Home sales in Calgary saw a modest 0.8% decline year-over-year in May, with 3,092 properties changing hands. The decrease was primarily driven by a drop in sales of lower-priced detached and semi-detached homes. However, the Calgary Real Estate Board (CREB) reported that activity remained 34% higher than historical averages for the month.
Mortgage rates have been rising steadily, with the average 30-year, fixed-rate mortgage reaching 7.17% for the week ending April 25th. Home buyers and sellers may not see any relief soon, as experts anticipate the Federal Reserve will hold rates steady in their meeting this week and only begin to trim borrowing costs in the second half of the year. However, volatility in rates is causing uncertainty in the housing market, as buyers may find they cannot afford the same property from one week to the next. Despite the higher rates, some buyers are adjusting and continuing to purchase homes, while the spring housing market is expected to pick up in late May and early June.
Last week, 53 residential real estate sales were recorded in Essex County, with an average price of $650,270 and an average price per square foot of $304. The most expensive sale was a $2.3 million house in Short Hills, while the least expensive was a $795,000 house in West Orange. Other notable sales include a $1.5 million house in Glen Ridge, a $1.7 million house in South Orange, and a $1.5 million house in Short Hills.
Two homes were sold in Teaneck, New Jersey, from April 15 to April 21. The median sale price was $745,000 for a 1,568-square-foot home on Howard Street. The other home, located on Garden Street, sold for $310,000 and has 1,578 square feet of living space.
Two home transfers were reported in the Woodbridge area from April 15 to April 21, with a median sale price of $380,000 for a 1,500-square-foot home on Lyman Avenue. Notable transactions include:
* 181 N. Hill Road, Colonia: $350,000, 1,494 square feet ($234 per square foot)
* 540 Lyman Ave., Woodbridge: $380,000, 1,500 square feet ($253 per square foot)
Five home transfers were reported in the Middletown area from April 15 to April 21, with a median sale price of $600,000 for a 723-square-foot home on Ocean Avenue in North Middletown. Notable transactions include:
– 181 Everett Road, Lincroft: $925,000 for 1,652 square feet ($560 per square foot), three bedrooms, and three bathrooms.
– 4 Westminster Lane, Middletown: $560,000 for 2,067 square feet ($271 per square foot), three bedrooms, and three bathrooms.
– 363 Atlantic Ave., North Middletown: $420,000 for 1,334 square feet ($315 per square foot), two bedrooms, and one bathroom.
– 120 Ocean Ave., North Middletown: $600,000 for 723 square feet ($830 per square foot), one bedroom, and one bathroom.
– 40 Coleman Place, Red Bank: $735,000 for 1,844 square feet ($399 per square foot), three bedrooms, and two bathrooms.
From April 15 to April 21, five home transactions were reported in East Brunswick, New Jersey. The median sale price during this period was $475,000 for a 1,159-square-foot home on Highland Street. Individual transaction details are as follows:
– 701 Cypress Lane: $144,672, 1,010 square feet ($143 per square foot)
– 20 Lake Ave.: $233,000, 953 square feet ($244 per square foot)
– 20 Highland Street: $475,000, 1,159 square feet ($410 per square foot)
– 19 Laurie Drive: $480,000, 1,229 square feet ($391 per square foot)
– 22 Merrill Ave.: $610,000, 1,756 square feet ($347 per square foot)
Six homes were sold in the Parsippany-Troy Hills area from April 15 to April 21, with a median sale price of $710,000 for a 1,872-square-foot home on Prince Road in Parsippany. The most affordable home sold during this period was a 800-square-foot property on State Route 10 in Morris Plains for $249,000, while the most expensive home was a 6,692-square-foot mansion on Knoll Road in Parsippany that sold for $2,500,000.
From April 15th to April 21st, three homes were sold in Camp Hill, with a median sale price of $375,000. The highest priced home was located at 249 Winding Way in Lower Allen Township, selling for $385,000. The largest home sold was at 515 Saint Johns Drive in Hampden Township, with 1,738 square feet of living space.
Boston’s condominium market is facing challenges due to high mortgage rates and a limited supply of available units. According to a recent report, condominium transactions in the first quarter of 2023 saw a 20.5% decrease compared to the same period last year, with the total number of transactions dropping from 722 to 574. This trend is not exclusive to Boston, as total home sales nationwide have also experienced a decline of between 20% and 30%. The average condominium sales price, however, has increased by 6.1% in Boston, from $1,044,000 to $1,107,828. The number of months it would take agents to sell off the city’s inventory has also increased by 21.2%. Experts attribute these market conditions to a combination of factors, including the limited inventory, rising interest rates, and increased popularity of single-family homes. Prospective home buyers are advised to be prepared for potential bidding wars and to pay attention to neighborhood trends.
