Bergen County Real Estate Market Update January 2017
Hi this is Ryan Gibbons Team from the Gibbons Team with your Bergen County Real Estate Market Report for January 2017.
The market here is Bergen County has been quite active lately with buyers likely reacting to higher interest rates and low inventory. It is unusual for this early in the year but we are seeing multiple offers and packed open houses.
As always we want to provide you with the most up to date information so you can be an educated consumer when it pertains to real estate. If you would like more detailed information contact me anytime at 201-446-8190.
January 2017 saw a 12% increase in total residential sales climbing from 417 in January 2016 to 467 in 2017.
Average Sales Price also rose by 2.8% in January 2017 to $552,831 though this was the lowest month we have seen since March 2016.
Good indicators of where the Market is going are the number of New Listings and Under Contract Listings. Both numbers rose over January 2016 with New Listings rising 2.5% to 741 and Under Contract rising 9% to 464. Although we like to see these numbers rise the number of Under Contracts and Solds are far outpacing the new homes on the market. The end result of this is our total inventory dropped 25% to 2,110 as of January 2017.
So what does all of this mean?
It means we are in a strong seller’s market. Inventory continues to drop and prices are increasing. I am encouraged by the increase in new homes listed for sale but the amount is not enough to maintain a stable market. I feel these numbers will continue for the next few months as more buyers flood the market. My hope is that home owners who have been on the fence will list their homes this Spring to capitalize on increasing prices.
Thinking about buying or selling? Call me Ryan Gibbons anytime at 201-446-8190. Remember who you work with matters! Have a great day!
Information deemed reliable but not guaranteed. Subject to errors and omissions.