Monthly Indicators 2014 Monthly Snapshot + 7.5% - 5.3% - 0.7% It was another recovery year in 2014, although not quite to the level of 2013. With a broad pattern of rising prices and stable to improving inventory, the market shifted from being drastically undersupplied to approaching equilibrium. Price gains in 2014 were still positive but less robust than last year. More homes for sales and increased sales are anticipated in 2015, with a continued drop in months supply unless the market becomes glutted. Single Family Closed Sales increased 7.3 percent to 1,960. Townhouse-Condo Closed Sales increased 6.2 percent to 481. Adult Communities Closed Sales increased 30.8 percent to 51. Single Family Median Sales Price was down 2.0 percent to $345,000. Townhouse-Condo Median Sales Price was down 1.1 percent to $242,250. Adult Communities Median Sales Price was down 14.9 percent to $320,000. Interest rates remained lower than anyone expected during the year. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing. One-Year Change in Closed Sales All Properties One-Year Change in Homes for Sale All Properties One-Year Change in Median Sales Price All Properties For residential real estate activity in Garden State MLS. Percent changes are calculated using rounded figures. Single Family Market Overview Townhouse-Condo Market Overview Adult Community Market Overview New Listings Pending Sales Closed Sales Median Sales Price Average Sales Price Percent of List Price Received Days on Market Until Sale Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Total Market Overview 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing.
Single Family Market Overview Key metrics for Single Family Properties Only, excluding Manufactured Housing, for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines 12-2013 12-2014 Percent Change YTD 2013 YTD 2014 Percent Change New Listings 1,278 1,535 + 20.1% 38,099 41,023 + 7.7% Pending Sales 1,084 1,443 + 33.1% 22,034 22,291 + 1.2% Closed Sales 1,826 1,960 + 7.3% 21,985 21,210-3.5% Median Sales Price $352,000 $345,000-2.0% $370,000 $365,000-1.4% 12-2011 2011 12-2012 2012 12-2013 2013 12-2014 2014 Avg. Sales Price $429,810 $418,422-2.6% $456,831 $453,335-0.8% Pct. of List Price Received 96.2% 96.6% + 0.4% 96.4% 96.9% + 0.5% Days on Market 89 86-3.4% 88 81-8.0% Affordability Index 114 118 + 3.5% 108 111 + 2.8% Homes for Sale 12,040 11,356-5.7% -- -- -- Months Supply 6.6 6.1-7.6% -- -- -- Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 2
Townhouse-Condo Market Overview Key metrics for Townhouses and Condominiums Only for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines 12-2013 12-2014 Percent Change YTD 2013 YTD 2014 Percent Change New Listings 344 383 + 11.3% 8,176 8,589 + 5.1% Pending Sales 304 355 + 16.8% 5,398 5,409 + 0.2% Closed Sales 453 481 + 6.2% 5,372 5,290-1.5% Median Sales Price $245,000 $242,250-1.1% $255,000 $262,000 + 2.7% 12-2011 2011 12-2012 2012 12-2013 2013 12-2014 2014 Avg. Sales Price $268,386 $281,363 + 4.8% $287,309 $298,293 + 3.8% Pct. of List Price Received 96.2% 96.6% + 0.4% 96.5% 96.9% + 0.4% Days on Market 82 78-4.9% 86 75-12.8% Affordability Index 163 168 + 3.1% 157 155-1.3% Homes for Sale 2,227 2,134-4.2% -- -- -- Months Supply 5.0 4.7-6.0% -- -- -- Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 3
