Now that we’re through the first quarter of the year, we can take a quick look to see how the real estate market is performing. Here is what I’ve seen – homes are selling quicker for slightly higher prices than in 2013. This is impressive because 2013 was a great year for house sales.
Using the New Jersey MLS statistical reports comparing 2013 to 2014 through March, here’s what we have –
For Bergen County as a whole, we have 3% fewer home sales with March being the culprit. I would attribute that to the weather. March closings come from December and early January contracts; if you were in Bergen County then you know how bad the weather was.
At the same time houses are selling much quicker with a significantly higher average sales price. This indicates not just that more expensive homes are selling – it also shows that price appreciation is happening.
For the actual figures through March – For 2014 942 sales (30 less), 14% fewer days on the market (93.9 in 2014, 109.1 in 2013) and the 2014 average sales price is higher by 0% ($570,910 from $521,407). If you look at the ratio of what’s for sale to what’s under contract, we’ve been running at an impressive 2 to 1 all year.
The bottom line is that the NJMLS data confirms what I’ve been experiencing. Bergen County homes are doing better following a strong 2013. The New Jersey MLS data on house sales confirms this without a doubt.