Which Parts of Bergen Are Suffering Most?

In the 4th quarter of 2007, sales activity was down significantly. Declines ranged from 16% to 34% in different parts of the County as compared with the same period in 2006. The areas with the lowest average home prices showed the largest declines in activity - Central, Southeast and Southwest Bergen - although prices held more or less steady in all areas. Closing prices ranged from -2.5% (Pascack Valley) to +3.3% (Northwest Bergen.) As I mentioned last month, I expect to see more significant price declines showing up this quarter. For a closer look at the data click here.