Jeff Otteau is someone I have the utmost respect for. If you have been reading my blog you know this. I have quoted him before and referred to his terrific reporting service. Jeff is considered one of the most astute analysts of the New Jersey housing market. There is no other real estate market reporting service like his. I love his market newsletter It analyzes what’s happening. His Market Trac reports are a statistical look at how each individual town is doing.
In this month’s Market News piece, Jeff says that-
“After five consecutive months of double digit-increases, home purchase contracts rose by 9% in September for the first single-digit gain since March. Considering last September’s 23% increase …home purchase demand has risen by an impressive 34% (compounded) from 2 years ago. In the current year, contract-sales pace has risen by 15% YTD. These continuing gains are especially impressive when considered against the backdrop of rising mortgage interest rates and declining home purchase affordability over the summer months.”
We are now in the fall market. The bulk of purchases are still tied to the school year. As a result, there are always fewer sales at this time of year. However, I am seeing continued strong demand for Bergen County homes.
This is what you would expect based on Otteau’s analysis. The New Jersey real estate market continues to move forward positively. Bergen County is experiencing exactly this too. Again, based on what I am seeing, I expect the fall market to be quite strong.
One of the reasons I so admire Jeff Otteau is because he has remained independent. If you want so subscribe to his excellent service, just go to the Otteau Group website.