Adult Community Market Overview Key metrics for properties in Adult Communities Only for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines 12-2013 12-2014 Percent Change YTD 2013 YTD 2014 Percent Change New Listings 44 52 + 18.2% 984 1,051 + 6.8% Pending Sales 48 37-22.9% 654 654 0.0% Closed Sales 39 51 + 30.8% 643 662 + 3.0% Median Sales Price $375,950 $320,000-14.9% $319,950 $320,000 + 0.0% 12-2011 2011 12-2012 2012 12-2013 2013 12-2014 2014 Avg. Sales Price $383,819 $330,361-13.9% $350,482 $340,295-2.9% Pct. of List Price Received 96.2% 97.6% + 1.5% 97.1% 97.0% - 0.1% Days on Market 105 88-16.2% 100 87-13.0% Affordability Index 106 127 + 19.8% 125 127 + 1.6% Homes for Sale 308 318 + 3.2% -- -- -- Months Supply 5.7 5.8 + 1.8% -- -- -- Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 4
New Listings A count of the properties that have been newly listed on the market in a given month. 1,351 1,278 1,535 36,763 38,099 41,023 362 344 383 8,231 8,176 8,589 32 44 52 1,048 984 1,051-13.1% -5.4% + 20.1% - 7.2% -5.0% + 11.3% - 34.7% + 37.5% + 18.2% -7.0% + 3.6% + 7.7% - 12.5% -0.7% + 5.1% - 11.3% -6.1% + 6.8% Historical New Listings by Month 6,000 5,000 4,000 3,000 2,000 1,000 0 January 2014 2,573 619 101 February 2014 2,480 582 75 March 2014 4,137 851 108 April 2014 4,961 947 90 May 2014 4,934 954 125 June 2014 4,314 796 72 July 2014 3,749 737 103 August 2014 3,055 721 64 September 2014 3,742 790 114 October 2014 3,416 713 84 November 2014 2,127 496 63 2014 1,535 383 52 12-Month Avg. 3,419 716 88 Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 5
Pending Sales A count of the properties on which offers have been accepted in a given month. 1,443 22,034 22,291 1,117 1,084 18,709 287 304 355 4,440 5,398 5,409 28 48 37 588 654 654 + 3.2% -3.0% + 33.1% + 10.4% + 5.9% + 16.8% - 17.6% + 71.4% - 22.9% + 13.4% + 17.8% + 1.2% + 15.9% + 21.6% + 0.2% + 17.8% + 11.2% 0.0% Historical Pending Sales by Month 3,000 2,500 2,000 1,500 1,000 500 0 January 2014 1,214 291 31 February 2014 1,297 387 45 March 2014 1,776 512 72 April 2014 2,169 547 73 May 2014 2,477 566 66 June 2014 2,141 476 62 July 2014 2,148 481 62 August 2014 1,979 440 47 September 2014 1,919 461 55 October 2014 2,113 485 75 November 2014 1,615 408 29 2014 1,443 355 37 12-Month Avg. 1,858 451 55 Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 6
Closed Sales A count of the actual sales that closed in a given month. 1,826 1,960 18,214 21,985 21,210 1,559 376 453 481 4,333 5,372 5,290 57 39 51 580 643 662 + 13.6% + 17.1% + 7.3% + 14.3% + 20.5% + 6.2% + 32.6% - 31.6% + 30.8% + 11.6% + 20.7% -3.5% + 15.1% + 24.0% -1.5% + 22.1% + 10.9% + 3.0% Historical Closed Sales by Month 3,000 2,500 2,000 1,500 1,000 500 0 January 2014 1,255 322 45 February 2014 918 262 32 March 2014 1,252 329 39 April 2014 1,351 425 61 May 2014 1,660 486 68 June 2014 2,317 553 75 July 2014 2,566 581 63 August 2014 2,350 522 70 September 2014 2,002 465 60 October 2014 1,979 478 55 November 2014 1,600 386 43 2014 1,960 481 51 12-Month Avg. 1,768 441 55 Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 7
