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Time to raise home prices in Tenafly…and elsewhere in Bergen County

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Screen Shot 2013-10-07 at 1.21.06 PMFinally with a booming housing market, why aren’t realtors and homeowners adjusting their prices upward to take advantage of the huge dollar increases that we’re witnessing.  There should be no doubt that  we are in a full scale sellers market

Time and again, I come across listings of homers for sale in Tenafly and other towns, that are under-priced given our current market conditions.  And because of these miscalculations, homeowners miss out selling their homes for the highest price possible, as the market continues a full court press upward. With a vast majority of the price points skyrocketing, why wouldn’t homeowners…and agents take advantage of something that we have waited for, for many years.  Sellers and realtors should be dancing in the street!

The days of undervaluing homes to create sales is over.  A sellers market has finally arrived.

Here’s the facts to back it up:

  • More homes have been sold in Bergen County in 2013…at higher prices and with higher interest rates, than at any other time since the market crashed
  • Lower prices didn”t create more sales.  Higher prices created more home sales
  • Higher prices and an improving market and economy, enable people to buy with confidence…confidence creates demand and confidence creates higher prices

I know this is contrary to what realtors think…but selling homes isn’t all about price.  It’s time for realtors to stop using old sales data to calculate prices in a great market.  It’s no lomnger right to say…”this is what homes sold for in the past”.  It’s time to say…this is what your home should sell for now…because our market is the best it’s been in the past 5 years

Here’s why I’m excited for the Tenafly real estate market, and surrounding towns !!!

  • Home sales increased in Tenafly by an additional 9% y/y
  • More homes have been sold in Tenafly than in Alpine, Closter, Cresslill, Demarest, Englewood and Englewood Cliffs, Haworth and Norwood…and by a wide margin in most of the towns
  • The dollar sales volume for all Tenafly sales blows away the other towns by a huge margin…the closest town is Englewood, and their dollar sales volume is almost 50% less than Tenafly
  • Home sales in Tenafly represent 23% of all sales for the above mentioned towns
  • Of these towns Tenafly ranks #3 for the highest average sales price…but when you consider that the sales volume is much higher in Tenafly, this isn’t a negative
  • Sales increased 78% in Tenafly for homes priced between $1m-$1.5m
  • Home sales priced under $500k decreased by 59%…1/ because there’s only a few homes for sale in this price range, 2/ prices have increased in Tenafly at the lower end and what was $500k is now worth 20% more.  That’s great news!

I’ve been saying it for two years , and I’ll say it again:  It’s time for sellers and realtors to take advantage of the recovering market, and start raising  prices.  Sellers are still leaving way too much money on the table.  Buyers are out there, and the demand is high

Charts:

Tenafly

The Town Sales Comparison chart (green/white) shows insanely high increases in the dollar volume for home sales…which means increasing prices.  Percentage increases of 52%, 33%, 37%, 86%, 21%, 49%, and 29% were though to be impossible to attain are being reached.  The only town to lose on this is Demarest, where the dollar volume declined 25%.

Bergen County:

Bergen County sales are on a roll…skyrocketing sales and dollar volumes:

  • Single family home sales are up 19%…an increase of 712 home sales
  • Dollar volume for homes sold increased by 25%…a $524 million increase
  • Multi-family home sales increased by 24%…a 395 unit increase
  • And the multi-family dollar increased 29%…a $170 million increase

As per the blue table, the Bergen County housing market (both single and multi family home sales) may have its best year since our market crashed in 2007.  In some towns prices are back to where they were pre-crash (for homes prices below $1.5 million).

The proof is in the numbers…sellers in every town should be increasing their prices…EXCEPT…if your home is prices above $3.0 million.  This price point is a disaster all throughout Bergen County…but that’s a discussion for a future post.

Though we’re still far behind the sales pace of 2001-2006, we now have a healthy market.  This sales volume is the new norm, and that’s fine, so long as prices remain at a high level.

You no longer have to buy into the “price it right” mentality…it’s time to price it high!  It’s time to go for it!

But there’s a warning with this:

With a sever increase in new multi-family rental projects that are coming into the marketplace beginning now, AND with less new for sale homes being built, because builders are being cautious, north Jersey home sales will be greatly effected…downward.  Rental projects like those currently being built in Fort Lee (1,500+ rentals), will put a huge dent in future home sales.  This makes your time frame for selling at higher prices limited to the next 2 years.

