Bergen County Housing Inventory Down

Housing Inventory Down

Housing inventory continued to drop nationwide and in Bergen County NJ as well. The total active residential listings for the county in 2012 vs 2011 was lower by 849 units representing a drop of 9%. The drop in inventory is even higher  in specific towns as is shown below.

This drop in inventory, coupled with strong demand, is a driving force behind an expected price appreciation and vibrant market. While January is normally a slow month, the real estate market in Tenafly and other Eastern Bergen County towns  is already very active both on the buyers side and sellers side.

Another indicator of what is bound to be a strong market in 2013 is the number of new constructions going on in town. Builders realize there is a shortage and have taken the calculated risk to invest again in spec homes for which buyers are willing to pay a premium.

It’s been a buyers’ market for a while. Sellers have been reluctant to put their homes on the market but this can now be changing.

Inventory Change in select towns 2012 vs 2011

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