I'm Brian Morgenweck and welcome to the Bergen County Condo Real Estate Week in Review for June 28 to July 4, 2010.
Happy 234th Birthday, America!
The statistics for this past week may seem a bit odd, but fear not, a few "outside" aspects were in effect helping to skew the results. I'll explain in detail as we go along...
We had 60 new listings for Bergen County Condos, Co-ops & Townhomes this week, bringing the total of "Active" listings to 1,942 units for sale.
(Pssst...Interest rates are in the 4%'s....)
Take a look at the availabilities in the $200K to $700K range in Bergen County right here!
| Current Active Listings / Condo Real Estate Week in Review | ||
| List Price Range | Number of Listings | Average DOM |
| $ 0 - $ 99,999 | 55 | 124 |
| $ 100,000 - $ 199,999 | 318 | 129 |
| $ 200,000 - $ 299,999 | 437 | 124 |
| $ 300,000 - $ 399,999 | 400 | 125 |
| $ 400,000 - $ 499,999 | 246 | 123 |
| $ 500,000 - $ 599,999 | 200 | 142 |
| $ 600,000 - $ 699,999 | 105 | 120 |
| $ 700,000 - $ 799,999 | 54 | 142 |
| $ 800,000 - $ 899,999 | 40 | 128 |
| $ 900,000 - $ 999,999 | 22 | 123 |
| $ 1,000,000 - $ 1,249,999 | 28 | 166 |
| $ 1,250,000 - $ 1,499,999 | 21 | 190 |
| $ 1,500,000 - $ 1,749,999 | 7 | 205 |
| $ 1,750,000 - $ 1,999,999 | 5 | 242 |
| $ 2,000,000 - $ 2,249,999 | 1 | 70 |
| $ 2,250,000 - $ 2,499,999 | 1 | 68 |
| $ 2,750,000 - $ 2,999,999 | 1 | 279 |
| $ 4,500,000 - $ 4,999,999 | 1 | 35 |
100 Closings on-the-nose last week!
(I did mention that certain extenuating circumstances were in effect...Well, this is one of them.)
| Sold Listings / Condo Real Estate Week in Review | ||
| Sold Price Range | Number of Listings | Average DOM |
| $ 0 - $ 99,999 | 5 | 142 |
| $ 100,000 - $ 199,999 | 28 | 112 |
| $ 200,000 - $ 299,999 | 20 | 124 |
| $ 300,000 - $ 399,999 | 15 | 82 |
| $ 400,000 - $ 499,999 | 11 | 128 |
| $ 500,000 - $ 599,999 | 13 | 171 |
| $ 600,000 - $ 699,999 | 5 | 43 |
| $ 800,000 - $ 899,999 | 2 | 118 |
| $ 1,250,000 - $ 1,499,999 | 1 | 449 |
(Did I mention that mortgage interest rate are in the 4%'s right now???)
The reason for the much higher amount of closings over the last several weeks was the First Time Home Buyer Tax Credit program's expiration date of June 30th ... or so we thought.
Mortgage underwriters, processors, real estate attorneys, Realtors, brokers and most importantly, sellers and 1st-time home buyers were experiencing more stress than a long-tailed cat in a room full of rocking chairs!
In the end(?) & after much pressure, the good folks in DC pulled their collective head out of...the ground... and extended the expiration of the program to September 30th. This way, the tax credit transactions stood a snowball's chance in...well...late June, of closing. That, my friends, accounts for the bounce in the amount of "Sold" units. The market(s) certainly would've been thrown another huge curve-ball had the 11th-hour extension not been granted!
(Ummm...interest rates are at a 50 year low in the 4%'s... Is this microphone on?!)
30 units went "Under Contract" last week. This is far less than the previous weeks, you say? Another one of those circumstances... A 4-day holiday weekend, compounded by attorneys being in the small end of the funnel due to the tax credit program's "perceived" expiration. I would think that the files of the deluge of 1st-time buyers took precedence over those new files in Attorney Review Period. Hey, there are only 24 hours... excuse me, 8 hours in a day, after all!
| Under Contract Listings / Condo Real Estate Week in Review | ||
| List Price Range | Number of Listings | Average DOM |
| $ 0 - $ 99,999 | 1 | 273 |
| $ 100,000 - $ 199,999 | 2 | 143 |
| $ 200,000 - $ 299,999 | 4 | 215 |
| $ 300,000 - $ 399,999 | 9 | 83 |
| $ 400,000 - $ 499,999 | 6 | 61 |
| $ 500,000 - $ 599,999 | 2 | 102 |
| $ 600,000 - $ 699,999 | 3 | 55 |
| $ 700,000 - $ 799,999 | 2 | 58 |
| $ 1,750,000 - $ 1,999,999 | 1 | 37 |
Drum roll, please... A WHOPPING 89 listings expired unsold this past week...WHOA!!!
| Expired Listings / Condo Real Estate Week in Review | ||
| List Price Range | Number of Listings | Average DOM |
| $ 0 - $ 99,999 | 3 | 237 |
| $ 100,000 - $ 199,999 | 12 | 185 |
| $ 200,000 - $ 299,999 | 23 | 253 |
| $ 300,000 - $ 399,999 | 12 | 270 |
| $ 400,000 - $ 499,999 | 9 | 216 |
| $ 500,000 - $ 599,999 | 14 | 281 |
| $ 600,000 - $ 699,999 | 6 | 259 |
| $ 700,000 - $ 799,999 | 1 | 176 |
| $ 800,000 - $ 899,999 | 3 | 250 |
| $ 900,000 - $ 999,999 | 1 | 423 |
| $ 1,000,000 - $ 1,249,999 | 2 | 148 |
| $ 1,500,000 - $ 1,749,999 | 2 | 180 |
| $ 2,750,000 - $ 2,999,999 | 1 | 206 |
(Information deemed reliable but not guaranteed. NJMLS 7/6/2010)
OK, this is another one of those #-bending stats that really shouldn't ruffle your feathers (as much). Here's the deal:
June 30th happened last week. While that may not seem like breaking-news to most, it does effect the statistics. You see, listing contracts are for a pre-determined period of time, agreed to by sellers and their agents/brokers. Frequently, for whatever reason, we see a larger percentage of expirations happen on the last day of the month. The fact that listings expire unsold at all, is unfortunate & many times, can usually be avoided. See my past posts in which I explained ways to avoid your home expiring unsold.
Bergen County Condo Real Estate Week in Review for June 7 to 14, 2010
Bergen County Condo Real Estate Week in Review for June 14 to 20, 2010
In addition, the asking prices of 68 units were reduced this week. It's no secret that we're in a buyers' market. I wish "The Importance of Market Pricing" were less of a secret... More on that later.
Just in case you didn't happen to notice me quietly trying to get your attention...
MORTGAGE INTEREST RATES ARE AT A 50 YEAR LOW IN THE 4%'S RIGHT NOW!!!! THE SAVINGS WITH RATES AT THIS LEVEL WILL BLOW AWAY WHAT YOU WOULD HAVE SAVED WITH THE TAX CREDIT PROGRAM!!! THIS IS GOOD NEWS FOR BUYERS AND SELLERS!!! ...There, I said it.
If you have any questions or would like real-time information on your individual scenario, you can email me by clicking on the email button below or call me at (201) 546-0040.
Thanks for stopping by and have a great day! Feel free to "Like" this info or share it with your friends!
I'm Brian Morgenweck and this is your Bergen County Condo Real Estate Week in Review.
Comments(0)