As street corners across our neighborhoods filled up with anxious parents, buses eventually picked up eager, but cold, children heading back for the long-awaited first day of school. For many parents this occasion actually represented their first day of vacation, and with their new found freedom the ability to finally get things done that are impossible with a house full of kids.

As such, many showings which had been postponed over the last few weeks came, creating quite a busy week. The summer market was strong to be sure. Continued elevated numbers of homes on the market relative to the lows of earlier in the year allowed for an increase in sales, leading the month of August to boast the highest number of home closings in over a year, with 57 homes sold.

One notable number, as of the writing of this article, is 66. There were 66 homes at the end of August on the market with an average list price of $1,007,000, which represents a new high for the Teaneck, Bergenfield and New Milford area. Surely this is a marker of just how extreme prices have become. For a better view of what the future holds, the number of new homes coming to market during the month of August alone came in at 41, with an average listing price of $735,000. This indicates that simply a few homes at the top of the market may be responsible for such elevated average list prices, even as more moderately priced homes continue to arrive on the market.

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.