Generally the real estate recover has been erratic. While nationally volumes and pricing have recovered nicely for existing homes, New Jersey, and Sussex County in particular have lagged behind. In fact while volumes are up, pricing in Sussex County has been down every year since 2006.
Crystal Springs stands out as unique to the area with recovering pricing due to it’s attraction to second home buyers and retirees. Crystal Spring’s recovery reflects the nation trend for second homes which has seen massive increases in volume, past 2006 levels, and some recovery in pricing.
What does this all mean? Opportunity. Pricing is still very affordable at Crystal Springs but the increase sales volumes should exert pressure on pricing as supplies become more limited. Now is the time particularly with the pending interest rate hikes.
- National Trends- Volume- Existing Homes. Steady increase in the volume of existing home sales nationally since bottoming out in 2010-2011. Sales volumes though are still down significantly from the highs of 2006-2007.
- National Trends- Volume-New homes. The volume of new home sales is recovering from the bottom of 2010-2011, but still remain depressed. The volume of home sales at the low point of this recession was the lowest its been in 50 years. The northeast is still at volume levels lower than any year other than 2011 in the last 50 years.
- National Trends-Pricing-All homes. Pricing has recovered to almost 2006 highs.
- New Jersey Trends- Pricing- All homes. New Jersey lags behind the nation in price recovery.
- Sussex County, New Jersey Trends- Pricing-Existing homes. Lower every year from 2006- 2015
- Sussex County, New Jersey Trends- Sales Volume- Existing homes. Volumes of sales have increased, almost doubling since the low point of 2011
- National Trends in the second home market- volume- explosive, recovered to volumes beyond past peak of 2006.
- National Trends in the second home market- Pricing-Some markets have recovered to pricing above previous highs of 2006, though on average medium prices which were as high as $200k are now around $150k.
- While Grand Cascades saw big drop in pricing from peak it has recovered strongly due to success of rental program
- The Villages at Crystal Springs has seen some pricing recovery and some erratic volume recovery.
- Great Gorge Village and Minerals are now seeing slight recovery in pricing but large increase in sales volume
- Mountain Creek prices remain stagnant at the Appalachian but have recovered slightly in Black Creek