We did a deep dive into the statistics and what we discovered confirms many of the negative assumptions we all have vis a vis the housing market, yet also reaffirms our belief in what may well be the turnaround expected in the near term.
Yes, we all know by now that inventory is historically low, but the numbers do teach us something interesting about our area that is less well known. The number of homes on the market, it would seem, was on the decline for at least three years prior to the covid outbreak in 2020. We took a snapshot in time from February 16 over the last six years to see how many homes were for sale at the very beginning of the spring market, and the trend couldn’t be clearer. Inventory at this time of year in Teaneck, Bergenfield and New Milford had been marching slowly downward well before March of 2020.
This is an interesting twist on the story of the low housing inventory. What it clearly signals is that this trend began earlier than we thought and is something worth exploring.
For those of you on the fence about selling your home, these numbers will only confirm how favorable the market is for you at this time. On the flip side, it’s hard to see the silver lining for the buyers. Yet one encouraging trend for those thinking of making the move this spring is also well known to us historically and may hold true despite the current upheaval. Even though the reserve of homes for sale has fallen, as we move from February and March into April and late May the number of homes for sale has statistically picked up. This “Spring Bump” was true in the three years before covid and it continued, albeit at a different pace, in the last two years. That this trend continued even in the face of covid should be a hopeful sign for would-be buyers. There is virtually nothing on the market now, but there will be something coming soon and it’s more important than ever to be ready to “move” fast when you find that home.
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.
