We are closing out 2022 with the gears of the market slowly but surely grinding to a halt. Activity across all metrics is anemic and we’re witnessing a competition of record breaking statistics between the low inventory of houses for sale versus the distinctly high average listing price for those homes that do find their way to the marketplace. The following cannot be overstated: There have not been so few homes for sale in our county since record keeping began on the MLS. To further illustrate this point, for the 10 years prior to covid, the number of homes listed for sale on the last day of each year was in the range of 2,750 plus or minus. In 2015 the number was over 3,000. This year, in all of Bergen County there are 773 homes for sale. That’s a 75% decline of housing stock in the market.
It may seem counterintuitive vis a vis the general sense of the market today, but, in my opinion, it is a very favorable time to sell your home. Our area is still in high demand despite elevated interest rates coupled with economic uncertainty. With so few homes competing against you, in a game where visibility is critical, the odds are in your favor.
Nechama Polak is the broker of record and owner of V and N Group LLC located at 1401 Palisade Ave in Teaneck. [email protected] 201 826 8809.