In a recent post on Northjersey.com…NJ homebuilding up 39 percent over 2012 pace by Kathleen Lynn…Ms Lynnn points out:

Through August, builders took out 15,842 building permits, compared with 11,364 in the same period last year. Multifamily construction accounted for about 59 percent of the activity

Let’s not get confused with reality.  Multi-family construction is not the same as “homebuilding” ,when you’re talking sales and home construction figures.

  • Multi-family rentals are competition for single family home sales, because they take away from single family home sales
  • The industry considers “home building” to be single family fore sale homes
  • To combine the two types of “housing” creates misleading and inaccurate stats

“People are becoming renters by choice,” said BNE Executive Vice President Jonathan Schwartz. “People want to be closer to the city, nearer commuter areas.” And many households are wary of buying a single-family home after seeing property values plummet during the housing bust, he said

BNE should know this because their project in Fort Lee was originally slated to be a for sale building.  The only changed it over to rentals beacuse the for sale condo market still hasn’t recovered

As always. let us know what you think

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Bergen County Home Sales Report 2013

The time has come for some home sellers to raise their prices.  And it’s time for others to lower theirs

I’ve been hearing a lot of chatter out there from realtors, proclaiming how great the market is in the luxury side, and I knew from my research that I wasn’t quite seeing that.  So I decided to check out the numbers once again to see what the real facts are.

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This is what I found for luxury sales:

  • Luxury home sales…$2 million +…is down 22% in 2013
  • It’s really yucky, in that only 14 homes have sold thus far in this price range.  18 homes sold in Bergen County for the same time period in 2012

A 22% sales decline on already anemic sales volume isn’t considered a great market.  In fact it borders on a market condition that sucks.

Here we are soooo close to the hyper active market in Manhattan and the borough’s, yet the Bergen County suburbs is on life support.  We’ll talk about why this is happening in future post, but for now let’s just say that it’s bothersome at best.

As for the market below $2 million…it’s a different world…night and day:

  • For overall homes priced up to $2 million the number of sales have increased by 14%.  That’s a huge number!
  • Homes priced to $499k…home sales increased 9%
  • Homes priced between $500k-$999k…sales increased by 26%
  • For homes priced $1.om-$1,999M…home sales increased by 31 %

Tell me that this isn’t great news!!!

So…if your home is for sale in this price …it’s time to raise your price!

Go for it!

For the first time in a long time, sales of homes priced from $500k-999k outsold homes priced below $500k.  But from what I can see, this is due to a lack of inventory of homes for sale below $500k…so people have to gravitate to higher priced homes if they want to live in Bergen County

It’s time for the realtors to see the light and start raising sales prices.

In the past they have used negative sales data as scare tactics to deflate prices, but now they have the ammunition to increase prices.

If raising prices creates less sales, then that’s fine, because higher prices leads to higher values, and higher appraisals….and given the complaint that appraisers are low with their value estimates, this will help to end that practice.

  • dramatic increases in sales volume means there’s more demand
  • more demand means more sales
  • more sales means…the market is improving and people are more confident to make a big purchase
  • Low inventory means more competition, and more competition brings higher price

And best of all…price increases creates confidence in the market.

If prices don’t start increasing then why would anyone want to risk their money with such an investment.  At that point you’d be better off putting tou money into the stock market.

Tenafly Home Sales By The Numbers

Here’s a detailed look at the stats for homes sales in Tenafly 2001-2012

No where else will you find such detailed information.  This is everything sellers and buyers need to know, but no one wants you to have it…except for me.

Misleading numbers and commentary can lead to sellers and buyers to make huge mistakes…and that’s not good for anyone.

Even though the sales stats for Tenafly are down thus far in 2013, doesn’t mean that Tenafly isn’t the hottest market around…because it is.

As I’ve mentioned in past posts…if your home is priced below $1 million, then it’s time for you to raise your price….up to 10%.  The demand is huge and the inventory has dried up in certain price ranges and neighborhoods.

It’s now a sellers market, and that’s great news for everyone, including buyers.

I’d rather buy a home in an upturning market, rather than taking the risk in a downward spiraling as we’ve lived through since 2006 (the market in Tenafly crashed in 2006…two years prior to the national crash…it’s all in the charts).

