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Bergen Count Real Estate Today

The historic Van Allen house in Oakland, NJ

Bergen County Real Estate Today

Bergen County Real Estate today is still moving forward at a pretty good clip.  I’m writing this article at 4:20 pm today and here’s what we have:

  • 1,820 are for sale
  • 1,063 are under contract
  • 225 are withdrawn from the market (over the past 30 days)

It’s important to remember that a good number of homes for sale have accepted offers.  Because there is no separate category for accepted offers, they remain in the active inventory.

Activity Since April 27th

Let’s consider what’s happened over the last 30 days.  This period is completely impacted by Covid 19.

  • 325 homes are listed for sale
  • 316 homes go under contract
  • 225 are withdrawn

These figures display a strong real estate market for Bergen County homes.

 

Upper Tier Homes

Much has been written about the beating luxury homes have taken.  They did have had a hard time since the Great Recession but things really turned around over the past few years.  The market for high end real estate came on big time.  As a result, this market had momentum along with the market in general going into the lock down.

Here’s what we have for Jan 1st to now:

  • 82 homes listed for sale
  • 13 under contract
  • 54 withdrawn

Corona virus concerns motivated many affluent families to withdraw from the market.  Luxury sellers can afford to wait.  In spite of this, we have a fine 6.3 to 1 ratio of active to under contract.

Currently the fully inventory is 175 homes for sale and 20 under contract for a ratio of 8.75 to 1.  That’s not great but sill much improved over the double digit recent past.

Let’s see what happened since March 27th:

  • 11 listed for sale
  • 3 under contract
  • 16 withdrawn

These are much more encouraging figures.  The ratio is a very impressive 3.67 to 1.

Entry Level Homes

Entry level homes are at $500,000 and below.  Here’s how it looks today:

  • 433 homes are for sale
  • 481 are under contract
  • 181 withdrawn over the past 3 months

We have more homes going under contract than are coming on the market.  This is called negative inventory.  Let’s look next at the past 30 days:

  • 314 listed
  • 316 under contract
  • 61 withdrawn

It’s the same story.  More homes going under contract than coming on the market although it’s nearly identical.  Bear in mind that when the ratio of active to under contract goes below 4, it’s a strong selling market.  Here it’s 1 to 1.

Bergen County Real Estate Today

Analyzing a market means you look at both ends because the middle follows.  Entry level homes are moving fast; high end homes continue to soundly recover.  If I took you through mid range homes, you’d see negative inventory there too.

I keep saying I know this sounds crazy but figures don’t lie.  Bergen County real estate today is fine; it’s in demand and selling well.  Can you imagine what will happen when we open up?

You can go into the New Jersey MLS and search the inventory yourself now.

 

 

 

 

 

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