Regional Real Estate Trends 2022 Year End Report

Diana Bustamante Broker DianaAssociate Bustamante Broker Associate cell (862) 668-5405 office (973) 575-6700 x1245

cell (862) 668-5405 office (973) 575-6700 x1245

REGIONAL MARKET SUMMARY

New Listings -14.6% Pending Sales -20.4% Closed Sales -18.6% Average Sales Price +9.3%

2022 Compared to 2021

Avg. Days on Market -5.6%

16%

1981: 16.61%

14%

2022: 6.5%

12% 10% 8% 6% 4%

1972: 7.44%

2% 0%

1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2021 2022

50 Years of Interest Rates

2022 was a year where 30 year fixed rate interest rates almost tripled from COVID lows in the 2%'s to over 7%, ending the year in the mid 6%'s.

What a wild ride it has been! After two COVID induced years of real estate frenzy in our region that saw home prices soar well over 30% in many of our markets, 2022 was the year of higher interest rates, continued low inventory, slower price growth and an overall slower market. Buyers waiving home inspection and appraisals has become a thing of the past. In some respects, we moved toward a more normal market with a few exceptions. The average 30-year fixed rate mortgage elevated to over 7.0% in early November due to the Fed's actions to slow inflation. This put affordability out of range for some home buyers and other would-be home buyers put off their purchases and took a wait and see approach hoping that prices and interest rates would come down. Home inventory levels remain historically low. With less than a three-month supply of homes in our region, we continued to see multiple bids on homes priced correctly, albeit far fewer multiple bids and far less bidders. Our inventory levels contributed to home prices rising an average of 9.3% during 2022. With a three month or lower month supply, we remain in a seller's market entering 2023. Our region did fare better in 2022 than most of the country where many markets saw a decline in median sale prices. Looking forward, with our extremely low level of available homes on the market, and expectations that the mortgage rates will ease as 2023 progresses, we expect to continue to be in a seller's market with high competition for homes for buyers in 2023. I am happy to answer any questions you may have about your local real estate market. If you are interested in knowing what’s happening in your town, feel free to set up a weekly, monthly or quarterly report on my search platform; link to: https://dianabustamante.realscout.com/

Diana Bustamante REALTY EXECUTIVES EXCEPTIONAL, REALTORS® PS: I am always trying to improve my web presence. If you wouldn’t mind giving me a review, I would greatly appreciate it. Click Here To Review

Bergen County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

365

228

-37.5%

10,441

8,667

-17.0%

Closed Sales

700

489

-30.1%

8,657

7,012

-19.0%

590,000

645,000

9.3%

612,750

655,000

6.9%

43

39

-7.1%

40

36

-10.0%

1,202

889

-26.0%

-

-

-

1.7

1.6

-5.9%

-

-

-

Median Sale Price Avg. Days on Market Listings For Sale Months of Inventory

151 Franklin Avenue, Saddle Brook 6 Rooms, 3 Bedrooms, 1 Full & 1 Half Bath FOR SALE* $529,000

YTD 2021 YTD 2022 % Change

533 Prospect Avenue, River Vale 7 Rooms, 3 Bedrooms, 1 Full & 1 Half Bath FOR SALE $634,900

Essex County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

219

180

-17.8%

1,073

848

-21.0%

Pending Sales

298

204

-31.5%

1,144

765

-33.1%

Closed Sales

448

293

-34.6%

1,269

878

-30.8%

$663,000

$666,000

0.5%

$654,000

$670,000

2.4%

Avg. Days on Market

34

42

23.5%

34

38

11.8%

Listings For Sale

410

470

14.6%

410

470

14.6

Months of Inventory

0.9

1.6

77.8%

1.3

1.9

44.5

Avg. Sale Price

119 Alexander Avenue, Nutley 8 Rooms, 4 Bedrooms, 2 Full & 1 Half Bath SOLD $540,000

YTD 2021 YTD 2022 % Change

17 Knollwood Drive, North Caldwell 7 Rooms, 3 Bedrooms, 3 Full Baths SOLD $755,000 DIANA BUSTAMANTE (862) 668-5405 [email protected] DianaBustamante.realtor

Hudson County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

62

54

-12.9%

1,609

1,391

-13.5%

Closed Sales

105

50

-52.4%

1,025

932

-9.1%

500,000

487,500

-2.5%

477,000

525,500

10.2%

Avg. Days on Market

39

46

17.9%

39

40

2.6%

Listings For Sale

280

226

-19.3%

-

-

-

Months of Inventory

3.2

3.1

-3.1%

-

-

-

Median Sale Price

1209 Harmon Cove Tower, Secaucus 4 Rooms, 1 Bedrooms, 1 Full & 1 Half Bath SOLD $360,000

YTD 2021 YTD 2022 % Change

312 11th Street, Union City 7 Rooms, 3 Bedrooms, 3 Full Baths UNDER CONTRACT $499,000

