Here we are, at the end of September, and clear signs of a market shift are emerging. With respect to Bergen County we are witnessing the lowest number of homes sold in over six months, the lowest number of homes going under contract in over six months and although by a smaller margin than the two previous statistics, sale prices have dropped to the lowest numbers we have seen in over six months as well. Our immediate area (Teaneck, Bergenfield and New Milford) is experiencing a similar trend for both homes sold as well as average sale prices. However, the real statistic looming over our local market is the almost 50% drop in the number of homes going under contract compared to the prior six months.

Nechama Polak is the Broker of Record and owner of V and N Group LLC located at 1401 Palisade Ave in Teaneck. [email protected] 201 826 8809.