Here is the Bergen County Real Estate Market Update as of March 25th. I’ll begin with the basics below.
Next is how things changed in early March, data from the New Jersey MLS, what it tells us and how Weichert and I have approached things for decades.
Basic Market Behavior Currently
- People are listing homes
- People are buying homes
- Rentals are moving at a good clip
- Drive By Appraisals are allowed through May 17th
- Mortgage rates which rose lately are coming down
- Weichert agents are effectively working remotely for all clients whether buying, selling or renting
- Weichert Realtors All Under One Roof one stop shopping enables clients to safely act successfully
- Corporate relocation continues for both incoming buyers and local sellers
March 1, 2020
While we are only 1 week into a shut down of business as usual, fears predate this. Corona virus fears, at least what I observed, really began in earnest at the beginning of March.
The top NY Times front page stories were Biden’s South Carolina win and the US Taliban signed agreement on March 1st. Immediately below are 2 Corona virus stories. They were the looming economic crisis and lack of medical supplies. Only a few days later did it hit the US psyche significantly and panic began. You saw it in your local supermarket. People started stockpiling toilet paper, water, canned goods and more.
I mention this because although we began the year strongly, nearly 1/3 of 2020 is negatively impacted by Covid 19.
New Jersey MLS Data
With 1 more week of activity to go, 2019 and 2020 look about the same. This is quite amazing because the New Jersey MLS is allowing homes to be withdrawn from the market without penalty. The time a house is withdrawn won’t add to it’s total days on market like it did before. As a result, you’d expect more homes to be withdrawn than normal due to Corona virus fears. Yet numbers are nearly the same as 2019.
Here is what we have from the New Jersey MLS comparing 2019 to 2020 through March 24th:
- Listings are nearly identical – 4,664 to 4,659
- Offers accepted in Attorney Review rose this year – 2,040 to 2,141
- Under contracts rose too – 1,668 to 1,846
- Withdrawals were pretty even – 842 to 832
Rentals are strong too. Slightly more went on the market this year (2,877 to 3,020) and were leased (1,479 to 1,523).
Bergen County Real Estate Market Update
Real estate is moving well in Bergen County. Because we still have more buyers than homes, prices are stable. They are, in fact, rising in some market segments. Rates have been and are under 4%. Additionally buyers are focused on rates. They see the current crisis as a few months of disruption and are afraid rates will rise in the future.
The bottom line for the Bergen County real estate market is that there are people who want to move and/or buy homes. The Federal Government has helped too by maintaining a smooth process. Drive by appraisals are now allowed because sellers, understandably, may deny inside access to their home.
The Bergen County real estate market update for March 25th is simple: We have an active, strong market. Many homes continue to receive multiple offers; it seems nothing will change for the foreseeable future.
My and Weichert Realtors Approach
I realize I’ll sound like a Weichert groupie but there is a reason why I choose to be a Weichert agent. This company is so far ahead of the others. Because Jim Weichert brought 1 stop shopping to residential real estate, we’ve worked remotely for decades. As a result, we are uniquely positioned for this crisis.
Through our All Under One Roof approach, we can do the entire transaction remotely. We’re experts at this since we’ve done it for decades. While I did have to learn to finally get comfortable with a cell phone video tour (wait till you hear what I sound like as I trip over a chair) the truth is we can do it all using technology.
If you want to buy or sell a property, call/text me at 201-741-8490. I have a lot I can show and do for you from the safety of your home!