Saddle Brook, NJ – May 30, 2023 – The housing market in Bergen County, New Jersey, usually in full bloom mid-spring, has seen several changes in April. Earlier this season, the drop in mortgage interest rates was promising for potential buyers and sellers. Rates have fluctuated since, causing many buyers to put the brakes on purchasing homes.
Like the other U.S. regions, Bergen County has seen existing home sales down 2.4% month-over-month in April, impacting the 14.5% gain last seen in February, according to the National Association of REALTORS® (NAR). Pending home sales have also dropped 5.2% month-over-month as of the last measure.
The national inventory saw only 980,000 units available heading into the month of April, with 2.6 months of supply, as compared to a balanced market of approximately a 4-6 month’s supply. Median existing-home sales prices declined for the second month straight, falling 0.9% from this time last year, the largest year-over-year decline since 2012.
With low housing inventory continuing to be a factor, pushing buyers into a corner, home sales across categories have been impacted. For those actively looking to purchase a home, competition for listed properties remains strong. According to NAR, there are currently multiple offers on a third of properties this spring. As a result, median sales prices were on the uptick for townhomes, condominiums, and adult communities while single family homes remained flat.
“The REALTOR is central to the client home-buying experience. It is important to stay informed of market changes, so that you can better navigate mortgage, inventory, and pricing challenges that affect your client,” says Lisa Comito, Greater Bergen REALTORS® Executive.
Highlights from April 2023 Report:
- Single Family Closed Sales decreased 38.7 percent to 300.
- Townhouse-Condo Closed Sales decreased 24.4 percent to 164.
- Adult Communities Closed Sales decreased 66.7 percent to 2.
- Single Family Median Sales Price remained flat at $640,000.
- Townhouse-Condo Median Sales Price was up 2.9 percent to $406,500.
- Adult Communities Median Sales Price was up 16.0 percent to $387,500.
Click Here for the full ShowingTime report for the month of April 2023.