It is time to look back at the real estate market in 2012 and see how it compared to 2011 in Bergen County as a whole and the Pascack Valley region. Total sales were up nicely in 2012 in Bergen County. This supports the national trend of reduced housing inventory. Every price range was up except for the $1.5+ million priced homes.
Average home price was down very slightly in the typical first time home buyer price range ($400k & under). This could be a result of distressed properties, which are still part of the market in Bergen County. Average price was also down in the higher end homes, but the middle price ranges were basically stable from 2011 to 2012.
Median homes prices were basically flat across the board in all pricing categories.
The Pascack Valley region, made up of Emerson, Hillsdale, Montvale, Park Ridge, River Vale, Washington Township, Westwood, and Woodcliff Lake, saw a significant increase in single family home sales in 2012. Up an astounding 31% from 2011. The average sold price was down 3% across the Pascack Valley region. Median home price (not reflected in the table) was down 6% across the region.
There are definite signs of a real estate recovery throughout Bergen County. Reduced inventory, near record low mortgage interest rates, strong home sale increases, and stabilizing home prices bode well for real estate in 2013.
Want statistics on individual towns in Bergen County? Contact Kevin Hill, REALTOR®-Sales Associate with Keller Williams Realty-Village Square for more details.
Want to search for homes currently available for sale in the Pascack Valley and surrounding Bergen County? Go here: