Home Sales in Bergen County NJ Continue to Rise

Home purchases in New Jersey as a whole and Bergen County specifically continue to rise .

The rise is due to a number of factors;

• Lower Home Prices
• Low Mortgage Interest Rates
• Low Inventory worth of 6.8 months of sales in Bergen county
• Favorable Rent to Own Ratio
• New Jersey’s pace of economic recovery has accelerated over the past 20 months.

Home Sales in Bergen County New Jersey as of 9.30.2012

The graph to the left displays the single-family home sales in 14 Bergen County towns for the period ending September 30th, 2012, vs same period last year.

The following observations can be made about this graph.

• Sales in the high End Market of properties listed for $3 Million and up are stagnant as shown in the graph in the towns of Saddle River and Alpine.
• Towns that have suffered for the last few years with lower prices and lower activity are coming back as buyers get more bang for their bucks there ( all the blue columns). The one exception to this observation is the town of Englewood Cliffs that has been relatively strong and still is due to its low real estate taxes.
• Towns  that have held their own -relatively speaking- in terms of demand and prices are showing slight decreases in the number of transactions for the period which may just be a temporary situation that could correct itself by year’s end. Such towns are Tenafly and Demarest.