Tenafly Homes For Sale – Local Market Report

Below -4% mortgage rates and five years of flat  home prices made homes in Tenafly and Bergen County more affordable then ever before . Coupled with  a warm spring, sales surged in the 1st quarter  of 2012  but slowed somewhat in April and May to a  cumulative sold number of 43 single family homes,   the same as was at the end of May 2011.

The average price  for the period in 2011 was $948,835 while the  the average price for the period in 2012 is $905,779.  This represents  a drop of 4.5% in the sold price year on year.

The average # of Days it took to sell  for the period in 2011 was 127 days  the average # of Days it took to sell in 2012 was 97 days .

The drop in the average sales price is a result of a higher number of sales -in 2012 – in the lower price range of $300,000 to $500,000 and , a lower number of sales in the upper end of the spectrum. While the market is transitional in nature it is not distinctively a buyers market as it has been in recent years.  The overall sentiment though is one of cautious optimism…..