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
Helpful Articles For Home Buyers and Sellers
Roofing: Repair or Replace?
HVAC Maintenance Checklist
You Only Think It’s True: 10 Myths Costing You Time and Money
Guide to Paint Finishes (So You Won’t Waste Your Money)
Attic & Basement Storage Ideas to Gain More Space
4 Smart Home Devices: Which Are Right for Your Home?
POWERFUL
D I G I TA L M A R K E T I N G Web & Social Media Marketing on Your Listing WE IDENTIFY POTENTIAL HOMEBUYERS BY: Behavior: People who have searched for homes, used mortgage calculators, searched for moving companies, & more Geography: People who are located within a 15-mile radius of your property After potential buyers view your listing, ads for your home will then accompany them wherever they go on the web and social media.
AND I WILL PROVIDE YOU WITH DAILY SELLER’S REPORTS
Your ad will be displayed on 100’s of websites such as:
• • • • • • • • • • • •
ABC News CNN ESPN Facebook Forbes Instagram New York Times Realtor.com USA Today Washington Post Yahoo! YouTube
...AND MORE!