The Spring Market is Delayed by Snow and Ice
With 7 severe snow storms in January (including a blizzard) and more in February, the Bergen County real estate market was side tracked for days at a time. We’ve had record breaking snows and days when not only Bergen County but also New York City shut down with public transportation, schools and businesses closed. I can’t remember any other time when New Jersey Transit suspended all bus service in the county. By the end of January, many towns had already exhausted their annual budgets for snow removal. It’s been quite a mess.
Surprisingly Bergen County homes did better than anyone would expect.
New Jersey MLS data shows that 10% fewer homes went under contract this January than last year and February seems to be following the same pattern. However in 2010 the Home Buyer Tax Credit significantly fueled the housing market from January through April. When you consider this, being down only 10% while losing weeks of time due to snow storms isn’t bad at all.
As we move into March and warmer weather, the Bergen County real estate market will stay on track and we’ll end the year with more transactions than we had in 2010. Home buyers are active – we’re getting more people at our open houses, more calls and many more internet inquiries. The signs are definitely here for a stronger market. Despite having to climb over snow banks, the Bergen County real estate market now looks pretty good.
The spring market was delayed at the start of the year but it’s coming back strong in 2011.