Tales of a Seasoned Broker

Last week we looked at the national market and analyzed some general Bergen County statistics but  this week, as we enter the last month of the year, I wanted to highlight the specifics of the Teaneck, Bergenfield and New Milford markets. The trends of low inventory coupled with equally low sales volume is painting a picture of a truly muted market. Don’t be fooled by the lowering average sale price of houses for this month – which is at its lowest number in 6 months – as a sign of softening real estate values. We are viewing this trend as a direct result of there being more activity in the lower priced range homes, with more of them coming on the market leading to more of them being sold. At the sought after price range between $900,000 to $1.1 million at the time of writing this article there were only 2 houses available for sale in these 3 towns. This can explain the lowering of the average sale price as these higher priced homes are not being offered for sale in the first place.