The temperature wasn’t the only thing rising this week. We took an in-depth look at the numbers and indicators for the very early days of the spring market and, incredibly, prices are continuing to climb higher. In three of the categories we use to gauge current home pricing, each category came in at an all time record high. This, yet again, underscores just how expensive it is to buy a home in the Teaneck, Bergenfield and New Milford townships. Starting with the average list price for a home in the above-mentioned neighborhoods, the number came in at a whopping high of $985,000 with a total of 51 houses on the market. Moving to completed sales, for the month of February the average price of a home sold reached $741,000, another number not seen before. And in the best indication of what lies ahead, for the 13 new homes that have come to market in the last two weeks since March 1, the true barometer for current evaluation, the average listing price is $796,000, higher than we have seen in a long time.

Looking at all three of these indicators in order to make our best prediction for the coming months, it appears that the market will remain heavily in favor of anyone who has a home to sell, with little relief for buyers on the horizon. With the latest inflation reports showing a slight uptick, pressure to maintain current rates will persist, only adding to the burden facing anyone looking for a new home.

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