Inventory Down, Sales Up in Bergen County!

19 Mar

Inventory Down, Sales Up:  Spring Market Looks Good

Inventory Down, Sales Up: Spring Market Looks Good

Posted on 12. Mar, 2013 by  in Uncategorized

It is interesting to note as we head into the spring market, that we’re seeing the glut of active inventory in the NJMLS declining, while the number of closings is increasing.  Overall, there has been a decrease in Residential listings (single family homes, 2-4 family homes, and condos/coops/townhouses) of 22.44% from 2011 to 2012, while sold listings have gone up 12.90% in that same period.

This is in sharp contrast to what we’ve seen over the past several years.  Prior to 2005, in most instances, we witnessed an overactive market.  In 2005, inventory started to increase, and there was a decrease in the number of closings.  There was some exception in 2009 heading into 2010, when the First Time Homebuyer’s Tax Credit was in effect, but 2012 was the year we saw a significant change in both trends.

 

 

Click to see full size graph BergenStats

 

To further illustrate:  in the NJMLS market area, all four market area counties showed fewer active listings and more sold listings.  Click on the County name below for Active Inventory and Sold Listings statistics for Bergen, Passaic, Essex, and Hudson Counties.

There are also some key towns in each of these counties where this change is evident.  They include:

BERGEN COUNTY– 2011 to 2012

Cliffside Park:              25.40% decrease in active listings and a 37.80% increase in sold listings.

Montvale:                     44.64% decrease in active listings and a 43% increase in sold listings.

Ridgewood:                  29.59% decrease in active listings and a 26.15% increase in sold listings

Information from NJMLS

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