By
ROI-NJ Staff(New Jersey)
New Jersey Realtors released Q1 housing market data, which saw the state’s housing market continue to rise in median sales prices across all property types in the first quarter of the year. Pending and closed sales declined compared to the previous year.
Median sales price for the total market was $510,000, an increase of 2.2%. Closed sales fell 6.1% to 15,106, and pending sales declined 8.3% to 17,065.
New listings dropped 5.1% to 25,339. Homes for sale in March rose 2.6% to 16,400, and the days on the market increased 9.1% to 48. The percent of list price received fell slightly to 0.6% at 100.3%.
The median sales price of single-family homes rose 2.7% to $565,000, with closed sales at 10,163, a 4.8% drop.
While the median sales price for a townhouse/condominium remained unchanged at $415,000, closed sales fell 11.2% to 3,483.
The median sales price for an adult community increased 1.4% at $365,000, and closed sales decreased 1.6% to 1,354.
New Jersey Realtors data reflects residential real estate activity reported through all New Jersey multiple listing services.