The Market Rebounds!

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2019 saw  near-record levels of sales as our market rebounds from the tax-reform fueled problems of 2018.  Key takeaways are:

  • Mountain Lakes sales/under contract homes year-to-date increased 69% from 2018.  Boonton Township sales were at a record high and were 37% higher than a year ago.
  • Inventory remains high and we expect that to continue.  Homes on the market increased 21% over the bull market of 2017 and have been at record or near-record levels throughout the year.  High inventory gives buyers a multitude of choices, but puts pressure on sellers.
  • Pricing pressure continues due to high inventory. If sales remain strong we expect the excess inventory to gradual disappear over the next couple years.

A more detailed analysis will be presented in our 2019 Annual Report due in mid-January.