Tales of a Seasoned Broker
Not much of a break is expected for home buyers this summer. As we move past June and start the second week of July any hope that prices may ease somewhat couldn’t be farther from reality. Across the board strength in housing prices persists in our area with avg listing prices continuing to break all time records as each week brings new highs. The average price for a listed home in Teaneck, Bergenfield and New Milford reached a whopping $932,000 at the beginning of this past week. The avg price of a home for sale in Teaneck alone reached over a million dollars at $1.13 million. It should not be a shock given all that has happened over the past few years, however, actually seeing it showing up in the statistical reports – and not just as a one time thing but as reflective of the new reality, is truly extraordinary. Any hope that inventories might build up in these three towns and help ease pricing has proved futile as the close to 60 homes that came on the market in the month of June were snapped up with 55 homes going into contract in the same time period.
Nechama Polak is the Broker of Record and Owner of V&N Group LLC located at 1401 Palisade Avenue in Teaneck, New Jersey. Send your thoughts and comments to firstname.lastname@example.org or call 201 826 8809