March 17 2025

Reef Daily

Reef Daily | March 17 2025

Latest Market Data (March 17, 2025)

Cumberland County, NJ reported 8 home transfers for March 10-16, with median sale being a 1,209-square-foot home in Vineland that sold for $195,000
Warren County, NJ reported 31 home transfers for March 10-16, with median sale being a 1,784-square-foot home in Blairstown that sold for $385,000
Pacific Palisades currently has 63 available land lots, with 10 in escrow and six closed sales
Altadena has recorded 11 closed land sales—nearly double that of Pacific Palisades despite having only 35 lots on the market

Current Rates as of March 17, 2025

Commercial Highlights No significant commercial transactions were reported in the past 24 hours.

Regional Activity

Northeast

Warren County, NJ: A property in Blairstown sold for $900,000
Warren County, NJ: A property in Hackettstown sold for $725,000
Warren County, NJ: A 2,349 square foot home on Canada Goose Drive in Hackettstown sold for $725,000 ($309 per square foot)

West

Pacific Palisades: One of the first burned-down lots in the Alphabet Streets neighborhood is on the verge of receiving permit approval for new construction, an important milestone just 70 days after the wildfire

Inventory Trends

Pacific Palisades: 63 available land lots with 10 in escrow following recent wildfires
Altadena: 35 land lots on the market with stronger sales momentum than Pacific Palisades

Northeast

Cumberland County, NJ: 8 residential transactions closed between March 10-16, with prices ranging from $60,000 to $305,000
Warren County, NJ: 31 residential transactions closed between March 10-16, with prices ranging from $104,000 to $900,000

West

Pacific Palisades: The median listing home price in February 2025 was $5.2 million, reflecting a 6.6% increase year-over-year despite recent wildfires
Altadena: Average home value has risen by 3.5% over the past year to approximately $1.29 million
Post-fire rebuilding process in affected California areas is expected to take approximately two years, with current data suggesting that about 10% of that timeline has already elapsed
Land prices in Pacific Palisades range from $749,000 for a lot on Palisades Drive to over $4 million for premium parcels, with buyers weighing rebuilding costs and development timelines

This newsletter is for informational purposes only and should not be considered as financial advice.