Dumont homes are always in demand; the Dumont real estate market is one of the most active in Bergen County. Not only is there a lot of “in house” demand, Dumont also represents a lot of value for out of town home buyers too.
Even with a population of 16,590 people, Dumont is decidedly small town in it’s feeling with a strong community spririt and well attended town events that bring folks together. Every fall Dumont Day is a huge happening from the morning through fireworks at night with thousands of people attending.
In fact, many multi generational families live here. Children come back as adults to purchase their home. In selling homes in Dumont I’ve seen this many times over the years.
The real estate market for Dumont homes is strong for out of town buyers because houses here are moderately priced, schools are great, there’s express bus commuting to New York City and the business district has everything you need.
For both 2009 and 2010, the difference between asking and selling prices is 5% but homes are on the market fewer days in 2010 (68 to 74). This is significant because new banking regulations in 2010 make mortgage processing take much longer. This can only mean that homes are selling quicker this year.
At the same time, the average sales price is down by 6% due to more sales under $250,000 (13 as opposed to 4 in 2009) and none above $500,000 where we had 4 last year. Still demand is up shown by less time on the market and consistently strong for sale to under contract ratios plus we have close to 20 homes under contract a lot of which will close this year.
I expect the final 2010 figures to be better. There is no doubt that we are past the bottom and are in full recovery mode. 2011 will be an even better year for Dumont homes.