News Flash – Bergen County Pending Figures Are Good
The real estate market in Bergen County outperformed the national market. According to the report released this morning by the National Association of Realtors (and which is making headlines throughout the news media), June pending contracts are down by 2.6% from where they were in May. This is not true for Bergen County.
New Jersey MLS data shows that we had 844 homes going under contract in May and 848 in June. Where you will see declines are in July and August but this is typical of what happens every summer. The real estate market is still geared towards the school schedule. If parents don’t register their children by mid August, their children will miss the first day of school in September. As a result, parents can’t wait until July to find a home - it’s just too late. For example, if you bought a home in Tenafly, you would need a minimum of 2 weeks to get your child registered today and 3 weeks is preferred.
Last year July had 139 fewer pendings but this year July is down by 101 so here too we’re doing better. The bottom line is that real estate is always extremely local. Despite today’s report from the NAR, the truth is that we’re doing all right.
