You need Bergen County homes sales data from the New Jersey MLS so you’re on top of the market.
The New Jersey MLS is the primary multiple listing service for all of Bergen County. They do a simply outstanding job in so many ways. There is comprehensive information on homes for sale as well as statistics on all aspects of the market.
The sales data shows an improving market for homes in Bergen County. The number of days it takes to sell a home has been decreasing since March. If you take a look at the NJMLS Average Days on the Market Graph you’ll see this very clearly. While it’s still taking more than 100 days to get a home sold, we’re closing in on this number. I bet we’ll be under 100 days to get a home sold very shortly.
Take a look at the Average Sold Prices Graph. It shows a definite move up although this time it begins in April. However, this makes sense because almost all first quarter sales come from contracts written during the prior year. What this graph shows it that we’re moving toward an average home sale of $500,000 and that’s positive.
I’m not saying that house prices are going up – prices for homes are not going up. They will actually continue to go down for a while yet but you can only get a rise in the average sales price for a home when more expensive homes are selling. That happens when the real estate market is getting better throughout all price ranges.
First time home buyers have been kept in the market by such things as the First Time Home Buyer $8,000 Tax Credit which, one week ago, was added to FHA backed loans and low mortgage rates. As everyone knows, it takes the first time home buyer to get things moving and it sure looks like this is happening. At least that’s what the New Jersey MLS data shows.**
**These graphs are time sensitive and so the links are no longer active.