Bergen County real estate in 2013 has been moving at a good pace. Let’s review it so far:
New Jersey MLS data gives you a clear and accurate picture because numbers don’t lie. I took a look at the MLS data of the Bergen County market so far this year. The NJMLS has a great report that compares one year to another. So let’s see what happened to home sales comparing last year to 2013:
20% more sales from 8,141 to 9,755
Less time on the market by 11% from 96.6 days to 85.9
The average sales prices rose by 4% from $483,672 to $504,061
The average median price rose by 5% from $376,479 to $394,292
Dollar volume rose 25% -because more higher priced homes sold
Homes sold closer to asking from 94.5% to 96% of the asking price
The Otteau Valuation Group’s most recent report (taking us through November) focused on the lack of homes for sale. It stated that “the supply of homes being offered for sale in New Jersey is at the lowest level since 2005.” I agree completely because I can’t remember when we had so few homes to show buyers in Bergen County.
Data shows that we have been running at a 2 to 1 ratio of homes for sale against homes under contract. A 2 to 1 ratio shows a very strong market. If you look at absorption rates, 5-6 months is defined as a good market. Bergen County is at 5.5 months right now.
Looking at all of this, you can easily see that Bergen County home sales did very well last year. There is no indication that things will be different in 2014. Bergen County real estate has fully recovered and is moving up at a solid, rational rate.