This is part 1 of a multi part series on the Tenafly and Bergen County housing market
For anyone out there who is trying to sell their home in Tenafly, or is considering doing so READ THIS FIRST!
TENAFLY IS A SELLERS MARKET!
Yes you’ve heard it right…Tenafly is a sellers market
And you heard it hear first!
Tenafly homes are in DEMAND, and as the numbers point out, buyers are OVERWHELMINGLY choosing Tenafly compared to the surrounding towns.
When the demand is HOT and homes are selling and inventories are lower than normal, and sales are stable (4 straight years)…it’s a sellers market!
Unlike many other towns, Tenafly is the one niche where home sales are a shining example of a market that has made the turn.
Sure, prices are down in Tenafly (as they are for all the other towns), but the decline in prices is more Realtor made, than a product of a horrible market and economy. In 2010 Realtors continued pushing price reductions, when the market had already showed signs of stability and recovery. Their old habits die hard.
It’s all in the numbers, but but no one other than me is analyzing the numbers.
Chart 1 shows that with few exceptions, the number of homes sold for the past 6 years (since 2006), has remained fairly steady. So even with all the industry Realtorblabber about lowering prices, they haven’t created more sales.
- Home sales in Tenafly increased by 26% in 2011…33 addl homes sold
- The dollar volume for homes sold increased by a whopping 41 % in 2011
- 2011 dollar sales volume was the 4th highest year since 2000
- 2011 had the highest number of home sales since 2006
- 2011 had the 7th highest number of homes sold since 2000
- 2011 saw the 3rd highest average sales price since 2000
- 2011 average sales price increased by $103,718 over 2010
The lure of Tenafly is that if this if this is where a buyer wants to be, then they’re not going to settle for a home in another town
- 69% of the homes sold in Tenafly were priced under $1 million…108 homes sold
- 82% of the homes sold were priced under $1.5 million…128 home sales
- 22% of the homes sold were priced between $1M-$2 million…34 home sales
- 11% of the homes sold in Tenafly in 2011 were priced over $2million…12 home sales
There will be some Realtors who will dispute everything I’ve laid out, and they’ll start with the decline in the number of home sales since 2003. Sales are down considerably since 03, 04 and a bit of 05. But the problem with their argument is that we have entered a new era, and the past is the past. All this blabber about getting sales and prices to the highest levels in our lifetime is nothing more than sales propaganda.
And what makes my scenario even more correct is:
- Tenafly homes are more expensive than the neighboring towns
- If buyers only looked for the lowest priced home to purchase then there’s 7 other towns where homes are more affordable, and where taxes are considerably less expensive. And the further you go from Tenafly home prices become even less expensive
Buyers will spend more money on a home in Tenafly, compared to the surrounding towns.
Price is what you pay, value is what you get
Tenafly is a captive market. It’s an oasis, and today’s buyers want to live her compared to any surrounding town.
Coming posts will provide more ammo to prove the superiority of the Tenafly housing market:
- supply and demand
- Luxury market is on fire
- Home building
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