July 22, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Tales of a Seasoned Broker | From Spring Market to Red Hot Summer Market!

Someone in my office was arguing with me this week as to why I was writing an article for the July 4th weekend edition of the Jewish Link. They said the following: “Why are you wasting your time? No one will even be home to read what you write. Everyone either goes to the mountains or is flying out this weekend.” In general I would agree with the assessment that things tend to die down as soon as July 4th comes. In our business we usually coin it the “official end of the spring market.”

Things are looking different this summer. It has been a few years since our agents have been this busy going into the month of July with NEW business and that is key. It’s not finalizing closings from the earlier months of the spring market. This is new business stemming from new homes coming up for sale right now. As of the writing of this article on the first day of July there were 72 houses on the market in Teaneck, Bergenfield and New Milford. The last time that many homes were for sale one would have to go all the way back to March of 2023. If the key to seeing a change in this market is an increase in inventory, consider this is a very nice indication of things changing. As a signal that this is not a fluke or just a passing uptick but rather a positive indicator of future sales, consider the “new to the market category.” There was a 24 month high of 73 houses coming to market during the month of June. Those are strong numbers which were last seen during the month of June in 2022.

And so I decided I would not take off from writing an article this week. People still stay home, even on July 4th weekend, and even if they don’t, I know the Jewish Link is delivered to many locations in the western Catskills. The spring market has now moved into the red hot summer market and is showing no signs of slowing down.


Nechama Polak is the Broker of Record and Owner of V&N Group LLC located at 1401 Palisade Avenue in Teaneck, New Jersey. Send your thoughts and comments to [email protected] or call 201 826 8809

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