The Ridgewood News reported that “Overpricing (is) no longer norm in Bergen County” The market continues its return to a more normal state, pricing seems to be more in line with what the market is supporting. Price reductions are on the decline and homes currently on the market are priced more realistically.
The December numbers for my market areas are noted below. As in every market, well-priced homes continue to sell and with the Spring market just around the corner, activity is expected to be brisk. Good news for sellers and buyers and Realtors!
# of Active # Under Contract Absorption % Weeks
Ridgewood 86 44 51% 24.5
Midland Park 33 8 24% 20
Saddle River 57 6 11% 91
Bergen County 3349 846 25% 33
The median price of homes in each of these areas:
Midland Park $402,000
Saddle River $1,400,000
Bergen County $441,000
The NAR Guides to Home Buying and Home Selling
Is a good place to start if you’re thinking about buying or selling in this changing market. Go to http://www.realtor.org/prodser.nsf/pages/hbspages?OpenDocument for more information on this useful resource.