The last 30 days have been very busy in local real estate.
The number of homes under contract in northwest Bergen has risen 24% from the same period last year, and is up 13% from 2006.
These statistics are quite remarkable given the condition of the economy. One explanation is that buyers have been in "wait and see" mode for a long time and have decided that prices have come down enough to make buying attractive again. Another is that sellers have gotten the message and are willing to accept lower prices.
However you interpret it, it's a great beginning to the fall market.

The Bergen Record and NorthJersey.com need to do their homework. For almost two years I've been publishing weekly sales data for all of Bergen County on my site at http://BuyingInBergen.com. Yet if you go to NorthJersey.com, they say their's is "the most up to date free site for home sales in Bergen..." Their data is 3-4 weeks old before it gets published. Mine is piping hot, published every Monday morning for the previous week. NorthJersey.com, please adjust your claim accordingly.

I'm sure a number of readers will have trouble believing the following statistics. This data flies in the face of everything we've been reading in the media for the last six months about falling real estate values. In defense of the credibility of these statistics, they are generated by the New Jersey MLS, through which all multiple listing sales in Bergen County are tracked.
Here it is --  the average sold price in northwest Bergen County was 5.2% higher in the second quarter of 2008 than in the same period of 2007. The median sold price was 1.3% higher.

According to Standard & Poor’s/Case-Shiller U.S. National Home Price Index, the inventory of homes on the market stood at 11.2 months at the end of the first quarter, certainly an oversupply. In contrast, Bergen County inventory stood at 9.8 months, also an oversupply but closer to a balanced market. In northwest Bergen, inventory was even lower - 8.9 months. Four to six months is considered a balanced market.Home Inventory Level

In early May, Glen Rock Borough Council approved an ordinance governing the size of homes that can be built in the borough. Details can be found on the home page of Glen Rock's official website, http://GlenRockNJ.net. The new standards were adopted in an effort to keep properties from being overbuilt. The borough's planning board had been working on the resolution for the past two and a half years. Some of the new guidelines include:

- The total ground floor area of all structures shall not exceed 25% of the total area of the lot measured within 140 feet of the front property line.

- The minimum lot area of 11,200 square feet shall be measured within 140 feet of the front street property line.

- Height. No building shall exceed a maximum height of 32' from the average point of grade

Average sold home prices in Bergen were down 5.4% from April of last year, while median sold prices were down 10.6%. In March, median prices were down only 1.0% from the previous year. On a positive note, however, homes under contract closed the month with marked improvement. March activity was down 33% from the previous year, while April was down only 6.1%. Sellers have recognized that local prices have come down, and buyers are taking advantage.

While the market has changed significantly over the last six months, inventory levels have not. At the low end of the market, with the exception of the very low end where foreclosures are high, the market remains close to being balanced. But at the high end, there's an oversupply situation. And the ever-popular Ridgewood, with a 4.9 month supply, is perfectly balanced.