Here is your real estate update for Bergen County and Tenafly –
Bergen County as a whole through April had 1,335 sales. Demand is certainly strong with 13% fewer days on the market ( from 104.8 to 91.6 ). The average sales price is up 9% and the median sales price is up 12%. Don’t forget, though, that these figures can reflect more the mix of homes selling than the actual value trend.
Let’s look at Tenafly for example. Tenafly homes are selling well. 23% more sales with 25% less days on the market. The average sales price is down 2% and the median sales price is down 12%. Why? Because the product mix changed – fewer luxury home sales. Weather was a factor. Luxury homeowners did not put their homes on the market during a record breaking harsh winter.
Statistics can be misleading. Tenafly homes for sale are coming on the market at higher prices than last week’s closings. Often there are multiple offers with contracts taken within 10 days. The number of available homes is roughly 2/3 of what you’d expect and the ratio of for sale to under contract has been running at a blistering 2:1 all year long.
Tenafly is a great example of how average and median prices really don’t reflect the reality of the housing market in Tenafly. The market for Tenafly homes is very strong.
If you would like a real estate update on any other towns just contact me and I’ll get you the information you’d like.