I know the charts are colorful…and it’s done to grab your attention

Sellers: 

  • If you want to sell your home for the highest price possible, then this information is what you need to know.  You’ll see where the sales prices are, and where they’re not
  • Not every price range performs as well as, or as bad as all the other price points

Buyers:

  • What is the best or worst price range to invest your money…this is something you need to know before you buy a home
  • Some price points are doing great and others are horrible…in the same town
  • It’s one thing for agents to tell you that the market is doing great…but is it?

Here’s the facts minus any commentary.

Let me know what you think is happening.  I’m sure it’s not what you thought.

If you have any questions or want to chat about buying or selling a home, you can call me at 201.522.5256 or email me at skonefsky@me.com.  I’m a licensed agent at Prominent Properties Sotheby’s International in Tenafly NJ. And if you check out the rest of the site you’ll see that I’m a home builder, real estate developer construction manager by trade…and I’m great at marketing real estate.

I do real estate marketing like you’ve never seen before

Bergen County Home Sales: 2012

The home sales facts are in: Bergen County increased by 14% in 2012 (compared to 2011).

That’s great news…right?

Or is something hidden behind these lump sum numbers?

First…the real facts:

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The Good News:

  • Home sales: priced below $500,000 increased 14%
  • Home sales: priced $500k-999k increased 16%
  • Home sales: priced $1M-$1,499M increased 5%

Bergen County home sales increased 14% for homes under $1,499,000 (sold price…not the list price)

The Bad News:

  • The average sales price for homes in 2012, have decreased by 20%…from the peak in 2006
  • Home sales: priced $1,500-$2M were even
  • Home sales: priced $2M-$2.99M decreased 6%
  • Home sales: priced $3M-$3.99 decreased 12%
  • Home sales priced: $4M+ increased by 11%…but don’t get excited because the increase was just 1 home sale (9 home sales vs 10 home sales)

So, if it’s big news that the “whole” market is up 4-6% percent, then isn’t really big news when the luxury market is down by 8-10%?.  Isn’t this cause for a lot of concern?

Note:

  • Even with a 14% increase in home sales, sales are still down by an additional 31% from 2005 (the year before the Bergen County market crashed).
  •  Equally important is that the dollar volume for single family homes sold, decreased by 28%…however, theis doesn’t mean that sales prices are down.  It may just be that many more lower priced homes are being sold
  • Multi-family home sales have fared much worse…sales have declined by 51% since 2005. And the dollar volume decreased by 61% 

The fact is, Bergen County has a multitude of micro markets, that react differently to one another:

If someone combined all single family home sales in Bergen County into one group, then they would be misrepresenting a 15% sales increase for 2012.  Even though the entire market was up, if your $1.5M+ home was for sale,  your market actually declined 4% compared  to homes priced below $1,500K.  That’s a 19%  decrease swing from one price range to another

Raise your price?  You bet!

There’s some great news that everyone in our local real estate circle is ignoring: with such a high percentage of home sales in Bergen County being below $500k (even up to $1M), sellers in this price range should be raising their prices

Yes, raise your price!

When the demand is so high for homes in any price range, and the inventory of homes for sale is low, homes become more valuable. Avoid the agents push to lower your price.

Scarcity of homes for sale (or any other product for that matter), and high consumer demand is what every seller prays for.  When consumers can’t have something that they want, they’ll pay more to have it.  Including homes.

So it’s time to raise the price!

How long will it last

The time frame to raise your price in the New Jersey suburbs, is limited to the next 2 years.  In 2015 tens of thousands of rental units will be coming on the market, along the New Jersey waterfront (Jersey City, Hoboken, Edgewater, North Bergen) and elsewhere in the State. When that happens, the face of suburban real estate in our area will be altered for the next decade (a future post).

And lets not forget other important factors:

  • New Jersey taxes are insanely high, and will climb even higher…that hurts home sales
  • The New York City market is going gangbusters, and there’s better value in NYC, because prices are stable, and on the rise.  Right now NYC is a more guaranteed investment, especially for young people

Your time has finally arrived

Right now, it’s your time to take advantage of the opportunities to raise your price, and recoup some of the equity you lost in the past 5-7 years.

If my home was priced below $500k I’d raise the price between 10-20%…20% only for homes in great condition, where a buyer would have little to do in the way of renovations.  And a 10% increase is for a home in the worst condition…because the value of your home is in the price, and in the value of the land, that the home sits on.

Take it from a builder/real estate developer and numbers geek, who has lived through the best and worst markets: strike while the market is in your favor!  And run from anyone who tells you not to.

