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Spring Sales Rise Despite Late Start

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The unusual start to spring, courtesy of a few late-season nor'easters didn't deter sales around the state, according to data just released from New Jersey Realtors. Sales across all properties rose 4.7 percent in the month of April throughout the state and the median sales price also climbed 6.3 percent across all properties, sitting at $285,000 for April 2018.

Single family homes saw a rise in the median sales price for April as well, with a 5.2 percent increase to $302,000. The number of single family homes for sale are down 15.4 percent, following the downward trend—just 34,785 single family homes were for sale in the state in April 2018. Still, new listings in April 2018 jumped up 7.3 percent to 13,829 over April 2017’s 12,884. 

Potential mortgage rate increases could be spurring buyers into action. That, coupled with short supply of inventory — the month’s supply of inventory was down 19.7 percent over this time last year — means multiple offers and, often, higher prices, putting sellers in a good spot. 

The townhouse-condo market saw improvements, as well, with the median sales price rising 6.1 percent to $262,000 for April 2018 and closed sales up 9 percent over last year. The number of days a unit is sitting on the market has dropped 11.4 percent year-to-date for 2018, now sitting at just 70 days.

For more information and the full reports, visit njrealtor.com/data.

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