The real estate market for Bergen County homes continues to improve. Comparing 2012 to 2013 through March 15th, sales are up 9.6% (707 to 775) and homes under contract are up 16.5% (1,118 to 1,302). Multiple offers are now commonplace and prices are rising in many towns. Where prices are not rising, they are staying pretty even for the most part.
The New Jersey MLS Market Trend Report clearly shows what’s happening when you compare 6 and 12 month terms for median prices. I didn’t use average sales prices because with our low inventory, we don’t have a lot of sales and average prices can be moved by a few very high or low closings. Median figures are more stable.
For each town below I have 12 month figures followed by the 6 month figure. If you want a town not mentioned or any other information, email me at email@example.com
Bergenfield – $270,513 & $277,438
Cresskill – $531,183 & $553,699 (under $1 million) and $1,789,233 & $1,917,700 (over $1 million)
Dumont – $305,183 & $293,367
Englewood – $347,927 & $359,788 (under $1 million and $3,361,490 & $6 million (over $1 million)
Hackensack – $278,719 and $282,021
Maywood – $325,950 amd $315,583
New Milford – $320,350 & $323,250
Oradell – $548,667 & $560,250
Paramus – $504,208 & $493,917
Ridgewood – $6343,438 & $630,542
River Edge – $395,250 & $395,915
Teaneck – $313,138 & $315,117
Tenafly – $814,917 & $989,917
Two-thirds have higher sales prices moving forward. This shows clearly that the trend for Bergen County homes is decidedly up. Because the movement up is at moderate levels, this is a solid gain.
I believe that it’s more a product mix for the 4 towns that had price declines. Fewer new construction homes were involved. New homes sell for premium prices. As a result, fewer new home sales will lower the figures.
The bottom line is that we have emerged from the Great Recession. What we have now is a stable, solid market for Bergen County homes.