Bergen County Market Update – 3/1/2024

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Jay Costa

Agent
Investor
Builder

Pending Sales Up

The amount of pending sales in Bergen County has been on an abnormally strong upswing compared to the past two years.

Since the end of January, the total amount of pending sales (that is, homes that are going under contract) is up from 87 on January 25th to now at 151 as of February 25th.

That is an increase of almost 74%.

This was, almost certainly, because of the drop in mortgage rates that we saw starting in November 2023, when average 30 year mortgage rates were at a high of around 8%, but dropped quickly to a low of 6.64% around Christmas time. (According to mortgagenewsdaily.com)

Remember, much of the data we use in real estate are lagging indicators. It takes time for buyers to go out and find a home and get an offer accepted, so we only started seeing this uptick in under contract homes after the 6.64% low was hit.
 

If you are planning on making a move in 2024 and want help or have questions about how to start, please call, text, or simply reply to this e-mail.

820 Kingsland Ln. Update

820 Kingsland is getting closer to completion. We now have all cabinets in place and are starting to paint the doors and trim.
 

If you would like to learn more about 820 Kingsland click the link HERE.

 

As always, if there is anything I can ever do to help you, please call, text, or reply to this email.


-Jay

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Jay Costa
eXp Realty
201-429-5535
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