It’s not news that the current real estate market is unique to any other time in New Jersey real estate history…even stronger than the 2004-2007 period. If you’re wondering when the “bubble will burst,” it’s not going to happen—at least no time soon.
All of New Jersey’s 21 counties have less than a 7 months’ supply of inventory. The basic formula for calculating an appreciating/depreciating market goes like this: a 7 - month supply of inventory in any municipality means the town has a stable market. Prices are holding steady. Any month’s supply of inventory less than 7 months indicates an appreciating market and vice/versa.
New Jersey consists of 21 counties. Of the 21, there are 9 Counties with less than a 1.5 - month supply of inventory. There are 9 Counties with a 1.5 – 1.9 - month supply of inventory. There are 3 Counties with a greater than 2 – month supply of inventory. This is unprecedented.
If you are thinking of selling but are concerned of where you will go, we can explore that option together. Toll Bros., Hovnanian, Pulte, Del Web and others are busy building as their supplies get delivered. Renting is also very popular. There are luxury rentals going up everywhere. Real estate investment companies are buying up apartment communities, hotels, industrial buildings Parsippany, Berkeley Heights, Jersey City, Morristown, to name just a few
Ride the Wave! Take advantage of the pendulum swing. It won’t stay like this forever!
Sue