Top Story of the Week
Closed Sales Down -22.1% in New Jersey
New Jersey Realtors® housing market data report for the 2023 year-end is available now at njrealtor.com/data. According to the statewide total market report, there were 84,305 closed sales in New Jersey, a -22.1% percent change over 2022.
The total market median sales price rose 6.3% in 2023 to $455,000, with the single-family median sales price surpassing the total market, clocking in at $502,500.
There were 107,517 new listings in 2023, down -20.1% from 2022, and of those new listings, single-family homes made up the majority, with 71,701 single-family new listings in 2023. Click here to read the full report.
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State of the State
Governor Signs New Laws on Rain Sensors and Solar Panels
Gov. Murphy signed two laws New Jersey Realtors® secured amendments to concerning the disclosure of solar panels and installation of rain sensors on lawn sprinkler systems.
A-4522 requires disclosures when a single-family home with solar panels is sold. New Jersey Realtors® worked with the sponsor to ensure the disclosure is required through the property condition disclosure statement rather than the responsibility of a real estate professional who worked on the sale. The new law will become operative upon publication of information by the Real Estate Commission pertaining to the new law and will apply to single-family homes with solar panels installed after the law was signed.
A-1755, which New Jersey Realtors successfully opposed for over 17 years, requires automatic rain sensors/smart sprinklers to be installed as a time-of-sale requirement. Amendments secured by New Jersey Realtors® allow funds to be held in escrow so closings can proceed even if rain sensors or smart sprinklers are not installed, while also delaying the requirement for contracts of sale to contain provisions pertaining to this law for a period of three years. In addition, landscape irrigation contractors are required to notify their clients of the requirements in the new law within 60 days of the law being signed, so homeowners are aware of these requirements well before the time-of-sale requirement takes effect in three years.