Let me know what you think

Will New York Billionaires Save The New Jersey Luxury Home Market

Location is everything when it comes to real estate.  And nothing shows this more than the article in this Sunday’s New York Times titled…Billionaires’ Club Is Set To Grow…The demand for high-end homes is also expected to rise.

 “The buying seems to draw traction from the fact that there will be so many more newly minted rich people hunting for properties. Over the next 10 years, some 95,000 more people around the world are expected to see their wealth grow to at least $30 million, according to a forecast by Knight Frank, a London-based real estate company, which puts the current number of such people at 189,835.”

The article ties in an expected worldwide explosion of billionaires, to an already exploding ultra-luxury residential market in  key cities, like New York City.

With what is happening in NYC and other major cities, translate into the same trend for the Bergen County, New Jersey market, which is (used to be) tightly intertwined with what goes on in New York City?  Do the mega home sales that we’ve all heard about happening in Manhattan spill over into our market, as it used to.  Or are these sales, and the overall strength of the NYC residential market taking away sales from the neighboring suburbs, and hindering our recovery.

Their assumptions may be true for specific locations like Manhattan…but it’s not the case in Bergen County, New Jersey, where the number of luxury home sales, are down 60% from the peak, and the dollar volume has seen a 67% hit.

The numbers show that luxury home sales and ultra-luxury home sales are being clobbered in Bergen County.  And I would be willing to bet that some of this is attributed to the boom that’s happening in the city on the other side of the Hudson.

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Some Facts:

There are 94 luxury homes for sale in Bergen County (priced above $3 million):

  • 21 luxury homes are for sale in in Alpine
  • 12 are in Cresskill
  • 8…Englewood
  • 9…Franklin Lakes
  • 22 are located in Saddle River
  • 7 in Tenafly
  • The remainder are scattered throughout other towns in Bergen County

The Scary Part:

  • 94 homes for sale priced above $3 million
  • In 2012 only 25 homes were sold in this price range
  • Sales in 2012 decreased by 23% from 2011
  • From the peak year of luxury home sales in 2006 compared to 2012, sales of luxury homes decreased by a whopping 60%
  • The dollar volume of sales at the peak compared to 2012 decreased by 67%

And there’s no end in sight to this downturn. The demographics are working against the high-end market, and high taxes. And the ego to purchase one of these suburban monsters isn’t there in the volume that’s needed to turn things around.

  • In 2012 the most expensive home sale in Bergen County was a $20 million home located in Alpine…a 40% discount from the asking price
  • The next most expensive home sale in Saddle Rive was $6,000,000.  This home was for sale since 2005 and was listed in 2010 at $9,250,000.  It finally sold at a 35% discount…and this was a fairly new home in an incredible subdivision.

The most interesting fact with luxury home sales in Bergen County is that out of the 25 homes that were sold above $3 million, only 1 home was sold to a foreign buyer outside of the United States, and only 5 homes were sold to people outside of New Jersey, and 4 of those were from New York. So much for all the talk about international buyers purchasing homes in our backyard.  Yes, real estate is local!

“In the end, the global luxury property market is functioning in its own universe, seemingly removed from general real estate trends. It “remains relatively impervious to these trends and more closely follows the luxury goods market,” Christie’s International Real Estate said in a study released this week.”

Christie’s International…you missed what’s really happening in northern New Jersey…but why let the facts get in the way of hyping the market.  And don’t think that what is happening in Alpine, New Jersey is irrelevant, because for the past bunch of years, Alpine has been one of the most expensive zip codes in the Country.

National stats and reports, have noting to do with what’s really happening right in your own back yard

Remember, real estate is local!

Tenafly home sales tumble in September

The big news in Tenafly, is that the real estate market hit a major road block in September.

Better put, it hit a brick wall!

Tenafly Home Sales Report 2012
  • Home sales decreased 7% in 2012
  • Home sales year to year for September decreased a whopping 65%
  • The sales volume for homes sold decreased 18%

For a town that has had the hottest market in the region for a long time, this is big news, and it couldn’t come at a worst time.  Going into the end of year market the market tends to dip off, and this may create even fewer sales going forward.

Stay tuned for more data and analysis.

I can’t wait to see what happened in the neighboring towns.  Care to guess?

The return of the $300k home sale in Bergen County? Not in the eastern part of the county

I added another post to my series about the State of the Housing Market in Bergen County, because of an article that was just released in The Record and on northjersey.com…The return of the under $300k house in Bergen, Passaic counties…by Kathleen Lynn, that focuses on the lower price range of the market (in specific towns), and once again on affordability.

