Northern NJ Housing Stats for June 2009

Bergen County

Home prices continued to fall during June but the number of homes sold was up by 50% over last month. The time it took to sell a single family home in Bergen County decreased by about 10%. However, condo/townhomes took an additional 23% longer to sell.

For the year, home prices in Bergen County were down only about 2%.

Passaic County

Home prices are down 11% over last year at this time. The number of days a home stays on the market also remains high with 107 days as inventory moves higher.

For the year, home prices in Passaic County were down only about 4%.

Essex County

Essex County still remains king of smaller average selling price reductions with only a decrease of 3% over June of last year. The days on the market are not as low as years before, but very close to being normal - inventory just a bit out of a normal market.

For the year, home prices in Essex County are up about 10%.

Sussex County

Home prices are still in a double-digit decline of about 21% from last June. One bright point is that days on the market are the lowest of all other counties. Actually, it hasn’t been this low since 2004. The county is still in a buyer’s market but slowly approaching a normal market.

For the year, home prices in Sussex County are down about 8%. This is the highest of other counties.

Northern NJ market figures from 2006

Click or copy/paste link below to view

 http://www.bcnjre.com/Housing_Market_Stats/page_870680.html

July Real Estate Update: