Although it’s very early in the year we can still get an idea of the real estate market. Here is what I’ve found:
The spring market for real estate in Bergen County arrived in February. We’ve noticed an increase in the number of buyer inquiries and in the number of people coming out on weekends to look at homes on Sunday afternoons which is pretty much what we expect every year.
Below is a quick study of how the market is doing as of February 17th based on New Jersey MLS data. Over the years, I’ve found that it’s important to see the relationship between the number of homes for sale (A for Active Listings) and under contract (UC). In a strong seller’s market, this ratio is at 2 to 1. How long a home is on the market is also important and I’ve put this in the same order for you (A/UC). I feel that this is a result of over pricing. It’s pretty tough in any market to get an offer on an over priced home; it just doesn’t make sense to a buyer.
For a more in depth look at the real estate market go to my market trends report which I’ll be updating monthly at http://bergencountyhomes.com/market.htm
A/UC Ratio Days on the Market
Alpine 43/1 43 to 1 257/298
Closter 74/10 7.4 to 1 136/224
Cresskill 69:7 10 to 1 132/128
Dumont 44/12 3.7 to 1 117/81
Englewood 123/16 7.7 to 1 155/110
Englewood Cliffs 45/1 45 to 1 132/221
Harrington Park 18/3 6 to 1 92/51
Haworth 35/1 35 to 1 122/83
Paramus 114/25 4.5 to 1 146/103
Ridgewood 98/14 7 to 1 94/105
River Edge 34/11 3 to 1 73/95
Tenafly 93/19 5 to 1 118/150
This truly shows you the state of the real estate market in Bergen County.