Homes for Sale: Does Bergen Have An Oversupply?

This week we take a look at the number of homes on the market and whether we have an oversupply situation. Below is a sampling of towns on the west side of Bergen County representing a wide range of home prices. Keep in mind that a balanced market is a four to six month supply.

	Months Supply
Fair Lawn	6.6
Garfield	10.4
Glen Rock	6.5
Ridgewood	4.9
Upper Saddle River	13.9
Wyckoff	6.7

While the market has changed significantly over the last six months, inventory levels have not. At the low end of the market, with the exception of the very low end where foreclosures are high, the market remains close to being balanced. But at the high end, there's an oversupply situation. And the ever-popular Ridgewood, with a 4.9 month supply, is perfectly balanced.