[Bergen County, NJ- June 25 2019] — According to the May 2019 Monthly Market Indicators released by NJ Realtors®, in Bergen County, there is a good sense for how the housing market is likely to perform for the foreseeable future. Although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that the sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
During the month of May in Bergen County, single family closed sales increased 8.3 percent 611; townhouse-condo closed sales increased 6.9 percent to 218; adult communities closed sales decreased 16.7 percent to 5. On the median sales front, single family median sales price was up 1.0 percent to $510,000; townhouse-condo median sales price was down 4.1 percent to $319,500 and adult communities’ median sales price was down 31.4 percent to $240,000.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. That said, the Northeast, including the bulk of New York and New Jersey, is achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation
Data as of June 20, 2019. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2019 ShowingTime.
Greater Bergen REALTORS® provides invaluable information, programs and services to insure the success of its members in everyday business. As the leading voice of real estate in North Jersey, we advocate for the public to protect private property rights as well as the right to home ownership. The association is a highly influential and important member of the local, state and National REALTOR® family. Greater Bergen REALTORS® represents over 7,500 realtors in northern New Jersey. For more information, please visit www.greaterbergenrealors.com.