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In Northern NJ, inventory remains sluggish and prices still seem to going up, per the data.
What I'm experiencing on the buyer side is there is only one home available in nearly any town at one time for them to look at. This makes it so that we will likely see higher prices when the reports for sales in January and February become available.
On the seller side, they are enjoying steady showings and active open houses, despite the weather. Although, they should be mindful that going too high can end up with them having lots of activity (due to lack of properties for sale) but hardly any offers.
One interesting thing I noticed is that in the off-months, home prices may be higher than they should be, but the seller is telling you exactly the price they want to make a deal. When the market is in the more active months, with better weather and more buyers, offer prices are much harder to figure out.
We will continue to see home prices rise, but it should be a much slower climb than we have been use to. Inventory this year should pick up and competition for these homes will remain strong.
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