The Spring market is quite active after a cold and snowy February.

Despite the weather, 52 new listings came on February to boost inventory to 130 homes at month’s end, versus 132 homes last year. Although inventory is still tight, buyers responded with 30 houses going under contract during the month. Inventory is also tight in Glen Ridge where there were only 35 homes for sale at month’s end and sale price for the month at 104% of ask.  

Given the activity already in the market, 5-7 offers on a property are commonplace. Don’t panic if you’ve lost out on a house or two!

I’ve been telling frustrated buyers that it is still very early in the “season”.  March, April and May are typically the months with the largest growth in inventory with anywhere between 60-80 homes per month (15 to 30 in Glen Ridge) coming on market.  

Early indications are that we are on pace to offer our buyers a lot of great choices.

Do you have specific market questions? 

Feel free to contact me directly to discuss.

Best, Rich