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December, 2009
Bergen, Essex, Passaic, Sussex Counties
Click above to view details from 2006 to present.
Bergen County - Low Seller's Market New Listings:
Sold Listings:
Average Sale Price:
Days On Market | 951
860
$436,500
110 |
| Essex County - Low Buyer's Market New Listings:
Sold Listings:
Average Sale Price:
Days On Market | 356
301
$379,800
81 |
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| Passaic County - Low Buyer's Market New Listings:
Sold Listings:
Average Sale Price:
Days On Market | 233
188
$311,500
102 |
| Sussex County - Med. Buyer's Market New Listings:
Sold Listings:
Average Sale Price:
Days On Market | 194
114
$252,300
131 |
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Passaic County
The average selling price is down about 19% from October of last year. Also, the average selling price hasn’t been this low since February 2004. The days on the market remains close to normal.
For the year, home prices in Passaic County were down about 11%. More homes were sold during this October than the Octobers of 2007 and 2008.
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Bergen County
Bergen County single-family homes fell back into a buyer’s market with an absorption rate of 8.3%, which was much higher than 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 October. The monthly sales price increase/decrease, compared to the same time period last year, has been in the single digits for the past three months. The last time this happened was August of 2008. The number of days a condo/townhouse stayed on the market in Bergen County sharply increased resulting in the second highest month in many years. The number of condo/townhomes sold was up over 30% and the average sales price increase/decrease went back to negative double-digit figures. For the year, home prices in Bergen County are up about 7% for single-family homes and approximately 5% for condo/townhouses. Northern NJ Market Stat
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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%.
Click here for details
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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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Bergen CountyBergen County fell sharply into a SELLER’S market with an absorption rate of under 4 – inventory is lower than normal. The days on the market is about the same as last month – normal market. The average sales price for the month is still lower than this time last year, but statuesque for the year.
For the year, home prices in Bergen County are up about 6% for single-family homes and dead even for condo/townhomes.
Passaic CountyHome prices are down 16% over last year at this time and the number of days a home stays on the market slipped to 90 days as inventory remains in a low buyer's market.
For the year, home prices in Passaic County were down about 5%.
Essex CountyThe average selling price slipped about 5% from last month. The days on the market slips below a normal market and is lower than other Northern NJ counties. This is a sign that homes are being priced correctly in this county
For the year, home prices in Essex County are up about 5%.
Sussex CountyHome prices are still in a double-digit decline of about 20% from last July. The days on the market took a leap back to triple digits – as it has for the last couple of years. The county is still in a strong buyer’s market.
For the year, home prices in Sussex County are down about 2% - a small improvement over last month
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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:
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Passaic County
Inventory in Passaic County approaching a normal market with the average sales price down only about 9% over last year at his time. For the year, the average sales price is only down 4% since December of ’07.
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Bergen County
Single-family homes are firmly in a “Normal” market – inventory is down. Homes sold for the month increased by 30% over last month while the average sales price remained steady since February. The average sales price for the year remains positive.
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Northern NJ Housing Market Update for April 2009
Bergen County dips into a NORMAL market for single-family homes.
Inventory is down across the board for all of the above counties. Bergen County is leading the way followed by Essex County.
Days-On-The-Market is still very high, with an average of about 110 days. This figure should be no more than 90 days.
All above counties, with the exception of Sussex County, recorded a rise in number of home sales from the prior month – Sussex County stayed the same.
Passaic County had the best month: Average sale price increased 29% from prior month and 39% for the year. Number of homes sold up 24% from prior month. Bergen and Passaic Counties both had positive sales price increases from last years end. Essex and Sussex Counties had negative sales price figures for the year. |
Click or copy/paste link below to view Northern NJ market figures from 2005: http://www.bcnjre.com/Housing_Market_Stats/page_870680.html Here is a link to my "May Real Estate Update:
http://realtytimes.com/c/EmilRatti
This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! |
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| I have been testing out this new Twitter thing and I think it's great. I only update my twitter with current Real Estate and housing applicable information. Click or copy/paste www.twitter.com/EmilRatti and check it out. If you are interested in receiving my short comments, you can do any of the following: . View my home page at www.bcnjre.com and see if I left any new comments. . Go to www.twitter.com/EmilRatti and check out my new and old comments. . Use the RSS feed feature and you can place it on your iGoogle. If anyone knows of any other place where I can put my twitter, and be nice, please let me know. I will be on FaceBook soon - still testing. Enjoy the day! Emil... |
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Bergen, Passaic, Essex, and Sussex Counties |
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Out of the four Counties, Passaic County maintains the longest string of negative Sale Price decreases. However, the other Counties are not far behind. Passaic and Essex Counties both had the largest average sales price decrease of about 20% from last months end. The end of November showed the lowest average sales price of the last four years for all Counties The average days on the market (DOM) for all Counties is about 103 days. Sussex County has the highest DOM with 122 and Essex County coming in with the lowest at 85 DOM. Bergen County had the greatest percent increase of homes sold and Essex County the lowest over the prior month. Inventory of available homes is the largest in Sussex County with over 28 months supply of homes. Passaic County had the lowest with 15 months supply of homes. |
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The benchmark 30-year fixed-rate mortgage fell 12 basis points, to 5.8 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.35 discount and origination points. One year ago, the mortgage index was 6.17 percent; four weeks ago, it was 6.39 percent.
This may still be a good time to buy.
Please visit my website for details on November Housing Stats:
http://www.bcnjre.com/Housing_Market_Stats/page_870680.html
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Of all the counties, Passaic County has taken the biggest hit with eight months of negative figures. Bergen County Condominiums had the only average sales price increase for the year.
Homes sold are down across the board, with days on the market increasing slightly above average.
From Bankrate.com, 30 year fixed mortgage rates are down from three months ago. From Mortgage Bankers Association, mortgage applications have increased last week by12%, FHA application were up by 15.3 percent, and conventional mortgage applications rose 6 ½%.
While the figures are not so good, mortgage applications are up, people are buying, banks are giving out mortgages, and rates fell this past week.
This may be a good time to buy.
Click Here - Housing Stats
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Good news! Both new- and existing-home sales rose in July.
According to the National Association of Realtors, existing-home sales increased 3.1 percent to the highest level in five months. In the Northeast, sales of existing single-family homes rose 5.9 percent.
In addition, the Commerce Department reported an unexpected 2.4 percent increase in sales of new single-family homes in July. The seasonally adjusted annual rate of 515,000 units is the most since April.
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According to the National Association of Realtors, sales of existing single-family homes rose by 2 percent nationally and 4.6 percent in the Northeast during the month of May. In addition, inventories of unsold homes fell 1.4 percent to a 10.8-month supply.
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