Select Bergen County NJ Towns Mid Year Sales Review

With six months into the year Real Estate Sales in  the 14 northern Bergen County towns charted below shape up to show that no town is like another and that market behavior is locally unique to each locality.

The following observations   can be made as of the period ending June 30. We have to remember that in many of these towns the nominal numbers of sold homes is so small and can be easily changed with the closing of some of the under contract transactions

• The high end markets of Alpine and Saddle River continue to be stagnant both in terms of units sold and deteriorating average prices. With the exception of one property that sold over $4 Million all sales as of June 30-2012  in both towns were under $2.9 Million
• The Lower priced markets in Bergenfield , Teaneck and Englewood continue to show  solid demand  in terms of units. However, even in these towns with large number of sold homes , average sold prices have declined -12% in Bergenfield and rose slightly by 4% in Teaneck and declined -31% in Englewood  year on year for the period.
• The town of Haworth demonstrated the sharpest increase in sales in terms of units to the tune of +138% however the average sold price dropped by -15%  as all sales – with the exception of two properties – were under $600,000
• Demarest and Englewood Cliffs show the a stable and high  demand  for  higher priced properties as is also reflected in higher average prices year on year for the period , +14% & +29% respectively.
• Tenafly is showing a slight decrease in terms of units and average sold prices of 9% and 8% respectively. The main reason for that is that sales of the higher end properties of $2 Million and up ,that sold so well last year are sluggish so far.
• Cresskill continues to show a decline in terms of both units and prices