How Did the Real Estate Market Perform in 2012 for Bergen County & The Pascack Valley?

January 9, 2013 by Leave a Comment

MarketArrowsResizedIt 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.

Statistics Provided by the New Jersey MLS. Graph design by Jeff Adler.

Statistics Provided by the New Jersey MLS. Graph design by Jeff Adler.

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.

Statistics Provided by New Jersey MLS-Information herein deemed reliable but not guaranteed

Statistics Provided by New Jersey MLS-Information herein deemed reliable but not guaranteed

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:

http://pascackvalley.kwrealty.com/search/

 

 

 

 

 

 

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Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With:

Top 5 Statistical Reasons Why The Real Estate Market in Bergen County, New Jersey is Improving

December 18, 2012 by Leave a Comment
Bergen County Real Estate Market is Improving

Nov 2012 Market Snapshot Courtesy of the NJMLS

Some home buyers in Bergen County, New Jersey are on the fence. Will the real estate market go down more? Is it a good time to buy a home? Should I keep waiting to buy a home?

Well there are continued signs of a real estate recovery nationally and more locally here in Bergen County, New Jersey. In comparing 2011 to 2012, there are some key statistics from the New Jersey Multiple Listing Service proving the real estate markets in Bergen County is improving.

1. There are less homes on the market in 2012 vs 2011. Simple law of supply and demand, as inventory goes down, demand goes up.

2. Absorption rate for all residential housing types is down significantly. In case you don’t know what absorption rate is it shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.

The absorption rate lets you know how well the market is absorbing the current inventory of listings.

3. Number of sold homes for the year is up. 

4. Days on the market has decreased

5. Median home prices for all residential categories is up.

For a more detailed look at the statistics provided by the New Jersey Multiple Listing Service for November 2012, get instant access to the 33 page report.

For those with patience and willingness to possibly do some renovations, there are still short sales and foreclosures available. Often these homes are priced under market value and buyers can get a great deal on a home.

Search for Short Sales & Bank Owned Properties in the Pascack Valley

I know real estate agents almost always say ‘its a great time to buy a home’, but coupled with the housing recovery statistics, near record low interest rates, and housing affordability, it really is a great time to buy a home!

Search for Homes in the Pascack Valley

Search for Homes in Bergen County

Contact Kevin Hill, REALTOR®-Sales Associate with Keller Williams Realty.

 

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Filed Under: Bergen County, Buyers, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With:

How the River Vale Housing Market Fared in 2011

January 24, 2012 by Leave a Comment

How Did River Vale Fare in 2011's Real Estate Market?

Despite all the doom and gloom you hear on the news, home values in River Vale actually went up from 2010. According to the New Jersey Multiple Listing Service, the average sales price of a River Vale house went up by 6% in 2011. The average single family home in River Vale sold for $594,812 in 2010 and in 2011, the figure was $632,431. The amount total sold house listings was down by 16% though in River Vale.

Bergen County as a whole, showed stabilization, with the average sale price of a single family home almost identical in 2011 as 2010 at approximately $560,000. Is it possible we have hit the bottom of the market and may even see a slight increase in 2012? Only time will tell, however just personally speaking, it appears that things have picked up since November. With towns like River Vale more affordable than ever, combined with record low interest rates, its a great time for buyers. Also, great for step up buyers. Those are buyers moving from condos to a house or from a starter type home to a larger, more updated home.

Single Family Home Sale Prices Actually Increased in 2011!

The same can’t be said for the condo market in River Vale. The condo market continues to be soft, with a 15% decline in the average sales price of a condo in River Vale. There isn’t a huge amount of condo complexes in River Vale, so the sample size is a lot smaller than the River Vale housing market. There were 13 condo sales in River Vale in 2011, up from the 11 sold in 2010.

River Vale's Condo Market Wasn't As Fortunate


River Vale continues to be a great place to live as has garnered recognition nationally. It was ranked in 2007 by Money Magazine as the #29th ‘Best Places to Live’ in the United States and named again in 2009 on the pretigious list at #60.

Need more information on River Vale and the local housing market? Fill out the form below!

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Filed Under: Bergen County, Buyers, Home Sales, Pascack Valley, Real Estate Tagged With: , ,

So How is the Real Estate Market in the Pascack Valley?

June 30, 2011 by Leave a Comment

By far the most popular question I get asked as a real estate agent is, ‘How is the market?’ Based on the fear mongering news, you would think everyone is unemployed, banks aren’t giving anyone mortgages, every house listing is a short sale or foreclosure, and house values are plummeting off a cliff. I even saw a headline last week that said ‘Housing Market Worse Than Great Depression’. Now on the other side of the coin, I am not one of those who always looks at things with rose colored glasses. I try to be as realistic as possible with my advice. Real estate is local, so lets take a look at some real estate statistics from the Pascack Valley.

Source: New Jersey MLS


Source: New Jersey MLS


As you can see, the amount of single family homes in the Pascack Valley has decreased over the past 12 months. The under contracts are trending up in 2011. Thats most likely accountable to the spring market, when many buyers are out looking. The graph only goes to May 11th, so many of those under contracts will become solds and that graph will trend up also.
Seems like sellers are pricing their homes more to sell and buyers are out there buying, because the days on the market are trending down sharply. The average sales price has definitely dipped, but appears to have stabilized in 2011.

Source: New Jersey MLS, Inc.


We obviously don’t have a full year of statistics for 2011 yet, but as you can see in the reports, the average list price is down from $611,527 in 2010 to $546,491 (down 8.9%) for single family homes in the Pascack Valley. Average sale price in 2010 was $562,550 and its down to $500,334 (down almost 8.9%-which is almost exactly as much as the list prices has reduced).

Source: New Jersey MLS

So we are still seeing a decline in prices. Sellers seem more realistic with their list prices and buyers are taking advantage of reduced prices. Coupled with low interest rates (4.49% at the time of this article), it is a great time for buyers to get a good deal.

If you need a buyer’s agent to buy a home in the Pascack Valley, contact me here!

Filed Under: Bergen County, Home Sales, New Jersey, Pascack Valley, Real Estate Tagged With: ,

2010 Year End Bergen County, NJ Housing Stats

January 4, 2011 by Leave a Comment

Usually when a couple buys a home, one partner is more the emotional type, the other more analytical. This post appeals to the later. Based on statistics from the New Jersey MLS, as a whole, house prices have stablized in Bergen County.

2009 vs 2010, the average sales price of a single family home in Bergen County actually increased 1% from $552,710 to $560,199. Total single family sales were down though 2% from 4,616 in 2009 to 4,519 in 2010.

Getting more specific and looking at values in the Pascack Valley area, it was split right down the middle, with 4 towns seeing an increase in the average sales price for single family homes and 4 towns seeing a decrease. Washington Township (4%), Woodcliff Lake (6%), Westwood (8%), and Montvale (13%). On the downside, all 4 of those towns had less total sales in 2010 vs 2009.

Park Ridge (-4%), Emerson (-4%), Hillsdale (-5%), and River Vale (-6%) all saw decreases in the average sales price of single family homes from 2009 in the Pascack Valley. However they all saw increases in total sales except Park Ridge (-2%).

The first time home buyers credit, sellers reducing their list prices to more realistic market values, and record low interest rates helped drive the market in 2010.

It will be interesting to see what 2011 brings. There will be no 1st home buyer credit and mortgage interest rates have ticked up off their record lows. Improved employment numbers will give the housing market a boost and hopefully the housing market will continue to stabilize in 2011, with some experts predicting a turn around in 2012.

Filed Under: Pascack Valley Tagged With: , , ,

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