Jeff and Debby Adler, market experts for Bergen County, New Jersey, say their housing market is showing early signs of stabilization.

April home sales increased from their March numbers for the first time since 2005 in what may be a sign that market stabilization has begun, say the Adlers.

In April, New Jersey contract-sales activity increased for the 4th consecutive month and recorded a 9.3 percent increase above the March level.

By comparison, sales activity declined during April in both 2006 and 2007.

The Adlers say another significant factor is that the number of homes for sale rose modestly as Unsold Inventory increased by only 4.5 percent, less than normal for the month of April.

As a result of these trends the Projected Absorption of homes offered for sale now stands at it’s lowest level of the year reflecting a 10.0 month supply.

By comparison, absorption stood at 12.7 months in January, 11.0 in February and 10.5 in March.

Any determination as to whether these trends actually signal the beginning of a market recovery hinges on the momentum carrying through for the remainder of the 2008.

For more information on this market, contact Jeff and Debby Adler at:
newjerseyhomeexperts.com.

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Published: June 25, 2008

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