Hunterdon County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

51

51

0.0%

Pending Sales

100

66

Closed Sales

125

=

YTD 2021 YTD 2022 % Change 300

266

-11.3%

-34.0%

337

250

-25.8%

100

-20.0%

399

281

-29.6%

$554,000

$570,000

2.9%

$553,000

$572,000

3.4%

Avg. Days on Market

40

40

0.0%

42

44

4.8%

Listings For Sale

155

179

15.5%

155

179

15.5%

Months of Inventory

1.2

1.8

48.4%

1.7

2.3

36.0%

Avg. Sale Price

=

632 Woodglen Road, Lebanon Township 10 Rooms, 4 Bedrooms, 2 Full and 1 Half Bath SOLD $505,000 DIANA BUSTAMANTE (862) 668-5405 [email protected] DianaBustamante.realtor

Middlesex County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

318

214

-32.7%

8,044

6,958

-13.5%

Closed Sales

588

413

-29.8%

6,929

5,700

-17.7%

445,000

450,000

1.1%

440,000

475,000

8.0%

45

45

0.0%

40

37

-7.5%

1,537

930

-39.5%

-

-

-

2.7

1.9

-29.6%

-

-

-

Median Sale Price Avg. Days on Market Listings For Sale Months of Inventory

=

61 Plainfield Avenue, Edison 7 Rooms, 5 Bedrooms, 2 Full Baths SOLD $450,000

YTD 2021 YTD 2022 % Change

Monmouth County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

312

254

-18.6%

8,915

8,057

-9.6%

Closed Sales

606

388

-36.0%

7,344

6,004

-18.2%

597,000

615,000

3.0%

590,000

640,000

8.5%

38

40

5.3%

37

33

-10.8%

1,045

1,228

17.5%

-

-

-

1.8

2.6

44.4%

-

-

-

Median Sale Price Avg. Days on Market Listings For Sale Months of Inventory

2165 Allenwood Road, Wall 20 Rooms, 5 Bedrooms, 4 Full and 2 Half Baths SOLD $943,000

YTD 2021 YTD 2022 % Change

1616 Rogers Court, Wall 9 Rooms, 5 Bedrooms, 2 Full Baths SOLD $500,000 DIANA BUSTAMANTE (862) 668-5405 [email protected] DianaBustamante.realtor

