NORTHERN NJ Real Estate Market: UP or DOWN For 2025?

Welcome to your weekly Market Update Report video from Scott Selig with Keller Williams. Let's look at what's really going on in real estate over the past two months of 2025. While mortgage rates have declined, the housing market remains weak due to broader economic concerns and reduced seller activity. Mortgage Rates 30 year fixed mortgage rates have fallen to 6.75% driven by economic slowdown fears rather than positive indicators. Market Stagnation pending home sales are 3% year over year and no immediate sales boost has been noted despite the low rates. Inventory Levels Total inventory increased to 639,000 homes across the US is 28% higher than last year with a notable rise in condo listings, especially in a Florida market. Seller Activity New listings decreased for two weeks indicating fewer sellers entering the market, impacting inventory growth. Pending Sales Trends Newly pending sales increased by 7% but remained 3% below last year's figures, suggesting a lower sales in Quarter 1 2025. Home pricing median pricing of pending contracts are slightly rising, yet overall price weakness exists due to lower buyer demand, especially in condos. Market Weakness Indicators Many homes have price reductions and many listings have been withdrawn signaling an ongoing market softness Using these ALTOS reports where this information comes from you get several benefits including detailed market insights on special property value Current market trends Competitive sales data Price change history Inventory levels Competitive analysis Allowing real estate professionals and buyers and sellers to make informed decisions based on accurate up to date data across various conditions, giving them and you a significant edge in this real estate climate. The key benefits of using the ALTOS research home property reports that I put together for free for you guys are accurate market valuations Real time market data Competitive analysis Market trends insights Data driven pricing strategies Neighborhood analysis Professional credibility Request your free ALTOS report from me. This report I basically pay for, but I offer it out to residents of New Jersey for free as my way of building goodwill and adding value. You you basically just send me your email. I set you up with the report. You get updated information every week, has several different graphs, several different data points and indicators and you'll be more informed. And it's my hope that if you're more informed and down the road, whenever you decide to sell or a family member or friends look to sell, at least you think of me that I put you in a good place to make your best possible decision in real estate and didn't ask for anything in return. Listen, I want to wish you the best. If you have questions about buying or selling, you want a consultation ch just give me a call. It's Scott Selleck with Keller Williams City Views Realty. And my contact information is below. Wishing you all the best. Until the next report. Bye. Bye.