In a follow up to one of my previous posts, where I presented some stats showing that home sale in Tenafly were down
75% 63% in April, I’m now posting the stats for the number of homes that went under contract in Tenafly for April 2012.
The way that Realtors present their numbers has always been confusing as well as misleading. And they do that on purpose, so the numbers suit them to their benefit. When the market is good the use the “homes sold” numbers and when it’s not, they immediately go to the “under contract” numbers, and when it’s soso they like to use national numbers (which have absolutely nothing to do with your local stats).
Since the numbers I posted for April were so out of whack with previous figures (-75%), i decided to dive into the homes that went under contract numbers, in order to make some sense of of the sudden drop.
Rest assured…Tenafly is still on fire, and is still the hottest market in the area and maybe in the region.
The under contract numbers will ultimately move into the “sold” column as these homes officially change ownership.
One of the interesting things to come from this exercise was the fact that __% of the homes that went under contract, these homes didn’t have any price reductions. I don’t know what the actual sales prices were…but the fact that the listing prices weren’t reduced from their latest listing prices is a MAJOR big deal.
I’ve been saying for the last year+ that Realtors were wrongly reducing prices without reason. And I’ll say it again…Tenafly is a hot market. Demand is high. And there is no reason for owners to reduce their prices.
It’s time for owners to start recouping some of their losses.
If I were selling my home, I’d raise the price 5-10% depending on the price point of the home. The market in Tenafly can handle it, because the demand is strong, and people who want Tenafly won’t go to another town. They could easily do that right now…but they’re not.
For those who want to live in Tenafly, you have to pay the price…and the high taxes.