Last week we looked at the national market and analyzed some general Bergen County statistics, but this week, as we enter the last month of the year, I wanted to highlight the specifics of the Teaneck, Bergenfield and New Milford markets. The trends of low inventory coupled with equally low sales volume is painting a picture of a truly muted market. Don’t be fooled by the lowering average sale price of houses for this month—which is at its lowest number in six months—as a sign of softening real estate values. We are viewing this trend as a direct result of there being more activity in the lower price range homes, with more of them coming on the market leading to more of them being sold. At the sought after price range between $900,000 and $1.1 million, at the time of writing this article there were only two houses available for sale in these three towns. This can explain the lowering of the average sale price as the higher priced homes are not being offered for sale in the first place.
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.