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Here’s some great Bergen County real estate news:

The New Jersey MLS has some great statistical reports of how Bergen County real estate is doing.  Now that we’re through May, enough time has gone by to get a good idea of how the Bergen County housing market is doing.

Here’s what the NJMLS data shows for single family homes –

  • 320 more homes closed this year for a 13% gain
  • Average days on the market was identical at 108.7 days
  • The dollar volume of sold homes was up 8% at $1,265,233,180
  • The average sales price was off 5% to $461,764 from last year’s $485,905

The average sales price reflects not only the price a house sells for but also the product mix in your real estate market.  As a result, If more higher priced homes are selling, your average sales price will be higher.  Being off by 5% does not mean that homes sold for 5% less.  It really means that more lower priced homes are selling and that makes sense.

With interest rates at under 4% for a 30 year fixed rate mortgage, there’s been a flood of buyers coming out in the under $500,000 price range.  This real estate market is the most sensitive to interest rates.  Having mortgage rates at such low figures literally saves hundreds of dollars each month in a mortgage payment.  With more lower priced homes selling, the average sales price will be lower.

What’s most important is that we have many more sales this year – 13% is a big number.  As a result, Bergen County real estate news is that the market is off to a very good start.

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