It was a great month to be a Bergen County home seller, according to the most recent housing market data available.
For one thing, home sales have continuously increased over the last several months.
In addition, total foreclosure filings have decreased. That’s great news in and of itself because foreclosures usually drag down home values.
Continue reading to learn more about the latest trends on the Bergen County, NJ real estat market and how they may be affecting you as a home seller.
Homes for Sale in Bergen County, NJ
Here’s an overview of the current state of the Bergen County real estate market, based on recent data:
- The number of home sales for both new and existing homes increased by 8 percent in December when compared to December 2010.
- December’s sales figures mark the largest single monthly increase since June, 2011.
- Many of the new homes sales fell in the “under $400,000” range, which is typically associated with new home buyers.
- Home listings in New Jersey fell for the seventh straight month in December, from 59,000 in December 2010 to 54,600 in December 2011.
- Meanwhile, occupancy rates and rental prices are rising as the supply of available renter units continues to shrink in New Jersey.
- For those investing in homes in New Jersey, the average fixed-rate mortgage rate fell to 3.88 percent in January – an all-time low
- New construction of single-family homes increased by 4.4 percent in December, which is the highest increase since April 2010.
- Existing home sales increased by 5 percent, which is considered the largest increase since May 2010.
- During the month of December, New Jersey foreclosure filings decreased by 14 percent.
- Between 2010 and 2011, the number of foreclosure filings in the state actually decreased by 75 percent.
- Still, New Jersey has a long way of going in terms of cleaning up its foreclosure market. The state currently ranks fourth worst in the nation for total delinquencies. In fact, 1 in 6 loans are in some stage of delinquency.
- Here’s how Bergen County specifically compared in some of these areas:
o Contract Sales: Down 5 percent in 2011 when compared to 2010
o Unsold Inventory: Down 8 percent in 2011 when compared to 2010
o Total Housing Inventory Supply as of the end of 2011: 9.2 months
o Contract Sales: Up 1 percent in December 2011 when compared to December 2010.
According to most market indicators, 2012 should be a better year than 2011 for area home sellers.
Experts believe that the recent increase is purchase activity can be credited to a number of factors, such as:
- Record high housing affordability
- Reduced home prices
- Low mortgage rates
- Increased consumer confidence
- Modest job creation
All these factors suggest that it’s going to be a pretty good year for Bergen County home sellers.
List Your NJ Home on the Bergen County Real Estate Market Today!
As your New Jersey real estate expert, I’ll share with you even more housing market data and explain to you the best way to approach the market as a home seller.
In the meantime, I also suggest you check out these helpful NJ home selling resources:
Until next time,