2 Months In & Real Estate Is Rocking! is the news of the day.
I always say it because I believe it – nothing is stronger than the truth. The truth doesn’t come from Zillow or Trulia. It comes from your local MLS system because that’s where accurate data and information exists for you.
The local MLS system for Bergen County homes is the New Jersey MLS. The NJMLS has many statistical reports and one of my favorites is the Comparison Report. This report compares year to year data which I feel is very valuable. So what is it telling us now?
Only 2 months into the year, it’s telling us a lot. For the first 2 months of 2016 we have a very impressive 19% increase in the number of homes going under contract. County wide we have 1,776 homes going under contract this year as opposed to 1,497 last year for an increase of 279 units or 19%.
What is Under Contract or UC status? A house has accepted an offer and completed the Attorney Review process which means there is now a firm, binding contract. Usually this takes about 7-14 calendar days.
Because of the time it takes to get a home under contract, some January units began in December. I’d say that all of February UC’s originated this year so the difference between January and February is very significant: 51 more in January for +7% but 228 more in February for +29%.
Next month we’ll have this through March and I expect things to be just as strong. What I’m seeing (especially since mid January) is a flood of buyers at open houses, bidding wars at all price levels and offers at or exceeding the listing price.
Real estate is definitely rocking in Bergen County. All projections for a very strong market were right on target. Great news if you’re selling a home; tough news if you’re buying a home.
So we are 2 months in & real estate is rocking!