Here are two things everyone knows: Housing sales in April were huge — and housing sales last April, during the heart of the pandemic, were dreadful.
Even with those two facts in mind, some of the statistics New Jersey Realtors released are jaw-dropping.
Consider:
- Closings: There were 10,083 in April, up 33.4% from 2020;
- Price received: The percent of list price received passed 100%, coming in at 101%;
- Median sale price: $375,000, up 20% from a year ago;
- Days on market: The average number of days a property was on the market in April was just 43 days, down 29.5%, from 61 days, in April 2020;
- Properties available: There were only 23,680 homes for sale (single-family homes, townhomes and condominiums, and adult community properties). This is down 40.9% from a year ago;
- Inventory: There was just two months’ inventory in April, down a staggering 53.5% from April 2021.
New Jersey Realtors President Jeff Jones said buyer activity is high compared to last year. For January through April of 2021, pending sales are up 36.7%.
Despite a continued inventory crisis, buyer activity — fueled by continued low interest rates — remains high, Jones said.
“The numbers validate the story we’ve been hearing over and over,” he said. “But it’s important to remember that a lot of these numbers are comparable to the height of the pandemic last year, when a lot of business stalled.”
Jones, however, doesn’t see a let up.
“As more and more restrictions are lifted, and homeowners become more comfortable, we remain hopeful there will be new inventory hitting the market,” he said. “Even with these hurdles, buyers are attracted to low interest rates and continue to stay in the market.”
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