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