Market update, 1st quarter
Rising interest rates has resulted in fairly low refinance volume in NJ. And inventory, which remains fairly low has also crept into the picture. Buyers do appear to be out there and signed considerably more contracts in the 1st quarter of 2018 vs the same time period in 2017 (see below). This was especially the case in Essex, Union and Morris counties where buyers willfully gobbled up properties listed for sale inĀ a March interrupted several times by significant snowfalls and generally wintry weather. We seem set up for a typical NJ buyer traffic jam in late spring where many buyers try to cram into a low number of homes for sale, driving up prices temporarily and heating up some local bidding wars in some of the transit towns.