  • is this really a return of lower priced homes?
  • is it a temporary return?
  • will this hurt sales of higher priced homes?
  • or is this article all about nothing…because the sales figures for homes priced under $1 million hasn’t really changed all that much going back to 2009?

And to dig even deeper, is this the future for Bergen County home sales, because the lower price range is all that today’s buyers can afford?

In fact, it’s pretty easy to find a home for less than $250,000

but not in the eastern part of the county!

This article seems more like a marketing piece for Realtors.  And again, they make it all about price.  But as the facts bare out, price doesn’t create more sales…it just makes it less expensive for people who are already in the market who probably would have bought a home at a higher price.

Sales of homes priced below $300k decreased in Tenafly by 88% in 2012…and that’s taking into consideration, all types of housing…not just single family homes…(8 houses sold in 2011 and only 1 house sold thus far in 2012).  And there was a 17% decrease in this price range from 2010-2011.

Real estate is local!

As I’ve stated in previous posts, it’s impossible to properly assess the market at any price point unless you use comparison from a multiple of past years and price ranges. The shift to something is be more important than the shift to something.  And this is the case for the articles in the above referenced publications.

The Record’s look at property records found that under-$300,000 homes were a majority of sales in many towns that have traditionally drawn first-time home buyers, such as Bogota, Bergenfield, Elmwood Park, Garfield, Hackensack, Lodi, Clifton, Wanaque, West Milford and Pompton Lakes. But properties under $300,000 also made up 42 percent of the sales in Fair Lawn, 27 percent of the sales in Mahwah and 23 percent of the sales in Waldwick.

I’m going out on a limb to say that a majority of the homes sold in Tenafly are also to first time buyer…but at higher prices than the towns mentioned above. Which means that the $300k price range is irrelevant, but for talking about an incredibly narrow price point.

Yes it’s true that the sales of homes priced below $500k (they use the weird figure of $300k…whereas I use more simplified figures in $500k-$1.0m increments, so it’s easier to understand) has increased by a whopping 31% in 2012…from 40% of all homes sold in Bergen County to 62% of home sales.

But what the articles failed to point out is that in 2011 the sales of homes priced below $500k, actually fell by an equally whopping 27% from 2010.  So the return to the $300k home may not be such a radical move after all (or could it be incredibly radical).

And also not mentioned were the sales figures for homes priced from $500k- $1 million:

  • sales of homes in this price ranged decreased by 36%…from 47% to 30% of all homes sold in Bergen County
  • however, sales in the same price range increased in 2011 by 28%

What this really tells us about the market is something that we all need to be concerned about…and that is the trend that this portrays.  Which is that if this is in fact the trend that the publications believe that it is, is that the market in Bergen County is going to be predominately positive only for lower priced homes.  Because as they point out, most of today’s buyers are first time buyers…not move up buyers.

And if this is in fact the case, which it could be, then the trend for homes priced well above these figures will suffer, because there isn’t enough of a supply of these homes for sale.  Which will then cause the price of the lower priced homes to increase in value.  Which will then cause less homes to sell…and push more people to rentals.

Another problem that isn’t addressed in the articles is…what does this mean for towns like Tenafly, Cresskill, Closter and others in the more expensive eastern part of the County where the prices are considerably more expensive than in other areas of the County.  Will the eastern towns get hurt if this remains the trend?

If there’s one thing to learn from this…it’s that real estate is very local.  And if facts aren’t compared to other towns a price ranges, then it has no baring on anything other than to create distracting noise.  But worse it misleads consumers into believing something that is broadly true, but locally not correct.

If I only read the headline…The return of the under $300k house in Bergen, Passaic counties…then I would believe that the $300k home sale was a trend everywhere in Bergen County.  But it’s not.

But I do think that this highlights a serious problem that will affect us in the future…throughout Bergen County.  If this is the price range that buyers can afford for the next few years, it creates a problem for sales and values everywhere in the county.

The article was great in that it brings to attention some potential future problems with our housing market, and by pointing out that some people are looking in specific areas for lower priced homes, but that has pretty much always been the case in Bergen County. But you didn’t know that.

Home sales in Bergen County are up 10%

It was another positive month for the Bergen County housing market

For the fifth straight month there was an increase in the number of home sales…

  • 2% increase for single family homes
  • and a 4% increase in multi-family home sales

For the year we averaged a 10% increase in sales for the entire county. That’s a combined increase of337 units!

