In The Neighborhood
As we are well into the first quarter of 2021. I'm excited to share with you this past month's wrap up! It is not a secret that 2020 hosted many challenges for many people, but what we also experienced was a shift in the real estate market. For the markets that surround larger cities, such as Manhattan, we saw an increase in property values as well as demand unlike anything we have ever seen before. In this past month, according to the NJMLS, we have seen an increase of 53% in closed sales and an increase of 14% median sales price for single-family homes. The market is definitely hot and now is the time to sell if you are looking for a profit.
When we start looking at the monthly supply trend, we are seeing a drastic decrease in supply by about 48%. With high demand from buyers and a decreasing supply of new listings, property values are continuing to grow. Right now, average sales prices have increased by 21% from where they were this time last year. The market is continuing to move and having someone who understands what these numbers mean is key in making sure you are getting the best deal!