Year to date, the number of homes sold in Bergen County is up 18% over last year. The number of days it took to sell is down 14% to 82 days. And the average sold price is up 5%, according to data from the New Jersey MLS.
The recovery from the recession is well underway, especially for areas in northwest Bergen County. In the 13 towns from Glen Rock to Mahwah to Oakland, average sold prices are up 9%. The number of homes sold was up less dramatically at +13% because the inventory of homes on the market is in short supply.
In fact, Glen Rock may finish the year with the lowest inventory in the state, measured in months of supply. With the spring market expected to start in mid-January, buyers are likely to find themselves aggressively competing for homes.
With interest rates expected to rise through 2014, buyers will be weighing the cost of paying more for a home in a bidding war against paying their lender more in interest for the next 30 years.
For more information about the changing market in Bergen County, call Michael Shetler at 201-421-0506.