Northwest Bergen Sales Activity Up 47%

The number of sold homes in northwest Bergen County is up 47% over the same period last year. By early this year, the economy had demonstrated marked improvement with significant stock market gains, indications of bottoming unemployment and improving consumer confidence.

When April contracts close in a month or so, we should see an additional bump as a result of the homebuyer tax credit deadline. In Ridgewood for instance, many homes in the $500,000's were selling quickly in multiple bid situations. Some were selling over the asking price.

Prices have remained stable, with average sale prices coming in 1% higher than last year. And remarkably, interest rates have sunk again to below 5%, helping activity stay strong.