Morris County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

213

144

-32.4%

1,064

787

-26.0%

Pending Sales

307

226

-26.4%

1,208

747

-38.2%

Closed Sales

519

286

-44.9%

1,429

877

-38.6%

$644,000

$675,000

4.8%

$629,000

$691,000

9.9%

Avg. Days on Market

35

37

5.7%

33

36

9.1%

Listings For Sale

351

368

4.8%

351

368

4.8%

Months of Inventory

0.7

1.3

85.7%

1.1

1.7

54.6%

Avg. Sale Price

15 Wolfe Run Court, Washington Twp. 17 Rooms, 4 Bedrooms, 4 Full Baths FOR SALE $1,050,000

YTD 2021 YTD 2022 % Change

131 West End Avenue Pequannock 7 Rooms, 4 Bedrooms, 2 Full and 1 Half Bath UNDER CONTRACT $779,900

Ocean County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

411

350

-14.8%

10,522

9,147

-13.1%

Closed Sales

788

499

-36.7%

9,013

7,107

-21.1%

450,000

487,000

8.2%

430,000

500,000

16.3%

39

43

10.3%

38

34

-10.5%

1,207

1,514

25.4%

-

-

-

1.7

2.8

64.7%

-

-

-

Median Sale Price Avg. Days on Market Listings For Sale Months of Inventory

YTD 2021 YTD 2022 % Change

110 Sanborn Avenue, Point Pleasant 9 Rooms, 4 Bedrooms, 3 Full Baths FOR SALE $1,595,000

DIANA BUSTAMANTE (862) 668-5405

[email protected] DianaBustamante.realtor

Passaic County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

125

93

-25.6%

678

457

-32.6%

Pending Sales

203

130

-36.0%

699

493

-29.5%

Closed Sales

289

185

-36.0%

831

556

-33.1%

$471,000

$506,000

7.4%

$472,000

$499,000

5.7%

Avg. Days on Market

43

43

0.0%

36

40

11.1%

Listings For Sale

262

253

-3.4%

262

253

-3.4%

Months of Inventory

0.9

1.4

55.6%

1.3

1.7

29.9%

Avg. Sale Price

5 Hilltop Terrace, Wayne 11 Rooms, 4 Bedrooms, 2 Full and 1 Half Bath FOR SALE $710,000

=

YTD 2021 YTD 2022 % Change

42 Race Track Drive, West Milford 9 Rooms, 4 Bedrooms, 3 Full Baths FOR SALE $460,000

Pike/Wayne Counties Pennsylvania Key Metrics

21-Dec

22-Dec

% Change

New Listings

148

115

-22.3%

3,426

3,036

-11.4%

Pending Sales

177

126

-28.8%

3,053

2,432

-20.3%

Closed Sales

280

145

-48.2%

3,007

2,505

-16.7%

Avg. List Price

$373,833

$421,968

12.9%

$320,277

$350,494

9.4%

Avg. Sale Price

$272,904

$311,943

14.3%

$284,260

$304,718

7.2%

Avg. Days on Market

69

65

-5.8%

53

52

-1.9%

Listings For Sale

523

615

17.6%

3,984

3,491

-12.4%

Months of Inventory

2.1

2.8

35.9%

2

2.5

24.5%

139 Wild Acres Drive, Dingmans Ferry, PA 6 Rooms, 3 Bedrooms, 2 Full and 2 Half Baths FOR SALE $815,000

YTD 2021 YTD 2022 % Change

464 Cummins Hill Road, Milford, PA 7 Rooms, 3 Bedrooms, 2 Full and 2 Half Baths SOLD $460,000 DIANA BUSTAMANTE (862) 668-5405 [email protected] DianaBustamante.realtor

Somerset County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

123

92

-25.2%

588

441

-25.0%

Pending Sales

182

143

-21.4%

643

509

-20.8%

Closed Sales

243

184

-24.3%

721

597

-17.2%

$634,000

$693,000

9.3%

$631,000

$667,000

5.7%

Avg. Days on Market

37

40

8.1%

35

38

8.6%

Listings For Sale

233

248

6.4%

233

248

6.4%

Months of Inventory

1.0

1.3

30.0%

1.3

1.5

15.3%

Avg. Sale Price

YTD 2021 YTD 2022 % Change

80 Rohill Road, Hillsborough 10 Rooms, 4 Bedrooms, 2 Full & 1 Half Bath SOLD $595,000

Sussex County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

98

64

-34.7%

433

394

-9.0%

Pending Sales

144

96

-33.3%

496

353

-28.8%

Closed Sales

210

141

-32.9%

608

421

-30.8%

$398,000

$363,000

-8.8%

$390,000

$392,000

0.5%

Avg. Days on Market

42

46

9.5%

41

42

2.4%

Listings For Sale

240

258

7.5%

240

258

7.5%

Months of Inventory

1.1

1.8

63.6%

1.6

2.2

37.3%

Avg. Sale Price

19 Ice Plant Road, Lafayette 10 Rooms, 3 Bedrooms, 2 Full Baths FOR SALE $450,000

YTD 2021 YTD 2022 % Change

30 Ramsey Road, Wantage 14 Rooms, 5 Bedrooms, 6 Full Baths FOR SALE $1,195,000 DIANA BUSTAMANTE (862) 668-5405 [email protected] DianaBustamante.realtor

Union County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

246

156

-36.6%

1,082

789

-27.1%

Pending Sales

304

229

-24.7%

1,090

787

-27.8%

Closed Sales

412

281

-31.8%

1,246

867

-30.4%

$578,000

$648,000

12.1%

$571,000

$628,000

10.0%

Avg. Days on Market

37

34

-8.1%

34

35

2.9%

Listings For Sale

408

360

-17.2%

408

360

-11.8%

1

1.3

30.0%

1.3

1.6

23.9%

Avg. Sale Price

Months of Inventory

315 W 5th Avenue, Roselle 7 Rooms, 4 Bedrooms, 2 Full and 1 Half Bath SOLD $475,000

YTD 2021 YTD 2022 % Change

17 Barnard Place Elizabeth 9 Rooms, 6 Bedrooms, 2 Full and 2 Half Baths FOR SALE $699,200

Warren County New Jersey Key Metrics

21-Dec

22-Dec

% Change

New Listings

58

51

-12.1%

313

264

-15.7%

Pending Sales

84

67

-20.2%

335

241

-28.1%

Closed Sales

140

78

-44.3%

393

242

-38.4%

$323,000

$392,000

21.4%

$317,000

$368,000

16.1%

Avg. Days on Market

45

40

-11.1%

41

44

7.3%

Listings For Sale

169

172

1.8%

169

172

1.8%

Months of Inventory

1.2

2.2

82.8%

1.7

2.4

41.6%

Avg. Sale Price

137 Gaisler Road, Blairstown 8 Rooms, 3 Bedrooms, 2 Full Baths FOR SALE $410,000

YTD 2021 YTD 2022 % Change

80 Kensington Circle, White Twp 8 Rooms, 3 Bedrooms, 2 Full Baths UNDER CONTRACT $399,000 DIANA BUSTAMANTE (862) 668-5405 [email protected] DianaBustamante.realtor

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