We’re still seeing an extremely competitive real estate market. Inventory remains at historic lows and most listings are receiving multiple offers… Meaning there a more buyers in today’s market than there are homes for sale. Many buyers have been searching for months and have struggled to find a property in this highly competitive market. Many thought that the Spring market would bring an influx of listings, listings have crept up a bit, but demand has still outpaced supply. Anyone thinking about selling in this market should expect to see fantastic results with such high demand. For buyers, not all hope is lost, while there is a small increase in mortgage interest rates they still remain historically low. And, experienced agents are using a number of strategies to help get offers accepted in multiple offer situations. With that said, it is still imperative for buyers to move quickly as nice conditions homes do not last for long.
More buyers are walking though the door to look at houses (showings), but there are fewer houses on the market for sale
Impact of COVID-19 to Real Estate Showings in New Jersey Weekly showings normalized to the first calendar week of January, 7-day moving average.
Contracts are keeping pace with new listings
- Every week we track the number of new listings coming onto the market and the number of listings to go under contract. If these numbers continue to stay close, inventory stays low, and the market stays competitive.
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