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $350,000 $352,000 $345,000 $241,750 $245,000 $242,250 $280,000 $375,950 $320,000 $352,000 $370,000 $365,000 $250,125 $255,000 $262,000 $310,000 $319,950 $320,000 + 4.5% + 0.6% -2.0% - 8.8% + 1.3% -1.1% + 3.7% + 34.3% - 14.9% -1.9% + 5.1% -1.4% -6.5% + 1.9% + 2.7% + 1.6% + 3.2% + 0.0% Historical Median Sales Price by Month $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 January 2014 $345,000 $244,000 $285,000 February 2014 $335,000 $241,954 $295,000 March 2014 $340,000 $236,000 $323,500 April 2014 $335,000 $258,500 $315,000 May 2014 $360,000 $260,500 $317,450 June 2014 $400,000 $267,000 $348,250 July 2014 $412,000 $285,000 $325,000 August 2014 $410,000 $271,000 $330,000 September 2014 $360,000 $272,000 $360,000 October 2014 $340,000 $273,000 $260,000 November 2014 $353,500 $246,375 $324,230 2014 $345,000 $242,250 $320,000 12-Month Med.* $365,000 $262,000 $320,000 * Median Sales Price for all properties from January 2014 through 2014. This is not the average of the individual figures above. Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 8
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $429,823 $429,810 $418,422 $268,092 $268,386 $281,363 $328,568 $383,819 $330,361 $430,733 $456,831 $453,335 $283,535 $287,309 $298,293 $338,596 $350,482 $340,295 + 5.7% -0.0% -2.6% - 6.8% + 0.1% + 4.8% + 7.1% + 16.8% - 13.9% -1.6% + 6.1% -0.8% -2.1% + 1.3% + 3.8% + 5.6% + 3.5% -2.9% Historical Average Sales Price by Month $600,000 $500,000 $400,000 $300,000 $200,000 January 2014 $427,433 $279,323 $307,921 February 2014 $407,864 $274,199 $318,654 March 2014 $417,100 $274,398 $350,775 April 2014 $429,533 $276,563 $355,081 May 2014 $440,444 $317,803 $336,222 June 2014 $492,435 $307,931 $371,559 July 2014 $507,897 $310,699 $334,628 August 2014 $512,615 $309,542 $350,178 September 2014 $444,979 $319,735 $355,674 October 2014 $406,802 $304,387 $296,139 November 2014 $440,769 $290,103 $351,543 2014 $418,422 $281,363 $330,361 12-Month Avg.* $453,335 $298,293 $340,295 * Avg. Sales Price for all properties from January 2014 through 2014. This is not the average of the individual figures above. Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 9
Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 96.6% 96.7% 96.2% 96.2% 96.6% 96.2% 95.0% 94.9% 97.6% 96.9% 96.9% 97.1% 96.4% 96.5% 96.6% 97.0% 95.1% 95.3% + 0.6% + 1.3% + 0.4% - 0.1% + 1.4% + 0.4% -2.5% -0.5% + 1.5% + 0.3% + 1.4% + 0.5% + 0.3% + 1.3% + 0.4% + 1.0% + 0.5% -0.1% Historical Percent of List Price Received by Month 100.0% 99.0% 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% January 2014 96.2% 96.9% 96.5% February 2014 96.2% 96.2% 95.4% March 2014 96.0% 97.1% 96.2% April 2014 96.3% 96.8% 96.7% May 2014 97.2% 97.2% 97.6% June 2014 97.6% 97.1% 98.1% July 2014 97.8% 97.2% 96.5% August 2014 97.4% 96.9% 97.5% September 2014 96.6% 97.1% 97.4% October 2014 96.3% 96.9% 95.6% November 2014 96.5% 96.5% 97.1% 2014 96.6% 96.6% 97.6% 12-Month Avg.* 96.9% 96.9% 97.0% * Pct. of List Price Received for all properties from January 2014 through 2014. This is not the average of the individual figures above. Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 10
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month. 107 109 111 89 86 82 78 105 88 99 103 88 86 81 75 107 100 87 + 1.9% - 16.8% -3.4% + 0.9% - 24.8% -4.9% -5.9% -5.4% - 16.2% 0.0% - 11.1% -8.0% + 3.0% - 16.5% - 12.8% - 10.1% -6.5% - 13.0% Historical Days on Market Until Sale by Month 200 175 150 125 100 75 50 January 2014 87 95 91 February 2014 93 93 147 March 2014 97 97 102 April 2014 93 78 89 May 2014 84 76 78 June 2014 70 66 84 July 2014 66 61 55 August 2014 69 73 83 September 2014 81 72 97 October 2014 85 70 102 November 2014 86 71 60 2014 86 78 88 12-Month Avg.* 81 75 87 * Days on Market for all properties from January 2014 through 2014. This is not the average of the individual figures above. Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 11
Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 125 114 118 182 163 168 157 106 127 125 108 111 176 157 155 142 125 127 + 3.3% -8.8% + 3.5% + 19.0% - 10.4% + 3.1% + 4.7% - 32.5% + 19.8% + 10.6% - 13.6% + 2.8% + 16.6% - 10.8% -1.3% + 6.8% - 12.0% + 1.6% Historical Housing Affordability Index by Month 200 180 160 140 120 100 80 January 2014 111 157 135 February 2014 116 161 132 March 2014 115 165 121 April 2014 116 150 123 May 2014 111 153 126 June 2014 100 149 115 July 2014 97 140 122 August 2014 97 147 121 September 2014 110 146 110 October 2014 118 147 155 November 2014 114 164 124 2014 118 168 127 12-Month Avg.* 110 154 126 * Affordability Index for all properties from January 2014 through 2014. This is not the average of the individual figures above. Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 12
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 12,922 12,040 11,356 2,667 2,227 2,134 375 308 318-14.3% -6.8% -5.7% - 21.6% - 16.5% -4.2% - 17.4% - 17.9% + 3.2% Historical Inventory of Homes for Sale by Month 25,000 20,000 15,000 10,000 5,000 0 January 2014 12,177 2,322 326 February 2014 12,286 2,299 338 March 2014 13,334 2,405 346 April 2014 14,885 2,559 345 May 2014 16,089 2,717 375 June 2014 16,709 2,804 352 July 2014 16,740 2,807 350 August 2014 16,216 2,803 338 September 2014 16,051 2,806 357 October 2014 15,264 2,682 327 November 2014 13,802 2,485 340 2014 11,356 2,134 318 12-Month Avg. 14,576 2,569 343 Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 13
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 8.3 6.6 6.1 7.2 5.0 4.7 7.7 5.7 5.8-24.5% - 20.5% -7.6% - 32.7% - 30.6% -6.0% - 29.4% - 26.0% + 1.8% Historical Months Supply of Inventory by Month 18 16 14 12 10 8 6 4 January 2014 6.7 5.2 6.1 February 2014 6.8 5.2 6.4 March 2014 7.5 5.4 6.3 April 2014 8.4 5.7 6.4 May 2014 9.1 6.1 6.8 June 2014 9.5 6.3 6.5 July 2014 9.5 6.4 6.5 August 2014 9.1 6.4 6.4 September 2014 8.9 6.4 6.7 October 2014 8.4 6.1 5.9 November 2014 7.6 5.6 6.1 2014 6.1 4.7 5.8 12-Month Avg.* 8.1 5.8 6.3 * Months Supply for all properties from January 2014 through 2014. This is not the average of the individual figures above. Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 14
Total Market Overview Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines 12-2013 12-2014 Percent Change YTD 2013 YTD 2014 Percent Change New Listings 1,666 1,970 + 18.2% 47,259 50,663 + 7.2% Pending Sales 1,436 1,835 + 27.8% 28,086 28,354 + 1.0% Closed Sales 2,318 2,492 + 7.5% 28,000 27,162-3.0% Median Sales Price $325,000 $322,750-0.7% $339,000 $339,900 + 0.3% 12-2011 2011 12-2012 2012 12-2013 2013 12-2014 2014 Avg. Sales Price $397,419 $390,060-1.9% $421,834 $420,352-0.4% Pct. of List Price Received 96.2% 96.6% + 0.4% 96.5% 96.9% + 0.4% Days on Market 88 84-4.5% 88 80-9.1% Affordability Index 123 126 + 2.4% 118 120 + 1.4% Homes for Sale 14,575 13,808-5.3% -- -- -- Months Supply 6.2 5.8-6.5% -- -- -- Data as of January 8, 2015. All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 15