As promised…here are the sales stats for homes sold in Tenafly…comparing 2013 to 2012.
The numbers aren’t what one would expect…but there’s a good reason:
Tenafly has been experiencing a shortage of inventory of homes priced below $1 million on the East Hill…and when there’s no inventory, then the sales numbers take a hit.
- The number of homes sold in 2013 decreased by 47% compared to the same time frame in 2012…Jan, Feb March…for homes priced below $1 million. All due to a shortage of inventory
- The number of home sales in Tenafly decreased by 60% for homes priced above $1.5 million 2013/2012…because there is an over supply of homes in this price range. The higher you go above $1.5m the higher the inventory
However…before everyone starts thinking that I lost it mentally…from January-March 2013 , here’s what has been happening with sales in Tenafly…that have yet to be declared “SOLD”
- 9 homes sold in Tenafly priced below $1 million
- 7 homes sold in Tenafly priced between $1.0M-$1.5M
- 2 homes were sold above $1.5M
I just want to point out something regarding all the talk about inventory,whether it be high or low:
- Inventory has almost nothing to do with sales activity…regardless of the inventory, people who are looking to buy a home will still look for homes
- Even though the inventory levels ar considered low, thre’s still a lot of homes for sale…so not everything is sold or is selling…for whatever reason
- If more homes are suddenly listed for sale, it doesn’t mean that they will sell. The housing market will not suddenly get better, and it will not go back to where it once was, for a variety of reasons: unemployment is still high, savings are lower than needed, and some people will now only rent
- Rental apartments are being planned and built by the thousands in Bergen and Hudson Counties, and this will eventually hurt home sales
The same sales trends are taking place for home sales throughout all of Bergen County
The market is what it is, but these are the numbers for Tenafly, and Tenafly is still the hottest and most desirable market in our region.
If you need more info, let me know.