The Teaneck, Bergenfield and New Milford markets continue along their slow yet steady path of modest increases in inventory (now 109 homes combined), with the average listing price down ever so slightly to $750,000. While lower than last month, the numbers are completely on par with what the asking prices were through the essential spring market months of March and April. There were 60 sales for the month of July with an average sale price of $599,000, around 5% less than last month but indicating no significant change in average sale prices when compared to the sale prices for the months of March, April and May.
To illustrate the current steadiness of the local market I decided to use the entire county for the statistics and not just the immediate area. Given that this is a much larger sample of homes the chart below will give us a different perspective on how to gauge the market. From my standpoint the two sets of data both indicate “steadiness,” with the most significant difference being average list prices for the county hitting their low for the year, down 8% from a high in April.
By Nechama Polak