Here’s an incredibly in depth look into the sales data for homes sold in Tenafly since 2001.
In order to make some sense of the housing market you need to analyze not just the present, but more importantly the past sales trends.
This chart provides 11 years of sales data…from the highs to the lows and everything in between.
What we see here is quite different than what you think to be true:
- the market in tenafly didn’t crash in 2008 as everyone thinks it did….
- the market below $500k crashed in 2004…but it has really been within a normal range since then
- from $500-999k I look at as having never crashed, but we had 3 insane, not normal years between 2003-2005…and since 2006 this price point has been incredibly stable
- and for all the price points over $1 million that market rose because prices rose, and because people started buying more expensive homes, simply because of increasing values. But that market was up and down just aw anyone should have expected it to perform
My next blog post will break down this chart in more detail, so you can see all the nuances of each price point.
From my vantage point the facts point to a stabilized market in Tenafly since the “crash” of 2008:
- incredibly strong sales at the lower price ranges
- and a stable…and a bit bumpy ride for homes priced above $1 million
A 2-5 home swing in any direction in any of these price ranges is typical in any market condition.
If you’re looking to buy a home or to sell one, this is the vital information that you need to be aware of. This is how you need to analyze the market, so that you make your decisions based on facts, not fiction. The better you understand the market, the more sound and safer your decisions and risks will become.
Let me know if you have any questions or concerns