February activity pointed to a seller’s market shaping up for Spring 2016.

Inventory grew, especially toward the end of the month, but not enough to satisfy buyer demand.

47 new listings came to market versus 52 in February last year, boosting inventory to 121 units at month’s end.

Buying activity was robust with 35 houses going under contract in February, versus 26 in February of last year.

There were only 5 closings in Feb, not enough to draw any real conclusions, but days on market was very low at 32.

Here’s how inventory (as measured by inventory at month’s end/houses under contract in that month), compared among area towns at the end of February.

Glen Ridge is an unlikely outlier, but only 13 houses went under contract in Dec, Jan and Feb combined. It seems buyers there may be holding off for some new inventory to hit the market.

Would you like some professional feedback as to what your best options are in this market? 

Contact me today about setting a time when we can discuss your questions and options this season.

Best, Rich