The Market Rebounds!
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.