Bergen County NJ Real Estate Market Update

Bergen County is experiencing a continued increase in sales vs the same period last year.

Below are some indicators evidencing the strength of the market  in such towns as Tenafly , Demarest and Norwood  (data is updated as of May 31-2013)

 

All residential cumulative  sales are up 15.5% vs the same period in 2012

Properties are selling this year 14.3% faster than last year a clear indication of buyer’s sense of urgency to “lock in ” the mortgage rates that have already gone up since beginning of May 2013.

 

 

 

 

 

 

 

 

 

 

Another clear indicator of the market’s high activity level is the “absorption rate” which has shortened considerably when compared to the same period in 2012

• Inventory as of end of May in all categories is down 26.3% from 11.8 months down to 8.7 months
• Residential Inventory as of end of May is down 27.5 from 9.1 months down to 6.6 months
• Single Family Inventory as of end of May is down 25.3% from 8.3 months down to 6.2 months
• Condominiums, Co Ops and townhouses Inventory as of end of May  is down 29.5%   from 10.5 months down to 7.4 months