While the real estate market remains balanced in most parts of Bergen County, there was a measurable increase in the inventory of available homes in August. The number of months inventory of single family homes rose 10.7% from the previous month*. Even some of the strongest markets experienced a rise. The inventory increased from 2.8 months to 5.0 months from July to August. Ridgewood increased from 2.4 months to 3.5 months**. And Upper Saddle River jumped from 7.2 months to 15.4 months**.

* source: NJMLS. Info deemed reliable but not guaranteed
** source: Otteau Valuation Group, Inc,

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The Market Update published by the New Jersey MLS (NJMLS) for December, 2013 shows the number of single family homes on the market is down 20% from a year earlier. The area covered by NJMLS includes Bergen, Essex, Hudson and Passaic Counties. Inventory of condos and townhouses is down even more at -27%.

Other telling statistics show that the volume of sales across all categories was up 20.7%, the median sold price was up 6.9% and the average residential rental price was up 1%. Download the entire report.

source: NJMLS. Info deemed reliable but not guaranteed.

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Ridgewood, NJ rang in the new year with just 34 single family homes on the market. That’s down from 65 on the market on January 1, 2013.

To put that number in perspective, 315 single family homes sold in Ridgewood in the entire year in 2013. So 34 homes on the market is not many.

With so little inventory and strong demand, prices are expected to rise through 2014.

See the homes currently on the market in Ridgewood, NJ.

See more information about Ridgewood, NJ Real Estate.

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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.

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