Bergen County Market Report November 2017
Thank you for reading our Bergen County Market Report November 2017. The 4th Quarter may be in full swing here in Bergen County but the market is fairing quite well. Over the past year we have spoken a lot about the lack of inventory of residential homes for sale. It has actually been a big storyline across the country as we have been in a seller’s market in most areas of the country. We are certainly still in a seller’s market here in Bergen County but we saw a 13% increase in the amount of new residential listings in October 2017 compared to the same time last year. We are hopeful that this may be a sign that the market is beginning to stabilize but only time will tell. We are also saw a big drop in the average days on market, in fact it fell 10% which means homes are selling quicker. SO those 2 numbers may have equalized each other as our balance has not changed.
Our Average Sale Price may have dropped a bit in October ( $574,579 – $559,556) but the year to date Average Sales Price has increased by 4.6%. That continues to be great news for homeowners as your equity continues to rise.
Total Residential Sales for Bergen County, NJ (per NJMLS)
What should we expect out of the end of the year? With a little over a month left in the year we will likely see steady numbers in terms of total sales as buyers get i the last sales before the new year. New listings will drop a bit compared to October as many home owners do not want to list during the holidays. That is not necessarily the best idea as we explain in 7 Reasons to List Your Home During the Holidays. Average Sales Price is tough to predict in such small sample sizes as it can vary month to month. I do see the days on market staying low as rates stay low and buyers out this time year are motivated and ready to buy.
Average Sales Price Residential Properties in Bergen County, NJ (per NJMLS)
Are you looking to buy or sell in the near future? Do you have questions about the process? Do you need recommendation for lenders, plumbers, electrician, handyman, or other services? Do you want advice on what renovations bring the best bang for the buck or what you can do to increase your home’s value? I can help with any of these needs and help you move on to the next stage of your journey. Contact me to find out how I can help at 201-446-8190.
Did you know that we offer a seasonal guide to selling your home? You can download the latest version right now and get some great tips on getting your home ready to sell and why the time is now!