Northern NJ Housing Stats - August 2009
Bergen County
Bergen County single-family homes remain in a moderate SELLER’S market with an absorption rate of 3.8 – a slight decrease in inventory. The days on the market also went down to 85 days from 90 days last month.
The days on market for townhouses in Bergen County is still higher than normal, but sales continue to be aggressive and about equal to August of last year.
For the year, home prices in Bergen County are up about 23% for single-family homes and approximately 14% for condo/townhouses.
Passaic County
The average selling price is down about 13% from August of last year. However, the average selling price for the past 4 months is almost identical - this may be the bottom for Passaic County. The days on the market stayed about the same, which is almost normal, for the second month in a row.
For the year, home prices in Passaic County were down about 4%.
Essex County
The average selling price slipped again by a small amount from last month and about 27% lower than last year at this time. The days on the market is still in a normal market.
For the year, home prices in Essex County are up about 2%. Essex County is in a weak buyer’s market.
Sussex County
Sussex County had a better month in August. Home prices went from a double-digit decline to a single digit decline of about 5% from last August. The days on the market stayed about the same – too high. The county is still in a buyer’s market.
For the year, home prices in Sussex County are down about 1% - a small improvement over last month and the forth-consecutive month that the average selling price has improved.
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