Bergen County Sales Analysis

By
Real Estate Agent with COSMO REALTY, INC.

Bergen County and Palisaeds Park saw a dramatic downturn in residential sales in the past years, according to NJMLS data analysis as of 7/31/08. Sales of total residential units in Bergen County plunged 44.63% vs. 2005, the peak year, and 24.65% vs. last year. Palisades Park looks in even worse shape as seen below, as only 61 units were sold this year as of 7/31/08. This roller coaster-like fall reminds people how hot the market was in its sunny days. Palisades Park, the home of condomized duplex, did not see sales faltering up until the mid of 2007, as helped by surging condomized duplex sales in 2007. It is quite interesting that the town showed this late response to the overall market slowdown.

Bergen Co 8/1/03~ 2/1/04~ 8/1/04~ 2/1/05~ 8/1/05~ 2/1/06~ 8/1/06~ 2/1/07~ 8/1/07~ 2/1/08~
House 4,018 3,807 3,814 3,619 3,617 3,069 3,005 3,117 2,353 2,307
Condo 1,530 1,466 1,615 1,593 1,665 1,337 1,263 1,368 1,022 871
2-4Family 558 513 609 564 594 508 435 338 251 205
TOTAL 6,106 5,786 6,038 5,776 5,876 4,914 4,703 4,823 3,626 3,383

Pal Park 8/1/03~ 2/1/04~ 8/1/04~ 2/1/05~ 8/1/05~ 2/1/06~ 8/1/06~ 2/1/07~ 8/1/07~ 2/1/08~
House 18 21 27 20 17 16 6 9 10 7
Condo 64 73 74 76 66 79 69 90 51 35
2-4Family 41 34 37 33 28 25 15 25 14 9
TOTAL 123 128 138 129 111 120 90 124 75 51

Sales 2005 2006 2007 2008  vs.2005  vs.2007
US 7,076,000 6,478,000 5,652,000 4,810,000 -32.02% -14.90%
Northeast 1,169,000 1,086,000 1,006,000 850,000 -27.29% -15.51%
Bergen C. 11,794 9,623 8,666 6,530 -44.63% -24.65%
Pal Park 245 205 205 105 -57.14% -48.78%
 

 

 

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