The dollar volume for sales also increased by 4%.

The only item on the negative side was the average sales price, which declined by 4%

In a future post I’ll analyze the the numbers deeper so that we can all get a better feel for exactly what all of these numbers mean. So don’t jump to any conclusions just yet.

Some bad signs…the ultra luxury home market ($3+ million) in Bergen County is just outright horrible

Stay tuned for more

Home sales data for Tenafly and surrounding towns. There are some surprises

Here is a close look at how the local housing markets are performing in our area: It’s all facts, and no fiction or misrepresentation of the numbers

  • Closter
  • Cresskill
  • Demarest
  • Englewood
  • Englewood Cliffs
  • Haworth
  • Norwood
  • Tenafly

Remember, real estate is local, so it really doesn’t matter what all the broad based reports are reporting.  It only matter what is happening locally.

Tenafly is still the king of home sales in our region.  Even though the sales figures are down across the board, the number of homes sold and the dollar volume for those home sales is still considerably more than all the other towns.

Tenafly is still considered the best place to buy a home, even if it costs more to live here compared to the other towns:

  • Tenafly dollar sales volume is 4xs more than in Norwood and Haworth
  • And it’s 1.5 –  2xs more than most of the other towns on the chart
  • Tenafly has more hoes sales than in all the other towns
  • Tenafly represents 23% of all homes sold in all of the towns combined on this chart
  • Tenafly ranks #3  for the average sales price, but considering the the number of homes sold and the dollar volume, the ranking is closer because of the diversity of homes that have been sold
  • In 2011 the dollar sales volume in Tenafly was 50% + higher than any other town on this chart
  • And the average sales price in Tenafly was only beat out Englewood Cliffs…but EC had only 46 homes sold compared to 158 homes sold in Tenafly

In the next post, I’ll discuss a major misrepresentation of the housing market in Tenafly.  One agent stared that sales in Tenafly had increased by double digits, when the facts show that Tenafly is in fact at -9% for the year to date. That’s about a 20 point mistake.  That’s a big difference, and it’s misleading..  Catch the data in my next post…”keeping the facts honest“.

As always. this sit5e is about homes and up to date market information and how using these number can help sellers to batter market their homes to buyers. And we aim to help buyers, by providing them with information that will help them analyze their purchase decisions based on facts…not fiction.  And that will help to avoid making a huge mistake.

Shift in Tenafly home sales

2012 has brought some drastic changes to Tenafly home sales; in particular the percentage of homes sales in the different price ranges.

2011 was another gang buster year for Tenafly home sales…the sales  volume increased 26% over 2011.  But when you look at the percentage of the homes that sold you start seeing exactly what the shift in sales entailed.

This is important information if you’re researching houses for sale in Tenafly, or just the real estate market in general.  This is a real time glimpse into the local market conditions.

Tenafly % sales comparisons

And here’s a prime example:

Tenafly stats: this is incredibly valuable information for both buyers and sellers, and you won’t find anywhere else:

2010-2011:

  • all of the 26% increase in the number of homes sold in Tenafly was due to an increase of sales for homes priced above $1.5 million
  • for homes priced below $1.5M sales actually decreased
  • the number of homes sold decreased by 19% for homes priced between $1M-1.499
  • sales increased by 21% from $1.5M-1.99m
  • sales of homes priced between $2M-3M increased by a whopping 63%
  • and sales decreased by 5% for homes priced between $500k-999k

2011-2012:

  • the percentage of homes sold under $500k in Tenafly increased from 18% to 30%…a 60% increase
  • the percentage of homes sold in the $500-999k range decreased from 51% to 42%…a 20% decrease
  • from $1.5-1.99 there was a 22% decrease in home sales in Tenafly
  • from $2.0M-2.9M sales decreased by 37%

At this particular point in time what this shows is the flight to lower priced homes in Tenafly…namely homes priced below $500k.  But when you start combining the numbers are Realtors do, then as a combined group the home sales remain the same as in 2011.

I believe it’s important to break down price points, because then you see that what is happening in one price point, may be totally opposite in another price point…and this is especially important if you’re a homeowner who is trying to sell your home or are contemplating doing so.

If your price point is strong, then you should be pushing the limit with your sales price…what smart person or business wouldn’t.

Regardless, Tenafly remains the hottest market in the area when it comes to the number of homes being sold.  And people want to live here.  That’s the sign of a sellers market.