Tenafly is a sellers market…it’s about time !

Here’s an interesting look at the breakdown for home sales and listings in Tenafly as of May, 15,2012

Tenafly sales activity
data source: njmls

Home sales activity:

  • 36 single family homes were sold
  • 705% of home sales in Tenafly were priced below $1 million (25 homes sold)
  • 11 homes sold for more than $1 million

Listings activity:

  • 113 single family homes are for sale in Tenafly
  • 56% of the homes for sale are priced below $1 million…60 homes for sale
  • 44% of the homes for sale are priced above $1 million…52 homes for sale

This chart show us that homes priced below $1 million are in heavy demand in Tenafly, and there probably isn’t enough inventory to satisfy that demand…which means that sellers in Tenafly should be raising their prices.  The opportunity is now  there for home owners to recoup some of the equity they lost over the past 5 years.  It’s time to go for it!

As for homes priced above $1 million (luxury homes), the inventory is balanced with a high demand (though not as high as the below $1M market)

Tenafly sales activity 2011
data source: njmls

2011 sales comparison:

  • 69% of the homes sold in Tenafly in 2011 were priced below $1 million…108 homes sold
  • 31% of the homes sold were priced above $1 million..and that was a big increase over years past

Like I’ve been saying since the beginning of 2011…Tenafly is back to being a sellers market.

It’s time to stop pushing price reductions in Tenafly.

The market here has recovered to a normal sales pace, and prices will climb higher as a result of the demand.

As I look around at the listing prices on the njmls, I believe that a vast \majority of the homes for sale in Tenafly are under priced…and underpricing homes leads to more confusion in the market compared to over pricing them..

This information is ammunition for buyers and sellers.  Anyone buying a home would be ecstatic to know that they’re purchasing in an up market…it creates confidence.

So why am I the only person getting the word out?


2 thoughts on “Tenafly is a sellers market…it’s about time !”

  1. “It is time to stop pushing price reductions in Tenafly.”

    who is “pushing price reductions?” a new wave of homes in the $600K-$800K range have gone under contract in The Fly…BUT they haven’t closed yet. we need to see where those homes trade before you can start pushing this argument of a return to normal activity and this being a sellers market. Could it not just be people getting out before another downturn? What has really changed in housing?

    1. Most in the brokerage business are still pushing price reduction. “Pricing it right” is a term that you can’t ask more than other homes have sold for…and many homes are still being sold for less than the price of just the land in our area. I see this all the time. And no one is marketing homes in an effort to increase their value. When the demand is this hot, and you’re outselling all the surrounding towns by huge margins, price reductions (other than for the absurd…which there may be a few) aren’t unnecessary.

      You bring up a great point when asking what has really changed in housing…and I don’t know, because I don’t see anything that has changed. But something has changed in Tenafly: new homes are being built by the owners while others are being built as spec homes…and they’re selling! But Tenafly is just an oasis. Alpine is on life support, and I don’t see when it will change.

      I’m no one to beat the drum for people to rush out to buy a home, because I still see enormous risk in doing that, and I I were someone very young, I would tell them to rent a place in NYC or anywhere else where there’s other young people, and wait for the storm to blow over…because I don’t see the risk out weighing the benefits. And the fact is, anyone who has listened to the “it’s a great time to buy a home” and has bought a home after the crash, has lost money on their purchase.

      But people are still buying homes.

      “ould it not just be people getting out before another downturn?” My thinking wasn’t in that direction, but again you bring up another great point…and you may very well be correct.

      As for pricing…wearing my builder hat, you strike when you can and you fight for your price. If you have a great product, people will pay for it. The key is marketing, because once someone falls in love with something, they want it. And they’ll pay more to be in Tenafly, because they see it recovering.

      BTW, our sales volume has in fact recovered to a normal pace. The 3 years of hyper sales weren’t normal, and no one should expect to see that pace again…at least for my lifetime. That is unless you start price chopping everything.

      Thanks for the comment 🙂

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