PASSAIC COUNTY, N.J. -- Real estate sales surged 22 percent in the third quarter in Passaic County, marking the fourth straight quarter of year-over-year sales growth according to statistics from Better Homes & Gardens Rand Realty.
The median sale price rose 3.3 percent, while the average sale price fell .2 percent. The average sale price for a Passaic County home in the third quarter was $322,748.
“We’ve now seen sustained increases in buyer demand for over four years, with quarterly sales up in 16 out of the last 18 quarters,’’ said Joe Rand, Managing Partner for Rand. “The 932 quarterly sales marked the highest total since the height of the seller’s market, and the 2,898 rolling year sales were more than in any calendar year since 2006.”
Nearly 2,900 homes exchanged hands in Passaic County in the 12 months that ended on Sept. 30. That number reflects a 17 percent increase for the 12 months ending Sept. 30, 2014.
The average days on market is still lengthy. Homes are taking an average of 144 days to sell.
Rand said he believes the market will continue to stay strong. “Going forward, we expect that Passaic County buyer demand will stay strong through the end of the year, but not necessarily at the rate of growth that we’re seeing right now,’’ Rand said. “But the economic fundamentals are good: homes are priced at attractive levels, rates are near historic lows, and the economy is relatively stable. If buyer demand continues to stay at its current rates, we are bound to see some meaningful price appreciation in 2016.”
Click here for the third quarter report from Rand.
Click here to sign up for Daily Voice's free daily emails and news alerts.