December 1, 2023
December 1, 2023

Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

End of Summer Market Report—No Relief for Buyers

The summer market is officially over and what is traditionally a slow time of year has indeed remained so. Long forgotten are the frenzied pandemic summers of recent memory. July felt more like a typical March when pent up demand and low interest rates translate into higher transaction volume. It is noteworthy that whereas in years past homes that “languished” on the market past June/July would typically lower their prices, at present, listing prices remain stubbornly high in the Teaneck/Bergenfield/New Milford area. This trend is being mirrored throughout Bergen County as the average sale prices not only remain high but have even edged up in our local market as the luxury homes that were in contract during the spring have just now closed.

Buyers who were hoping to see lower prices and steady increases in inventory in our area will have to continue to wait for the tide to turn. The rate of new homes coming to market is mimicking the weaker numbers that were seen in the earlier parts of the year.

Perhaps an indication of things to come, and a possible silver lining for buyers, is the number of contracts for new home sales in our area which fell to 53 for the month of August, down from a high of 71 in June. This may be an indication of slowing demand for existing housing stock. Will this be enough to change the tide in this ongoing sellers’ market?

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