Designated Realtor®—February 2024

DESIGNATED

REALTOR

®

ISSUE 1: February 2024

$455,000

37 days on the market

101.8% list price received

DECODING YEAR-END DATA NJREALTOR.COM

I M P O R TA N T D AT E S & D E A D L I N E S

FEBRUARY

MARCH

APRIL

MAY

Black History Month

Women’s History Month

Fair Housing Month

2

10

1

Asian American and Pacific Islander Heritage Month

Groundhog Day

13

Mardi Gras

14

Ash Wednesday

14

Valentine’s Day

19

NJ Realtors® Office Closed—Presidents’ Day

Daylight Saving Time Begins

17

St. Patrick’s Day

24-25 Purim

25 Holi

29

NJ Realtors® Office Closed— Good Friday

31

Easter Sunday

4-9

April Fool’s Day

Realtors® Legislative Meetings

9

5

Eid al-Fitr

Cinco de Mayo

15

12

Tax Day

Mother’s Day

16

Board of Directors Meeting

22

27

NJ Realtors® Office Closed— Memorial Day

Earth Day

22-30 Passover

WHAT’S BUZZING IN REAL ESTATE?

1 2

New Jersey Realtors® Educational Foundation scholarship applications are now open. Encourage the student in your life to apply by March 14.

Click here to share the application.

3

Encourage your agents to boost their knowledge with free or low-cost classes from New Jersey Realtors® Academy of Continuing Education.

Click here to learn more.

4

When it comes to shaping public policy in the real estate industry, we must use our collective voices as a united Realtor® organization. Discover why membership matters at njrealtor.com/key.

Gov. Murphy announced the launch of a new set of tools to protect New Jersey residents from increasing flood risks, including an updated property condition disclosure form to notify prospective buyers of a property’s known flood history and flood risks, and an updated online flood area search tool.

The Division of Consumer Affairs form is now available and will be required starting on March 20, 2024. New Jersey Realtors® will update its forms and contracts to cover the new laws and will notify members as soon as they’re available. Click here to learn more.

6

5

Share this transaction roadmap with clients to help them understand the steps of their homebuying journey.

Celebrate Black History Month and learn more about African American heritage’s influence on the historic sites and structures throughout South Jersey. Click here to read more.

Top Member Perks for Business Savings

BY LISA FANT

B

oost your bottom line and elevate your business by maximizing your NJ Realtors® membership. These member-exclusive perks can help you streamline property management, simplify tenant screening, effortlessly connect clients with top-notch utilities, and more. Discover these member perks to help you kickstart a year of elevated business success, improved efficiency, and substantial savings.

For a full list of New Jersey Realtors® Member Perks Partners, visit njrealtor.com/member-perks.

Hemlane empowers Realtors® with flexible property management solutions. Hemlane’s transparent platform lets you choose your level of involvement: refer and earn, offer leasing services, or provide full property management. The software is automated and streamlines daily tasks, reducing liability for agents. From tenant screening to rent collection, they’ve got you covered, ensuring 24/7 coordination for repairs and maintaining strong relationships.

Say goodbye to rental screening hassles. RentSpree’s top-notch tool makes screening tenants a breeze. One simple step combines applications with credit, background, and eviction checks—all in under two minutes, and it’s completely free. Just share your personal link or enter emails, and let RentSpree do the heavy lifting, so you can streamline rental screening tasks with ease.

Elevate your client service with NJ Realtors® Member Perks Partner Utility Concierge. This complimentary service simplifies the process of connecting your clients to top-notch home services and utilities in one call. From TV to internet and smart security, Utility Concierge manages paperwork, schedules activations, and guides clients through installation for a seamless move-in. Explore more at gowithuc.com/newjersey and start wowing your clients. Plus, enjoy a special bonus program exclusively for New Jersey Realtors®.

Transform your email marketing strategy with Constant Contact, a user-friendly tool perfect for Realtors®. Effortlessly craft compelling marketing emails, newsletters, and promotional materials to engage and stay connected with your audience.

Enjoy member-exclusive discounts on your email and digital marketing plan to amplify your reach and grow your business. Constant Contact streamlines contact list management and provides user-friendly tracking and reporting features, offering valuable insights into your campaign performance and engagement.

Elevate client interaction with easy and engaging email marketing, setting the stage for meaningful connections.

Whether you’re promoting a new listing, sharing client testimonials, or engaging your audience with informative content, Animoto simplifies the video creation process, allowing you to produce standout marketing materials.

Animoto can personalize your videos, incorporating your branding elements, contact information, and unique selling propositions.

The platform’s user-friendly interface and customizable templates make it accessible for Realtors® at any skill level, saving you time and effort on quality content creation.

Monsido is a tailored auditing tool for Realtors®, offering precise insights to identify accessibility and quality assurance issues on your website efficiently. In the competitive real estate landscape, Monsido streamlines the auditing process, allowing you to optimize your online presence and ensure compliance with legal requirements. With Monsido in your toolkit, you save time and gain accurate assessments, ensuring your website meets industry standards and provides accessibility to all website visitors and clients.

iStaging offers practical augmented and virtual reality tools for effortless 3D property tours.

This platform allows you to create immersive virtual walk-throughs with notes, tags, and floor plans, enhancing the client’s buying experience while efficiently cutting costs. By utilizing iStaging, you can transform your property showcasing, eliminating the need for traditional staging methods and reducing associated expenses. Optimize your workflow, enhance property presentations, and provide clients with a visually engaging and costeffective buying experience.

Designated REALTOR® | February 2024 | 1

Closed Sales Experience Largest Percent Change in 2023

BY ERIN McFEETERS

N

ew Jersey Realtors® released its 2023 year-end residential real estate housing market data. The data points to the continued impact of low inventory and two-decade-high mortgage rates on home sales.

“I’m optimistic about the 2024 housing market,” said New Jersey Realtors® 2024 President Gloria Monks. “If interest rates come down as predicted, we could see more first-time buyers enter the market this year and more sellers ready to list their home.”

The townhouse-condo market segment experienced the highest percent change in closed sales at -24%, amounting to 19,175 closed sales in 2023, 6,063 less than 2022. There were -23.2% fewer single family closed sales in 2023, while the adult community market had -6.2% fewer closed sales. Closed sales

totaled 84,305 in New Jersey in 2023, a -22.1% percent change over 2022.

The total market median sales price rose 6.3% in 2023 to $455,000, while the single family market median sales price also increased 6.3% to $502,500. The townhouse-condo median sales price was $375,000, a 10.3% increase, and the adult community median sales price was $330,000, a 4.8% increase.

While prices remained high in 2023, sellers received more than the list price. In the total market, homes received 101.8% of the list price, a percent change of just -0.3%. Homes in the single family market received 102.3% of the list price, townhouse-condos received 101.4%, and homes in adult communities received 99.6%.

CLOSED SALES

MEDIAN SALES PRICE

Year-to-date through December 2023

Year-to-date through December 2023

SINGLE FAMILY 2022

(73,685)

2023

(56,574)

SINGLE FAMILY 23.2%

TOWNHOUSE–CONDO 2022

(25,238)

2023

(19,175)

(7,654)

2023

(7,182)

Designated REALTOR® | February 2024 | 2

($472,500)

2023

($502,500)

6.3%

TOWNHOUSE–CONDO 24%

ADULT COMMUNITIES 2022

2022

2022

($340,000)

2023

($375,000)

10.3%

ADULT COMMUNITIES 6.2%

2022

($315,000)

2023

($330,000)

4.8%

Homes in New Jersey sold in a little over than a month, 37 days—8.8% longer than last year. Townhouse-condo units moved the quickest at 34 days, one day shorter than last year.

Single family homes were on the market for an average of 37 days and homes in adult communities were on the market for the longest at 41 days.

TOTAL MARKET OVERVIEW Year-to-date through December 2023

There were 107,517 new listings in 2023, down -20.1% compared to 2022. Of those new listings, single family homes made up the majority, with 71,701 single family new listings in 2023. In the townhouse-condo market there were 25,155 new listings, and 8,521 new listings in adult communities.

CLOSED SALES 2022: 108,225

22.1%

2023: 84,305

In a recent survey, New Jersey Realtors® members said the market continues to be highly competitive, with sellers’ agents reporting an average of 5.4 offers from their most recent sales and buyers’ agents making an average of five offers for their clients in their last transaction. Members are also unsure what direction housing prices will move in 2024, with 41% expecting prices to stay about the same.

MEDIAN SALES PRICE 2022: $428,000

6.3%

2023: $455,000

NEW LISTINGS

To read the full report on the state and county levels, visit njrealtor.com/data.

2022: 134,643

20.1%

2023: 107,517

NEW LISTINGS

PENDING SALES 2022: 103,128

Year-to-date through December 2023

17%

2023: 85,609

SINGLE FAMILY 2022

(91,643)

2023

(71,701)

21.8%

DAYS ON MARKET 2022: 34

8.8%

2023: 37

TOWNHOUSE–CONDO 2022

(31,425)

2023

(25,155)

20%

%

PERCENTAGE OF LIST PRICE RECEIVED

0.3%

2022: 102.1% 2023: 101.8%

ADULT COMMUNITIES 2022

(8,968)

2023

(8,521)

5%

AFFORDABILITY INDEX 2022: 99

7.1%

2023: 92

Designated REALTOR® | February 2024 | 3

8

NJ REALTORS® TOOLS TO UTILIZE IN 2024

BY LISA FANT

1

NJ REALTORS® ACADEMY OF CONTINUING EDUCATION

Whether you need to meet your continuing education requirements or simply want to enhance your skills, New Jersey Realtors® has you covered. NJ Realtors® Academy of Continuing Education offers free and low-cost educational classes as a member-exclusive perk. As a member, you receive free or low-cost access to online self-paced courses, while non-members pay $3.50 per credit—an average savings of $6.50 per credit.

Explore a range of options, including license renewal courses and complimentary webinars held throughout the year. Stay informed, improve your business, and make the most of your membership benefits.

2

LEGAL RESOURCE LIBRARY

Need guidance on a tricky real estate question? Turn to NJ Realtors® Legal Resource Library for help. While the average hourly rate for a lawyer in New Jersey is $330, members enjoy free access to the Legal Resource Library, where you can submit legal-related questions at no cost.

