Not much of a break expected for home buyers this summer. As we move past June and start the second week of July, any hope that prices may ease somewhat couldn’t be farther from reality.
Across the board, strength in housing prices remains in our area, with average listing prices continuing to break all-time records; each week brings new highs. The average price for a listed home in Teaneck, Bergenfield and New Milford reached a whopping $932,000 in the beginning of this past week with the average price of home for sale in Teaneck alone reaching $1.13 million.
It shouldn’t be a shock, given all that has happened over the past few years. But actually seeing it—showing up in the statistical reports—not just as a one-time thing, but as reflective of the new reality, is truly extraordinary. Any hope that inventories would build up in these three towns and help to ease pricing has proved futile, as the approximately 60 homes that came on the market in the month of June were snapped up, with 55 homes going into contract in the same time period.
Nechama Polak is the broker of record and owner of V&N Group LLC, located at 1401 Palisade Avenue in Teaneck. Send your thoughts and comments to [email protected] or call 201-826-8809.
