Existing Home Sales Bounce Back

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Find Bergen County Homes for Sale

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Existing Home Sales Bounce Back
Total Sales 2014 vs 2015 Bergen County
Median Sale Prices in Bergen County 2014 vs 2015

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Existing Homes Sales have been improving nationwide which is a good sign of improvement in the housing market.  The important question though is how are sales doing locally?  Let’s explore these numbers for Bergen County to see if these trends are true locally.

As you can see by this graphic the total number of sales rose 11% from 2014 to 2015 while the Average Days on Market dropped by 8%.  So more house are selling in Bergen County and are taking less time to sell.  In fact with the exception of January 2015 every month in 2015 performed better than the same month in 2014!  The median sale price across the county also rose by 2% with all but 2 months increasing over the 2014 numbers.

Months supply of inventory is a metric that tells us how long it will take for the current inventory to sell at the current rate of sale.  In November 2015 we had a 6 month supply which has dropped to 5.4 months in December 2015.  It has also dropped year over year from 6.1 months in 2014 to 5.3 months for 2015.  This puts us in a moderate market where neither sellers nor buyers have an “advantage” in the process.  If these numbers continue to drop we will see ourselves in a seller’s market as there are lesser homes for sale than buyers willing and able to buy.

Want to learn more about the market in Bergen County?  Give us a call at 201-446-8190 to start your journey.

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