BERGEN COUNTY, N.J. -- Bergen County single family home sales rose 14 percent in the third quarter compared to the same time frame last year and prices also rose, according to the quarterly report from Better Homes & Gardens Rand Realty.
There were 2,056 single family home sales in the third quarter in Bergen County, compared to 1,802 last year. For the year, single family home sales are up 9 percent.
“The Bergen County housing market continued to gain momentum in the third quarter of 2015, with sales up sharply and modest price growth,’’ said Joe Rand, Managing Partner for Rand Realty. “If buyer demand continues to grow, it’s only a matter of time before we start seeing more meaningful price appreciation.”
The average selling price for a single family home rose 2.5 percent to $604,823. For the year, the average sale price is up .4 percent.
“We’re also starting to see meaningful price appreciation over the longer-term, with the rolling year average sales price up 2.3 percent,’’ Rand said. “ Overall, the market has recovered from the bottom, with the $572,775 rolling year average price higher than the calendar year price for any year since the market correction in 2008.”
Condominium sales rose 4.6 percent in the third quarter in Bergen County, with the average selling price increasing .4 percent. For the year, the average selling price of Bergen condos is up 2.3 percent.
“Going forward, we remain bullish that the Bergen County housing market is moving in the right direction,’’ Rand said. “Buyer demand is strong, which is driving up sales and starting to have a meaningful impact on pricing. With pricing close to 2004 levels, rates near historic lows, and the economy relatively stable, we expect demand to stay strong through the end of the year and into 2016.”
Click here for the complete third quarter report from Rand.
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