The Bergen County Homes Blog

Whether it’s  Tenafly homes, Englewood homes, River Vale homes, Westwood homes or anywhere else in Bergen County, what’s happening in the housing market is important and always of interest.  USA Today has great interactive graphs from Moody\’s  that track 5 critical measurements of the real estate market.  What these interactive charts show is solid improvement across the board beginning with the 4th quarter of 2009!

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As incredible as it may seem, Tenafly homes are selling in greater numbers this year than they did in 2008.  As of tonight, 125 Tenafly homes have closed so far this year.   In 2008, 117 Tenafly homes sold so we’re 8 sales ahead of last year with more to come.  Currently there are 23 Tenafly homes under contract so it’s reasonable to expect 132 Tenafly home sales in 2009.  This would represent a stunning 13% increase at a time when most other towns in Bergen County are having fewer sales.

The New Jersey MLS data shows that Bergen County has experienced a 13% price depreciation this year; Tenafly homes have depreciated along with the County but at far less – only 6%.   So here too, Tenafly homes have performed much better than Bergen County’s real estate market in general.

Take a look at this New Jersey MLS chart of Tenafly homes that sold in 2008 and so far in 2009.  The picture it paints is simple – demand for Tenafly homes has increased substantially this year:

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My projection for Bergen County real estate is right on target - our housing market is improving.  New Jersey MLS data, bank appraisers and housing reports all say the same thing:  We have clearly bottomed out and are in a period of stabilization.

Today’s ratio of homes for sale to under contract is 4 to 1; early in the year it was in double digits.  Last spring Bergen County was classified by the mortgage industry as an “area in decline” meaning that values were falling.  Appraisers were deducting 1% per month of value; if a home appraised at $200,000 and was closing 2 months later, the appraisal was fixed at  $196,000.  Bergen County’s housing market is no longer classified as “in decline” and a Valley National Bank appraiser on Monday told me that price depreciation has ended.

Jeff Otteau in his latest real estate newsletter termed the NJ real estate market’s performance “remarkable” and forecast continued improvement.  The monthly Credit Suisse agent survey said that for the first time in a long time a majority of agents reported positive home buyer traffic and houses selling quicker.

With all time low interest rates, prices no longer dropping and falling inventory levels, there should be no surprise to find stability in the Bergen County real estate market.

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