If there’s any doubt about the strength of the coming spring market in Bergen County, just look at the December 2014 Real Estate Market Report from the New Jersey MLS (NJMLS).
Last month the number of housing contracts was up 13.1% over the previous December, closings were up 9.1% and year-over-year the median sold price for single family homes in Bergen County was up 1.1%.
The number of days it took to sell a home has decreased for the fourth year in a row, down to 94 days on average in Bergen County.
In the rental market, the median rented price in Bergen County was unchanged in 2014.
Other leading indicators suggesting a strong spring market include open house attendance, the number of lockbox showings and the website traffic to NJMLS.com. In December, the open house count increased 42.6%, the number of showings increased 15% and web traffic increased 1.9%.
The 2015 outlook from Jeffrey Otteau of the Otteau Evaluation Group is that home prices will rise 3% statewide in 2015, continuing the recovery from the recent recession.
Nationally, the real estate market is expected to grow at a healthy pace in 2015 – benefiting both buyers and sellers, according to Lawrence Yun of the National Association of REALTORS®.
For more information on the real estate market in Bergen County call Michael Shetler, Keller Williams Ridgewood. 201.421.0506 cell or 201.445.4300 x231 office.
source: NJMLS. Info deemed reliable but not guaranteed.
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