Pandemic slows New Jersey’s housing market in April

As expected, the COVID-19 pandemic has interrupted New Jersey’s housing market in more ways than one.

According to data aggregated by New Jersey Realtors from eight listing services in the state, the market experienced a double-digit slow down of activity in almost every category, including new listings, pending sales, closed sales and homes for sale.

“It’s a case of supply and demand,” Angela Sicoli, 2020 president, New Jersey Realtors, said. “Far before this pandemic, we had an inventory shortage throughout the state and now, compounded with a large percentage of people who were ready to sell in March but have put their plans on pause, you are seeing buyers who have far less to choose from. With only a small pool of homes to choose from buyers are sometimes paying slightly above asking or finding themselves in a situation with multiple offers on the property.”

New listings were down 63.1% to 7,272 for the month when compared to April 2019, the report said. Pending sales dropped 46.7% to 6,162; closed sale were down 20.7% to 7,420, and homes for sale decreased by 35.6% to 35,714.

Prices, however, are on the rise.

In April, the median sales price for all properties was $333,000, up 14.4% from $291,000 last year. Homes also move quickly in the state, with the average property spending only 61 days on the market, a 9% decrease year-over-year.

Bergen County experienced a 70.6% drop in new listings over the year, but increased its median sales price by 15.7% to $549,500. Monmouth County showed a similar trend, with new listings down 64.5% and median sales prices up 13.1%. Cape May County’s new listings dropped 53.5% since last April and its median sales prices jumped up 25.8%.