2015 had 11% more single family home sales. In 2014 there were 5,568 and in 2015 there were 608 more for a total of 6,176. The time it took to do this decreased slightly by about 6 days so there’s nothing dramatic there.
What may surprise you is the fact that county wide the figures were flat. The average sales price was $574,450 for a 0% change. The average median price was $456,317 for a 2% rise. However, a lot of business happened. We had just over $3.5 billion worth of single family house sales last year.
So what does this mean? In one word – stability. Overall homes for sale in Bergen County performed well. They made it to closing efficiently with 72 days on the market and didn’t lose any ground in value. This is very positive. A healthy and strong real estate market does not lose ground; it moves forward in small increments after a recession once it bounces back.
The first year or two after a recession ends will see aggressive performance but you want that to level off and maintain a moderate appreciation rate that holds. This is precisely what’s happening.
As we look at individual towns, you’ll see some that did better than others and some that did worse. But the trend is a stable, strong real estate market and that’s good for both home buyers and home sellers.