off he still had my home sold in less than a week and for $10,000 over asking price with multiple offers.
So how fast are homes selling on average? Nj.com ran a story using data from Realtor.com and it finds Morris County and Somerset County were tied in June for fastest average time between listing and a sale. The data looked at median number of days after listed that a property either closed or was taken off market.
County by county here’s the average time it’s taking a home to sell here in New Jersey from quickest to longest.
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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
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