New Jersey homes overall are selling 10 percent quicker than the same time last year, according to the latest update from New Jersey Realtors.
Taking into account single-family properties, adult community properties, townhouses and condominiums, homes sold in May 2016 were on the market for an average of 78 days, compared to 87 days one year prior.
The downward trend over the past few years can be attributed to historically-low interest rates and simple supply and demand, according to Tg Glazer, president of New Jersey Realtors.
“The more people that are out there looking, and the inventory being a little bit lower, means that there’s more demand so things are going a little bit quicker,” Glazer told New Jersey 101.5.
Homes that are priced properly, he said, are moving very quickly, with many of them receiving multiple offers. And those homes that are not priced as competitively may stay on the market for a longer period of time.
Market activity is vastly different from county to county and among the various types of homes.
In Bergen County, for example, the number of days on the market for single-family homes dropped 20 percent from May 2015 to May 2016. But the number jumped slightly for townhouses and adult community properties.
In Monmouth County, properties in adult communities took 60 percent longer to sell this May compared to the same month last year. A similar but less severe situation unfolded in Burlington County over the past year.
“The longer something sits on the market, the more difficult it becomes to sell,” Glazer said, noting for the first two to three weeks are “key” to selling a property.
And potential buyers can easily tell when a home has been on the market for a while, thanks to no shortage of real estate websites. A longer-than-usual stay on the market typically tells a seller the home was not priced properly at the start, Glazer said.