Bergen County NJ Real Estate Blog

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.
 
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.
Let’s take a look at the real estate sales statistics for May 2008 to see how the market is looking locally:

Residential sales in Bergen County dropped by 28 percent in May compared to May 2007. The average market time remained the same, while the average sale price decreased 10 percent to $603,783. The SP to LP ratio decreased by 2.01%.

Sales in the Pascack Valley dropped 2 percent this May compared to May 2007. Usually a drop in sales causes market times to increase, however, market times decreased by 29 percent or 28 days. Selling prices decreased 17 percent to $569,907 and SP/LP ratios decreased .49 percent.

Northern Valley selling prices decreased dramatically, down 29 percent compared to May 2007. this could be due to an unusually high sale last month. Market times decreased 7 percent, while the SP/LP ratio dropped .48 percent and the number of homes sold dropped 32 percent.

With moderatiing prices, Now is a GREAT time to be buying a home in Bergen County, Pascack Valley and Northern Valley.

To learn more about Bergen County NJ 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.