The “Spring Pop”

Looking at some of the more transit – oriented residential markets, we are seeing a definite uptick in contract prices this spring.

Taking a look at Summit’s market, for example, it’s clear that there has been a substantial “pop”.  An NJ transit oriented market is typically a relatively densely populated market, centered around one or more train stations with NYC access, good schools and above average median pricing compared to the surrounding areas. The kind of area which is not necessarily dependent on Manhattan jobs, but certainly gets a boost from it. Summit, with its vibrant downtown, access to schools and rail station with frequent and convenient NYC access, is one of many towns that exemplify this.

It’s hard to say where we will go from here because in each of the past 2 years we’ve seen a pop in the market followed by a flattening out. But this year’s pop seems to be occurring earlier in the year than is typical and it seems to be accompanied by tighter supply of available listings for sale.