It really isn’t much but the numbers are quite clear. While the WSJ published a nicely titled article on “A Tale of Two Housing Markets,” contrasting the declining West Coast market and the still rising East Coast market, a very nuanced look at our Teaneck, Bergenfield and New Milford area will show a slightly different story. The main thrust of the article was highlighting a West Coast with inventory on the rise and prices heading lower as compared to an East Coast experiencing the opposite, inventory shrinking and prices getting higher.
While this has certainly been the case for the last six months in our immediate area, I am thrilled to share with you that for the first time in as many months, the trend has flipped for both indicators. Housing stock has risen over 10% since last month and the average price of a listed home for sale has come down as well. Yes, it is still true that in a historical context the market remains highly priced with low inventory. But the course has finally broken its six month straight march. This trend of rising housing stock has been building for the last three weeks since early March and as we come closer to April we will be watching closely to see where things go.
By Nechama Polak