See revised sales info at bottom of post
Is a 75% one month decline in home sales (April 2012 compared to April 2011) a major concern for the Tenafly or Bergen County markets?
Tenafly home sales have been on a hot streak for the past few years…a steady stream of sales (surprisingly in the luxury market niche) has created a healthy atmosphere for sellers and buyers alike:
- For sellers it means they can start raising their prices and recoup some of their losses…because the demand is high
- And for buyers, a strong market and heavy demand is a sign of stability, where they can be more comfortable when deciding to purchase a home. As we’ve seen over the past 5 years, who in their right mind wants to buy a home when the market is unstable…we all feel more confident to make major purchases when we feel good about the economy
So are the April sales figures the beginning of a trend? And what does a a 75% decrease mean for buyers and sellers at this point?
First I think it’s a safe bet the the brokerage firms and Realtors will not be pointing these figures out to the public, which is wrong. That’s why I post the good, the bad, and the ugly…because homeowners and buyers have the right to know this information.
Transparency is the key to honesty for the industry, and honesty is the key for building trust
I wouldn’t be too concerned about the decline right now, BUT I would keep an eye on the sales figures for the next 2-3 months to see where things are trending. No one can predict anything in this economy.
One month doesn’t make a market. But you can’t ignore that month either…so keep a careful eye on the numbers.
Somehow during the last week the sales figures for Tenafly were revised by the njmls, and the number of homes sold in Tenafly decreased to 63% from 75%. There was 1 additional home sale in Tenafly that for whatever reason didn’t make it onto the monthly sales chart until now.
Not that one home makes a difference, but I’m more concerned with accuracy and transparency.