Jersey Realtors See Hike in First Quarter Existing Home, Condo Sales

EDISON — Sales volume of existing single family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year, indicating New Jersey continues to defy national real estate trends.
According to statistics released by the NATIONAL ASSOCIATION OF REALTORS® (NAR) last week, New Jersey’s seasonally adjusted annual rate of home sales equaled 169,600.
“Unlike most of the nation, the New Jersey housing market remains stable,” said 2008 NJAR® President Drew Fishman, CRS. “Nationally, total sales for single family homes, condominiums and co-ops dropped by 22 percent from the previous year, while New Jersey was one of three states to show an increase. This is just further evidence that New Jersey does not follow national real estate trends.”
“New Jersey’s housing market continually out performs other areas of the country,” said NJAR® Executive Vice President Jarrod C. Grasso, RCE. “The Garden State’s proximity to New York City and Philadelphia, its extensive transportation infrastructure, and many other positive market forces contribute to the state’s healthy real estate market.”
Fishman noted that while other states have seen home values plunge, there are some areas in New Jersey that have experienced a slight appreciation in home sales prices.
NAR’s report of metropolitan statistical areas showed that first quarter median sales price of existing single-family homes in the Atlantic City area increased by 4.8 percent.
The median sales price grew from $264,600 in the first quarter of 2007 to $277,400 in 2008. The Trenton-Ewing market also experienced an increase in median sales price. The median sales price rose from $283,800 in the first quarter of 2007 to $288,200 in 2008, an increase of 1.6 percent.
“It has been said before but it’s worth saying again, all real estate is local,” Fishman concluded. “National trends don’t necessarily translate to every market and that is why it is so vital to contact a REALTOR®. REALTORS® know real estate and they are the ones in the best position to inform the public about what’s really happening in their local markets.”
Grasso added that New Jersey is not immune from many of the national and regional economic trends.
“High gas prices and skyrocketing property taxes certainly have an impact on the state’s real estate market,” added Grasso. “However, what is happening on a national level is not necessarily indicative of what is happening in the Garden State. Although this isn’t the 2005 housing market, homes in New Jersey are maintaining their value. With the interest rates still low, consumers should take the time to explore the many real estate opportunities that exist.”