Posted by & filed under Buying, Selling.

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  https://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.               

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