Visit legal.njrealtor.com to log in and get started.

Browse the library to see if your question has already been answered. If not, click on “Ask New Question” to submit a new question. Our team will redact any personal information before your question is sent out for legal advice. You will be notified once your question has been answered, and it will then be added to the library.

Designated REALTOR® | February 2024 | 4

3

MONTHLY HOUSING MARKET DATA REPORTS

Access the state’s most comprehensive housing market data through New Jersey Realtors®.

Exclusively available to our members, the monthly reports provide up-to-date insights into the current trends shaping the housing market, ensuring you stay well-informed.

The data is segmented by municipality, county, and state, offering a detailed perspective. Additionally, we enhance your convenience by releasing monthly skinny videos, helping you to stay informed anytime. Click here to watch the latest skinny video on Youtube.

Members can share valuable consumer content, including the most comprehensive state housing data. Exclusive access to municipality-level data sets NJ Realtors® members apart, demonstrating their unique advantage and qualification as professionals.

4

ZIPFORM AND NEW JERSEY REALTORS® FORMS LIBRARY

New Jersey Realtors® partners with zipForm to help you enhance your transaction management efficiency. Members also have access to New Jersey Realtors® Forms Library, a comprehensive library of standardized contracts and forms, providing coverage from initiation to completion to help you minimize risk and stay up to date with industry regulations.

As a member, gain free access to our premium Transaction Management Software and e-signature tools—a value equal to $199 per year. Stay informed on the go with the mobile edition, enabling easy access to transaction information.

5

NEW JERSEY REALTORS® CONSUMER ADVERTISING CAMPAIGN

New Jersey Realtors actively promotes its members, underscoring the benefits of engaging a Realtor® for buying, selling, or renting properties. ®

Through search engine marketing, social media advertising, and print media, New Jersey Realtors® covers the state to actively engage with consumers and advertise using a Realtor® for your next real estate transaction.

Additionally, NJ Realtors offers resources for consumers such as calculators for estimating mortgage monthly, consumer-focused content to share on your social media pages and newsletter, and educational materials that highlight the Realtor® value. Consumers have access to our database of over 60,000 Realtor® members, where potential clients can easily reach qualified professionals. ®

6

PHOTOFY

Boost your social media marketing with our library of customizable templates using Photofy, a user-friendly content creation tool designed to simplify your social media marketing. Easily tailor and share personalized templates on your preferred platforms to enhance your online presence, showcase your Realtor® expertise, and boost brand visibility. Photofy is completely free for members and also includes assets from the National Association of Realtors®. Utilize Photofy to effortlessly connect with your audience, establish a compelling online persona, and stay ahead in the everevolving realm of digital marketing.

7

NEW JERSEY REALTOR® MAGAZINE

Stay connected to what’s happening in the real estate industry with New Jersey Realtor® Magazine. As a member, enjoy your bi-monthly subscription—conveniently delivered to your door and accessible online. Explore market trends, legislative updates, association highlights, and exclusive features with business tips and client-focused content crafted specifically for Realtors®.

Enhance your online presence by sharing New Jersey Realtor® magazine articles through Issuu on your social media pages, allowing you to showcase your industry expertise, deliver valuable information to your audience, and forge meaningful connections with your clientele.

Click here to read the latest issue.

8

MEMBER PERKS PARTNERS

Unlock savings on your daily expenses through New Jersey Realtors® Member Perks program.

We’ve partnered with companies that provide products and services essential to our members at special rates. Whether you’re looking to save on health insurance, entertainment, vacations, or more, being a New Jersey Realtor® gives you access to exclusive deals.

Enjoy potential savings of over $1,800, with an average discount of 35%. From business services like marketing tools and financial services to technology discounts and office supplies, we’ve got your business needs covered. Discover the top member perks for your business on page 1.

Designated REALTOR® | February 2024 | 5

SNAPSHOT: NAR 2023 PROFILE OF HOME BUYERS & SELLERS The National Association of Realtors® offers a snapshot of national real estate trends and the characteristics of buyers and sellers throughout the year. The report delves into the unique dynamics of buying and selling behavior, reflecting the evolving economic and social landscape.

Explore key insights into what’s shaping the national real estate market and how it affects your business.

Click here to read the full report.

13%

First-time buyers made up

32%

up from last year’s 26%

59%

of recent buyers were married couples

9%

were unmarried couples Household income jumped among successful home buyers, with household incomes rising nearly

$25,000 from the previous year for first-time buyers

14%

of home buyers purchased a multigenerational home, up from 11% in 2021

19%

of recent buyers were single females

10% were single males

of buyers purchased a new home

87%

of buyers purchased a previously owned home

Buyers typically purchased their homes for

100%

of the asking price

25%

with purchasing for more than the asking price

90%

of buyers would use their agent again or recommend their agent to others

All home buyers used the internet to search for a home, citing photos, detailed property information, floor plans, and real estate agent contact information as the most valuable website content

45%

of most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity

89%

of buyers used a real estate agent or broker to purchase their home