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.