COVID-19 has had a major impact on the real estate market in Union & Essex County NJ. But it might not be what you think! in this video I talk about how the pandemic has effected home values, and makes some predictions for real estate market in 2020 and beyond.
2019 WINTER / SPRING REAL ESTATE MARKET REPORT
So 2019 is in full swing and we're coming up on that always anticipated Spring market. Let's recap how Union has done in the 1st quarter of 2019:
Total single family homes sold: 126
Avg list price: $334,683
Avg sales price: $329,305
Avg Days on Market: 51
# active listings: 160
Average sales price this March was up 12% over last year! For multi-family homes, the average sold price was $361,083. There are only 10 active multi-family listings right now. There is a serious lack of inventory!
Lowest single family sale: 268 Montclair Ave, SOLD $74,400
Highest single family sale: 380 Wayne Ter, SOLD $635,000
Lowest multi-family sale: 12 Roselyn Pl, SOLD $227,832
Highest multi-family sale: 349 Trotting Rd, SOLD $465,000
NJ Lecturers Gripe About Losing Offices, Then Lose Their Jobs
Landscaper Killed in Union Shopping Center
Who is Running in Union's Committee Primary in 2019?
This is just a market snapshot, I want you to be in the loop on what's happening in the area.
That's all for now!
Till' Next Time,
Silvio / Realty 33
2018 was a great year for New Jersey’s housing market and economy, but what’s in store for 2019 is still anyone’s guess. If you want to keep a pulse on what's happening with NJ homes values, especially in Union & Essex Counties, pay attention to these 5 areas in 2019:
INTEREST RATES: In 2018 interest rates rose 4 times to finish just north of 5% in December, but then dipped back down to 4.7% around Jan 2nd. As far as the rest of 2019, The Mortgage Bankers Association thinks rates will hold at 5.1%, while Realtor.com predicts the average 30-year loan rate will reach 5.5% by the end of year.
LOCAL DEVELOPMENT: Now more than ever, it’s important to stay in touch with what’s new on a local level. Use Tapinto.net, Patch.com, or your town's official website to check on nearby developments or construction projects and think about they effect home values your neighborhood.
NEW TAX LAW: This year there will be 2 big changes to the federal tax law that will effect many NJ residents. #1 is standard deductions have increased from $6,350 to $12,000 (and up to $24,000 for married couples), and #2 is the new $10,000 cap on property tax deductions. I recommend speaking with a qualified accountant ASAP to see how the new tax law will effect you.
MINIMUM WAGE: NJ lawmakers announced they have reached an agreement to raise New Jersey’s minimum wage. The new law will increase the minimum wage by $1 every year until it hits $15/hr by 2024. The increased minimum wage, along with changes to tax and healthcare policies, will no doubt have a deep effect on small businesses in NJ
STOCK MARKET: Last year was exciting for the stock market, it was like watching your favorite sports team! Now, many experts are predicting a crash is just around the corner. Considering we’ve been riding a bull market for the last 10 years, a correction does seem inevitable. The point is this - GET YOUR CASH READY - great buying opportunities are going to become available soon!
What do you think? Is there something I left off the list that we should be looking at?
-Silvio / Realty 33
Summer is officially over, and if you're like me, you're soaking in every last bit of sunshine and warmth we get before winter hits. ❄️
Let's recap how the market did over the last couple of months. Here's a quick summary of June thru September 2018:
The average sale price in Union rose to $319,216
⬆ up from last year's average by 5.6% ‼️
For new listings, the average asking price is $349,558, which is also up from $326,000 last summer.
Highest single family sale: 459 Homestead Pl, $612,000
Lowest single family sale 863 Boyd Ave, $137,000
Highest Multi-Family sale: 1300 Biscayne Blvd, $465,000
Lowest Multi-family sale: 134 Valley St, $167,500
UNION MONTHLY MARKET UPDATE MAY 2018
Good news - the average sale price is in Union is currently $309,301, up 5.7% over last year!
Here are some other highlights:
Union continues to develop and expand and has initiated projects to improve the streetscape and attract new businesses to the growing center. There is significant investor activity, with "house-flippers" buying a large stock of foreclosures and short sales before turning around and reselling at premium prices, some for upwards of $500,000!
That's all I have for now. This is only a market snapshot, I just want you to have an idea of what's going on. Got any questions? Want to discuss your home's value? Let's talk. Connect with me at: 908-591-1433
At Realty 33, We tap into 25+ years of experience and market know-how to help our clients make streetwise real estate decisions.