Bergen County – The first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows and several more days of wintry weather in April – slower sales persisted across most local residential real estate markets.
In Bergen County, single family closed sales decreased 6.5 percent to 489, townhouse -condo closed sales decreased 12.9 percent to 183. Adult communities closed sales decreased 42.9 percent to 4. The single family median sales price was down 0.2 percent to $475,000, townhouse-condo median sales price was up 2.9 percent to $350,000. Adult Communities Median Sales Price was up 140.2 percent to $672,500.
Hiring and wage gains have been below expectations, and the New York unemployment rate ticked up by 0.1 percent to 4.1 percent during March 2019, which was higher than the comparative national rate of 3.8 percent. In order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Inventory is straining to keep pace in the most competitive price ranges.
President Christopher Tausch said, "Despite challenges with the weather in April, we're very happy that Bergen County real estate continues to do well. Pending single family home sales increased almost 4% year over year which is a healthy and sustainable pace. Our greatest challenge continues to be a shortage of available homes for sale but those numbers are also improving. Overall, we are confident that Bergen County will maintain its place as the engine driving the housing market in NJ throughout therest of the year."
Data as of May 20, 2019. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewideData as of May 20, 2019. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewidenumbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2019 ShowingTime
The Greater Bergen Association of REALTORS® provides invaluable information, programs and services to insureThe Greater Bergen Association of REALTORS® provides invaluable information, programs and services to insurethe success of its members in everyday business. As the leading voice of real estate in North Jersey, we advocatefor the public to protect private property rights as well as the right to home ownership. The association is a highlyinfluential and important member of the local, state and National REALTOR® family. The Greater BergenAssociation of REALTORS® represents over 7,500 realtors in northern New Jersey. For more information, pleasevisit www.bergenboard.com.