Bergen County new listings climbed by 4.5% and this was further supported with closed sales climbing 2.6% in March. The inventory of homes available in Bergen County has continued to erode, falling by 12.3% to 2,732 from 3,115.
Right now the inventory of supply has dwindled to just 4.5 months supply, which is down 13.5%.
This reflects the movement of buyers from the high prices of New York City to the more reasonable prices of those neighboring metropolitan areas such as Bergen County, which has easy access to Manhattan.
But this isn’t the whole story in Bergen County from our assessment. Townhomes and condos have skyrocketed in terms of new listings and closed sales.
New listings have climbed 16.4% from 2018 to 418.
Closed sales have also soared by 18.9% in 2019 to 189 closed sales from 159 closed sales. It does seem that the median sales price has fallen from $345,000 to $320,000, but this is not necessarily a negative, rather the bidding wars have abated and the bargain hunters are now gaining additional ground.
The months of supply in Bergen County currently has also fallen from 5.3 months to 5.1 months. Inventory continues to be a problem, falling over 7% from 1,133 to 1,053, a 7.1% decrease.
Bergen County is perhaps a prescient market because it indicates what we can expect moving forward for the rest of 2019. It appears that bargain-hunters and buyers will gain additional ground, bidding on properties that they can afford. It also appears that the increase in some inventories should be snapped up very quickly, as the days on market averages between 73 and 76 days.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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