Allendale Market Statistics - End of August 2011

The Allendale Real Estate market is holding steady over the past months.

Here are the statistics from the New Jersey MLS system for Allendale single family residence for period 8/1/2011 - 8/31/2011.

 We see a increase of sales as expected at the end of the summer before school starts. Also there are a large number of withdrawals from the market and a decrease of total inventory. Expect some of these to be relisted in the next couple of weeks.  The biggest note that I see is a decrease is sale price to list price of 3% to 91.2 %.

Some general market comments from

The OTTEAU Report by Jeffrey Otteau 

Although home purchase contracts in July exceeded the year ago level for the 3^rd consecutive month, they appear to be losing strength along with the rest of the economy. During July, the rate at which home buyers signed contracts to purchase existing and new homes was 4% higher than one year ago which follows a 12% increase in June and 13% increase in July. Considering that these recent gains follow 12 straight months of declining purchase activity should be good news for the housing market. But the declining strength of the increases coupled with slowing job growth, recent stock market losses and the debt ceiling crisis suggest that the housing stabilization may be crumbling. 

Do you have any questions about Allendale or Allendale Real Estate? Need to know the value of your home?

Contact me anytime for a free consultation:
Your Allendale Home Town Expert - 45 year resident.

James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Website: www.BergenCounty-Homes.com
Email: jlockard@remax.net