Bergen County NJ Real Estate Blog

Modest near-term movement is expected in Bergen County NJ real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.

”Let’s take a look at the real estate sales statistics for June 2008 to see how the market is looking locally:

Residential sales in Bergen County dropped by 19 percent in June compared to June 2007. The average market time increased 15 percent, while the average sale price decreased 1 percent to $679,399. The SP to LP ratio decreased by 2.03%.

Sales in the Pascack Valley dropped 2 percent this June compared to June 2007. Market times increased by 39 percent or 22 days. Selling prices decreased 4 percent to $615,038 and SP/LP ratios decreased 2.935%.

Northern Valley selling prices decreased 1 percent compared to June 2007. Market times decreased 19 percent, while the SP/LP ratio dropped .4.62%. The number of homes sold remained the same.

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 real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com. To begin searching for Bergen County homes, please use our complimentary Bergen County MLS search.