Bergen County Real Estate Update

According to National Association of Realtors NAR chief economist Lawrence Yun    the market is unnecessarily under performing.   Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger, he said. Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.

Here some leading Real Estate indicators specific to  New Jersey including Bergen County real estate data:

1. Total units Sold 2007-2011 shows all types of sold units ( Single Family, Condos, Town Houses & Multi Family)
2. Condos Inventory Levels as of End April will take 14.2 months to sell
3. Residential Inventory Levels as of End April will take 11.3 months to sell ( Single Family, Condos, Town Houses & Multi Family)
4. Single Family Inventory Levels as of End April will take 10.3 months to sell