Bergen County, N.J. (October 26, 2020) – The pandemic continues to be a significant driver in the real estate industry. We continue to see vigorous buyer activity into the fall, usually the start of the housing market's seasonal slowing. With more muscular buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence. They will keep the housing market hot even when the weather is cooling.
During the past month, Single Family Closed Sales increased 32.9 percent to 764. Townhouse-Condo Closed Sales increased 22.3 percent to 247. Adult Communities Closed Sales decreased 30.0 percent to 7. Single Family Median Sales Price was up 22.2 percent to $599,000. Townhouse-Condo Median Sales Price was up 12.3 percent to $375,000. The adult communities' median sales price was up 66.1 percent to $539,900.
Basil Singh, GBR Past President, said, "Within the Teaneck, Englewood, Bergenfield and surrounding towns, we have noticed continued strong buyer demand. New single-family listings have shown some increase over previous months, demand is still high, and with low-interest rates, multiple offers are keeping the market hot. We have seen and heard reports of some properties appraising below contract prices."
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, making it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing fantastic resilience in the middle of a pandemic.
Data as of October 20, 2020. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime.