For those of you who like to understand what’s really going on with the housing market in Bergen County, here’s some data for you to sink your teeth into.
For the 6th straight month in 2012 single family home sales has increased. Yes increased.
It’s time for every homeowner and seller to finally celebrate. The housing market is on a roll in Bergen County. Though the increase is not a all price points in every town the market has turned for the better. No, we’re not going back to anywhere near the pace of the high flying days, or to those lofty prices…but the market has stabilized (which it has been for several years, if anyone cared to look at the data).
Wi8th the exception of January 2012 for multi-family home sales, every month in all categories has seen an increase in home sales.
Tell me that’s not great!
In fact, in 2012 we have not seen one month where home sales have decreased.
- The number of home sales in 2012 has increased by 11% over the same time period in 2011
- The dollar volume for home sales also increased by 7% over 2011
- The average price for the homes sold decreased by 4%, but that was all due to sluggish sales at the luxury end of the market, where for some bizarre reason 2011 was an incredible year for the luxury market…but now it’s cooled
Though home sales are way below the volume set during the peak years of 2011-2005, Bergen County has experienced a steady market for sales…given this new economy.
The market for multi-family home sales is equally impressive for 2012:
- The number of units sold increased 14%
- And the sales volume increased by 7%
- The average sales price fell by 6%. but is due to a lack of inventory at the upper sales range, and we had in the past. Over time these units will invr5ease in vale because they’re newer and priced at a point that is more desirable to today’s buyers…either first time buyers or move down buyers
This is the new market. This is our new reality
No matter what happens, the number of home sales will not increase…even if Realtors continue to push sellers to cut their prices. More buyers are not coming into the market. And with the rise of new multi family construction, the rental market will take a huge bite out of future home sales.
We have experienced 5 years of incredibly discounted prices, and historically low interest rates, and the data proves that lower prices have not increased the volume of home sales in Bergen County. And if you have been a reader of my blog, the data also points to the same facts for Tenafly, Cresskill, Closter or other towns.
Lower price do not create sales.
Check out my other posts to see what’s happening with home sales for Tenafly, Alpine, Cresskill and other towns.
Stay tuned…more to come.