2016 Bergen County Real Estate Market Update
Hi this is Ryan Gibbons from the Gibbons Team and I and am here today to discuss the Bergen County real estate market and how it did in 2016. As always if you have any questions or would like to know the stats for a particular town I am here to help!
The market here in Bergen County fared quite well in 2016 with 6,897 residential homes selling during the year compared to 6,184 in 2015. This represents a 12% year over year growth!
An encouraging sign for the beginning of 2017 is that growth came in the beginning and end of the year. Our 1st quarter last year saw an increase of 23% over 2015 and an similar increase occurred in the 4th quarter with an increase of about 13%.
While the total number of sales soared the average sale price dipped slightly from $574,374 to $572,090 in 2016. We did see growth in 2 of the last 3 months of the year resulting in a 9.6% increase over the 4th quarter of 2015.
The main issue we have right now is inventory. We have seen an increase in sales but we are not seeing an increase in new listings. Over the last 3 months we have 1,663 new listings and 1,645 sales and an active inventory of 2,038. When we look back to the same 3 month span last year we had 1,791 new listings, 1,415 sales, and inventory of 2,849. We like to see the number of sales increase but we need new listings to maintain a healthy market.
What this means for seller?
It means that this may be a good time to put your home on the market if you have been on the fence. With inventory so low prices are bound to increase due to lack of supply and increased demand. Buyers are out there and looking for a home before rates increase again.
What about buyers?
At this point you may already be running into multiple offer situations since we are seeing that frequently now. This usually doesn’t start for another few months but it is happening now. You can’t wait for the Spring market to get started as it may take time to find the right home. I suggest you get your search started now before things get even worse.
Thanks for watching…again this is Ryan Gibbons of the Gibbons Team. Call me at 201-446-8190 with any questions you may have. Remember who you work with matters! Have a great day!