Bergen County
Bergen County single-family homes maintain their moderate SELLER’S market status with an absorption rate of 3.8, which was the same as last month. The average number of days a home stayed on the market remained normal. The average sale price for single-family homes decreased slightly, which is normal for September. This was the first time in over 14 months where the average sale price came in as a positive number (3%). The number of days a condo/townhouse stayed on the market in Bergen County decreased sharply to almost a normal position. The number of homes sold and the average sale price were down slightly for September. For the year, home prices in Bergen County are up about 16% for single-family homes and approximately 7% for condo/townhouses.
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Passaic County
The average selling price is down about 16% from September of last year and equal to September of 2004. However, the average selling price for the past 5 months is almost identical. The days on the market remains close to normal. For the year, home prices in Passaic County were down about 4%. More homes were sold during this September than the Septembers of 2007 and 2008.
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Essex County
The average selling price for September was up slightly from last September. However, the days on the market slipped a little, but still about normal. For the year, home prices in Essex County were up about 7%, an increase of approximately 5%. Essex County is in a weak buyer’s market.
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Sussex County
Sussex County slipped again in September with home prices down approximately 25% from last September. However, the number of homes sold remains high for the year. The days on the market increased to 124 days and the county is still in a buyer’s market. For the year, home prices in Sussex County are down about 10%.
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