Growth in the Bergen market was stifled by a lack of inventory, which suppressed sales even while it drove meaningful price appreciation. Sales were down for both property types, falling 5% for single-family homes and over 13% in condos. This was not due to a lack of demand, but a lack of supply, as inventory fell again and is now well under the six-month level that usually signals a seller’s market. That drove significant appreciation, with single-family homes now up almost 3% on average and 4% at the median for the rolling year. This appreciation might start attracting more sellers into the market, which would ease the inventory shortage. But that will not happen in time for a spring market, which will be marked by low inventory, stifled sales, and rising prices.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.