South Bergen County Market is really improving
There has been a tremendous improvement in the number of 1 - 4 family homes, condos and coops that have gone "Under Contract" (UC) so far this year in the South Bergen County area compared to the same period last year. Looking at South Bergen statistics, this year (according to the NJMLS) 63 properties are UC compared to 32 last year. The average days on market (DOM) is 148 compared to 132 and the average list price (ALP) is $327k compared to $338k. In Rutherford the numbers are UC 19 compared to 5, DOM 153 compared to 161, and ALP $344k compared to $370k. All of the ALPs in this data gave been rounded to the nearest thousand.
What this shows is that the real estate market is improving. Some of this improvement might be weather related because we had a lot of snow last January, but I believe most of it has to do with historically low interest rated coupled with sellers finally getting realistic with their expectations. We have had a number of listings this month that have gone under contract in less than a week and some of these have had multiple offers, because the sellers were realistic in their asking price from the beginning.
I think this is a very good sign and it it keeps up we might eventually see some price increases, but I think this is still a ways off. If you are thinking of selling but have decided to "wait for spring", you really should reconsider and take advantage of this improved market before the Spring Rush of sellers increases the competition. Remember it's supply and demand and right now supply is low compared to what we will have in a few months.
Feel free to call me with any questions on my cell 201-390-6734.
