Bergen County NJ Real Estate Blog

Bergen County NJ Real Estate Sales Expected to Stabilize Through Summer

Little change is expected in New Jersey real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors.

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

Let’s take a look at the sales statistics for Bergen County in March 2008 to what is happening locally:

Residential sales in Bergen County dropped by 30 percent in March compared to March 2007, causing the average market time to increase 11 percent, from 99 days to 109 days. The average sale price increased 4 percent to $673,132, while the SP to LP ratio decreased by 2.31%.

Now is a GREAT time to be buying a home in Bergen County. To learn more about Bergen County real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com. To begin searching for Bergen County homes, please use our complimentary MLS search.