Randolph NJ Monthly Market Report January 2017 Mar 23 2017 1610 1
The latest real estate data for Randolph Township has been released by New Jersey Realtors®. January, 2017, much like the end of 2016, saw continued growth for Single-Family homes in sale prices, but lower inventory, a continuing trend for the area since last summer. Median sale prices for the month increased to $460,322, up 9.1% compared to January, 2016.
With the beginning of a new year, YTD median prices on Single-Family reflect the same information. As the monthly data. Current inventories are tracked on a monthly basis, with January reporting a drop of 28.6% in the number of homes listed on the New Jersey MLS. This brought the months of inventory available down to 3.0 months. The continued climb of prices in the Randolph area, alongside lower inventories reflects a strong seller’s market. This region is growing steadily more in demand.
Closed sales of Single-Family homes for the month were 5.3% less than compared to last year. January 2016 saw 19 closed sales, while this January 2017 saw 18. This is small enough to consider sales as holding steady. With the spring season just around the corner alongside the increase in property sale prices, this number is anticipated to climb over the coming months. YTD data for closed sales reflects the same information, come February, there will a comparison of data to use for monitoring year to date data.
Condominium and Townhouse properties in the Randolph area saw significant increases for the month in median prices. Comparing January 2016 to January 2015, median prices went up by and incredible 38.9%, to $438,000. This is also a large jump compared to the end of December 2106 in which median prices held steady for the month. The months of inventory for condo/townhomes was very low for January, down by 77.5%, to 0.9 months.
Looking at the Days on the market for both segments, you can see how the demand for property in Randolph Township is growing. Single-Family properties took on average 65 days to sell for the month, down by 24.4%, while Cond-Townhouses took just 44 days, down by 67.1% for the same time in 2015. Another strong indicator of our growing real estate market can be seen in the percentage of List Prices sellers received in January for both Single-Family home and Condominiums/ Townhouses. Single-Family homes sold on average at 97.94% of the list price for the month, and condo/townhouses sold at 98.9% of the list price. Properties selling close to their list price reflect a successful relationship between perceived property values for both sellers and buyers, which also adds to strengthen the local market.
Whether you plan to buy or sell your home, knowing the pulse of the local real estate market will help you be better prepared for the entire process. When you are ready to buy or sell, my team and I are ready to help you through the entire process. Our goal is to help you succeed, making your experience a positive one. Contact our office today at (973) 539-6300, call my cell at (973)-769-1563, or by email me at Tucker@dougtucker.com