The spring market for homes in Bergen County really feels like it’s accelerating. Let’s check it out and see what’s truly happening.
Since the beginning of March the housing market for homes in Bergen County has really picked up. Because we are now nearly through April, I thought that I would take a look at the MLS data. I want to see if what I’ve been sensing is really happening.
I have been discussing this with many colleagues and reading reports by economists. However it’s also true that those in real estate are often a very optimistic group. Since this is true, I thought it best to go into the New Jersey MLS and check.
Here’s what I found: The spring market is truly are picking up. Real estate is improving most definitely. It’s not dramatic but haven’t we had enough drama over the past 9 months? The market is steady and that’s good.
Take a look at the figures below and you’ll see what I’m talking about. More buyers are coming out to look at homes and more homes are taking offers. Here are homes that came on the market for sale and which went under contract so far this year:
Jan – 1,232 Active/286 UC = 4.3 to 1 ratio
Feb -1,255 Active/335 UC = 3.8 to 1 ratio
Mar -1,693 Active/443 UC = 3.8 to 1 ratio
Apr -1,311 Active/413 UC = 3.2 to 1 ratio
The April figures are through today, April 23rd, and they certainly indicate continued improvement for Bergen County homes. What hasn’t been so clear are the Days on the Market figures but you really can’t get a sense of where that’s going until we’re further into the year because almost all sales in January and February originate from the previous year. But in March it took 110.64 days to sell a home and so far in April it’s been taking 103.59 days to sell a home which is a positive change.
The real estate market is always more active during the spring and early summer months. This year the spring market is developing a pattern that is quite normal and that is excellent news. For a home buyer, this is really a great time to buy a home. Prices will only go up in the future because we are definitely moving up.
t increasing numbers of people are sensing this and acting.