Saddle Brook, NJ – May 2, 2023 – As the U.S. housing market continues to fluctuate, Bergen County, NJ is riding the same wave of changes. The month of March has since seen an uptick in sales and homebuyer activity, with most folks celebrating a victory in the drop in mortgage rates during the beginning of the spring season, where the majority of contracts were signed. Mortgage rates have reached 6% this month, from 7% just a few weeks ago.

According to the National Association of REALTORS® (NAR), these high rates have driven sales prices down, breaking a 131-month streak of annual price increases, for the first time in over a decade. For the first time in twelve months, existing home sales are up 14.5%, the largest monthly increase since July of 2020. Pending sales are improving for the third consecutive month, this spring.

As buyers and sellers find their footing through all these market changes and we see some positive news on the selling front, inventory remains a hurdle to overcome. In the beginning of the month, there was just a 2.6-month supply of existing homes, where a balanced market generally consists of a 4-6 month supply. Low inventory has squeezed many potential buyers into a very competitive position where they can no longer overpay, and most sellers are still unwilling to lower their prices or even sell their homes.

“We can’t control the market, but you can control your career: Take advantage of any downtime to prepare for the uptick with professional development, volunteering, community events, etc,” advises Greater Bergen REALTORS® 2023 President, Margaret Ajamian, “Hone your skillset to become an expert in a niche category or a knowledgeable generalist.

Highlights from March 2023 Report:

• Single Family Closed Sales decreased 25.5 percent to 356.
• Townhouse-Condo Closed Sales decreased 37.9 percent to 151.
• Adult Communities Closed Sales remained flat at 3.

• Single Family Median Sales Price was down 0.1 percent to $632,500.
• Townhouse-Condo Median Sales Price was up 12.5 percent to $450,000.
• Adult Communities Median Sales Price was up 14.8 percent to $450,000.

Click Here for the full ShowingTime report for the month of March 2023

Data as of April 20, 2023. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2023 ShowingTime

About Greater Bergen Realtors®

Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,500 REALTOR® members throughout Bergen, Hudson, and Passaic Counties in New Jersey. We empower the success of those we serve by focusing on Connections, Advocacy, Resources, and Education. As the leading voice of real estate in Northern New Jersey, we advocate to protect private property and home-ownership rights.

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