Here’s an interesting look at single family home sales for Tenafly and and it’s surrounding towns including: Closter, Cresskill, Demarest, Englewood, Englewood Cliffs, Haworth and Norwood, dating back to 2004.
For the eight combined towns listed here, the number of single family home sales in 2010 decreased by 45% from 2004. That steep of a decline is nothing short of startling.
The loss of 400 home sales per year from the peak, is devastating to home owners. And not just for those who are trying to sell their home, but for for all homeowners. The call from Realtors for sellers to lower prices hurts everyone who owns a home.
Compared to other towns, Tenafly home sales are out performing everyone, yet I still hear the call for lower prices. It makes no sense.
This is why Realtors need to become more competitive with their marketing, and not just blame it on pricing. It’s more about a lack of buyers and finding ways to make your home stand out from the crowd so it gets noticed faster and by a larger audience.
Check out a previous post I did on the Tenafly market, and why I think prices should be raised. not lowered. When your town or a sector of your town is hot then you have to take advantage of it. And right now Tenaly is the hot town where buyers want to be.
What’s interesting with this view is that you can follow the downward trend of home sales in the area. As the chart shows, the market actually crashed in 2006 when the number of single family homes suddenly decreased by almost 30% from 2005. A decrease of 263 home sales in eight towns is staggering. And it’s even more staggering that the market decreased by another 25%+- from 2008 to the present.
The belief that home sales are starting to improve is nothing more than people trying to manipulate the market in hopes to sell more homes.
As detailed on other blog posts, a few towns(?) such as Tenafly are are doing better than other towns. And in some towns there are specific price categories that are showing signs of improvement/ But the fact remains, that the general market in our area has been in a crash mode since 2006, and shows no signs of improving.
Check back for more market analysis. Next town to be discussed is Ft Lee. Can’t wait to see how the multi family sales are doing.
Just remember…the more you know the smarter your decisions will be. And don’t just believe what you hear about the market…see the facts for yourself.