The question we are asked most frequently in real estate is inevitably: How is the market? With the increasing interest rates that we have been seeing since the election we are seeing increased uneasiness with the market across the country. This is not surprising but what we are seeing is buyers that are still looking even in mid December. That obviously is a good sign at least in the short term. Looking back over the past year we see that home sales have increased over 2015’s numbers. We already have over 5177 residential sales as opposed to 4,668 for all of 2015. We have also seen a modest increase in average sale prices over last year with the average rising by about $1,000 to $566,413.
As you can see from the charts below there are ups and downs in the market but month over month 2016 performed very well. As of writing this on December 14, 2016 there have been 239 residential sales which should put us around 529 homes sold for the month which would be just shy of December 2015.
Time will tell if the Bergen County Market will continue to thrive but history is any indication the market should be fine in the short and long term.
Interested in selling, buying, or investing in real estate? The Gibbons Team is here to help you so contact us anytime at Gibbons@GibbonsTeam.net or 201-446-8190 anytime. We are your real estate resource!