River Vale Homes: 2007-09 A Statistical Review
Here is a statistical report on the market for River Vale homes from 2007 through 2009. In looking at the River Vale real estate market data from the New Jersey MLS, you’ll find that while the number of homes sold in 2009 decreased by 21% the depreciation rate was only 3%. The most active part of the River Vale homes market, $500-650,000, had 10% fewer sales and 2% depreciation. Fewer sales and less depreciation is the classic pattern of a recovery.
What has been the most difficult part of the market, however, is the $600-800,000 price range but I expect this to change dramatically in 2010. All in all the market for River Vale homes is definitely improving and should be strong this year.
River Vale, NJ – Year to Year Comparison
Sales Analysis 2007 2008 2009
$0-400,000 1 6 7
$400-450,000 7 5 8
$450-500,000 7 8 6
$500-550,000 8 8 9
$550-600,000 12 10 11
$600-650,000 14 11 7
$650-700,000 7 8 3
$700-750,000 6 13 2
$750-800,000 7 6 2
$800-850,000 6 2 4
$850-900,000 4 0 3
$900-950,000 3 3 2
$950-1 million 3 1 3
$1-1.25 million 6 3 2
$1.25-1.5 million 3 2 2
$1.5 million+ 1 0 0
Total 95 86 71 (-21%)
2007 2008 2009
Avg. List Price $736,837 $679,288 $657,208
Avg. Sales Price $708,787 $647,697 $628,437
