Bergen County Real Estate – 1st Quarter 2018
We are through the 1st quarter of the year so it’s time to look at how Bergen County real estate is doing. We are doing very well indeed. Looking at Bergen County as a whole, there should be no surprise to see sales are down. This is due to a lack of homes for sale and not demand. This has been a constant theme; I see no reason why things will change this year.
Closings are down 6% while demand continues to grow. You can see this in the fewer days on market – 75.4 this year from 83 last year. Prices did go up by 2%. Median prices are down by 4% which makes sense because 1st time home buyers are coming into the market at a very strong pace. This is a major reason why price appreciation is projected to continue. These folks fuel the real estate market.
Consider Under Contract performance too. This is the most current view because 1st quarter closed sales really come from then end of last year. So what does this tell us? We see again the impact of low inventory because we’re down 2% while prices are up 4%. This proves that demand is strong but we just don’t have enough houses to sell.
Why We Are Important
Bergen County real estate is watched closely because it’s important on several levels. We are New Jersey’s most populous county with 948,706 residents according to the US Census Bureau. This is 10.5% of the entire population of New Jersey. As a result, our size alone makes us important. Location is important too because we are next to Manhattan – only 1 mile across the Hudson River. While being close to NYC is significant, our economy is very diverse and not all of us commute there for work.
We remain, however, one of the premiere NYC metro locations. Our schools have a well deserved reputation for excellence,our population is highly diverse and we are one of the most affluent counties in the United States. Because of our size, proximity to Manhattan and everything we offer, Bergen County is an important location in the US as well as in New Jersey.
The Bottom Line
The Bergen County real estate market enters 2018 positively. Demand is strong while inventory is low. First time buyers are out in force because homeownership matters greatly and people have confidence in the future. While interest rates have risen they are still low at around 4.5% for most buyers.
If you are selling your home 2018 is another great year. There are things you need to get the best price. You’ll find this and other help on my website. Just click here
If you are buying a home this is a challenging but not impossible market. To do the best for yourself you need the right guidance and strategy. It’s essential to be fully prepared. Go to my buyer advice for the help and guidance you need.