Real Estate Prices: Believe It Or Not - Shetler
July 10 - I'm sure a number of readers will have trouble believing the following statistics. This data flies in the face of everything we've been reading in the media for the last six months about falling real estate values. In defense of the credibility of these statistics, they are generated by the New Jersey MLS, through which all multiple listing sales in Bergen County are tracked.
Here it is -- the average sold price in northwest Bergen County was 5.2% higher in the second quarter of 2008 than in the same period of 2007. The median sold price was 1.3% higher.
Does Bergen Have An Oversupply? - Shetler
This week we take a look at the number of homes on the market and whether we have an oversupply situation. Below is a sampling of towns on the west side of Bergen County representing a wide range of home prices. Keep in mind that a balanced market is a four to six month supply.
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Months Supply |
Fair
Lawn |
6.6 |
Garfield |
10.4 |
Glen
Rock |
6.5 |
Ridgewood |
4.9 |
Upper
Saddle River |
13.9 |
Wyckoff |
6.7 |
While the market has changed significantly over the last six months, inventory levels have not. At the low end of the market, with the exception of the very low end where foreclosures are high, the market remains close to being balanced. But at the high end, there's an oversupply situation. And the ever-popular Ridgewood, with a 4.9 month supply, is perfectly balanced.
Bergen Home Prices Finally Show Decline - Shetler
Average sold home prices in Bergen were down 5.4% from April of last year, while median sold prices were down 10.6%. In March, median prices were down only 1.0% from the previous year. On a positive note, however, homes under contract closed the month with marked improvement. March activity was down 33% from the previous year, while April was down only 6.1%. Sellers have recognized that local prices have come down, and buyers are taking advantage.
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