Bergen County Real Estate Update
Proximity to NYC, great schools and a wonderful suburban lifestyle make buying a home in Bergen County, to quote Martha Stewart, a “good thing.” Because Bergen County homes offer these advantages, buyers come here no matter the economy or housing market. The Bergen County real estate market regularly outperforms all other counties in New Jersey and this is true today.
Taking a look at the market through May, we are significantly ahead of where we were last year. In 2009 there were 2,011 sales and this year 2,536 for a gain of 525 units and a 26% improvement. The average sales price decreased by 3% because more of the homes sold this year were less expensive than in 2009 but they sold quicker (5% fewer days on the market) and that’s positive.
These figures are from the New Jersey Multiple Listing Service and I have their graph here for you.
When June numbers are in, I expect this trend to continue. The question is how much of this is due to the tax credit and to the demanding terms of jumbo loans. With formidable down payment requirements, the jumbo loan has really put a damper on the market for more expensive houses along with the negative economy. Very recently these demands have been relaxed and so we’ve seen a real pick up in such places as Englewood Cliffs, Franklin Lakes, Saddle River and Tenafly. Based on both the NJMLS data and the activity we’re seeing in all of our offices, there is a significant improvement in the demand for Bergen County real estate so far this year. I’ll continue to keep you updated throughout the year.
