Allendale NJ Real Estate Market Conditions - 8/1/2007

By
Real Estate Agent with RE/MAX Properties - Saddle River


Statistics are always fun to look at. Being a business major in college with a degree in Quantitative Analysis, I realize you can put a spin on numbers any way you wish. However, numbers do not lie. Below are the market statistics for Allendale residential homes and condos from the New Jersey MLS system for the period 1/1/2207 through 8/1/2007 followed by a chart for the same period from last year, 2006.

1/1/2007 - 8/1/2007

Listing Status       

Total       

Total List
Sale Dollars 

Average List
Price

Average Sold
Price

Median Sold
Price

Sale Price/
List Price

 

Sold

55

 $ 42,544,699

 $ 816,910

 $ 773,540

 $ 645,000

  94.691

 

Co-Broker

44

 $ 32,502,699

 $ 781,237

 $ 738,698

 $ 620,000

  94.555

 

List/Sold

11

 $ 10,042,000

 $ 959,600

 $ 912,909

 $ 675,000

  95.134

 

New

101

 $ 94,625,498

 $ 936,886

 

 

 

 

Under Contract

59

 $ 46,343,800

 $ 785,488

 

 

 

 

Expired

24

 $ 26,048,200

 $ 1,085,342

 

 

 

 

Back on Market

7

 $ 5,275,700

 $ 753,671

 

 

 

 

Extended

16

 $ 12,176,800

 $ 761,050

 

 

 

 

Current Active

43

 $ 42,883,798

 $ 997,298

 

 

 

 

1/1/2006  - 8/1/2006

Listing Status       

Total   

Total List
Sale Dollars 

Average List
Price

Average Sold
Price

Median Sold
Price

Sale Price/
List Price

Sold

52

 $ 42,725,300

 $ 837,115

 $ 821,640

 $ 720,000

  98.151

Co-Broker

41

 $ 32,195,300

 $ 798,014

 $ 785,251

 $ 660,900

  98.401

List/Sold

11

 $ 10,530,000

 $ 982,854

 $ 957,273

 $ 875,000

  97.397

New

140

 $ 124,175,971

 $ 886,971

 

 

 

Under Contract

73

 $ 61,037,494

 $ 836,130

 

 

 

Expired

27

 $ 22,381,685

 $ 828,951

 

 

 

Back on Market

12

 $ 9,321,399

 $ 776,783

 

 

 

Extended

12

 $ 10,363,800

 $ 863,650

 

 

 

There are some interesting numbers to me which immediately pop out when looking at the statistics.   The number of homes sold, under contract, expired and extended during these periods are relatively the same.  However, the new listings during this time in 2006 is about 40% more. 

The other area of interest to me is while looking at the sold statistics, the average list price is slightly higher in 2006 but the average sold and median sold prices are much higher in 2006. 

The first observation is telling me in 2006, the market was just starting to slow down and people were still optimistic about getting their home sold.  In 2007, sellers started to realize they may not get what they want for their home and decided not to sell at this time.  This is backed up by the second observation. Although the average list price is  relatively close in the two years, the actual sold price is 2% less than the asking price and the average sold price is actually about 5% less  in 2007 than in 2006.

What do you see in the numbers?  Send me an email and let me hear your thoughts! I am always interested to hear what you have to say.

If you are interested to find the current value of your home allow me to provide a free Comparative Market Analysis specifically for you. Please visit my website at http://www.bergen-county-homes.com/ or call me directly on my cell phone: 201-674-3114

If you would like a free list of homes for sale in Allendale or would like more information about Allendale, or you would like to be the first to know about hot new listings before other Allendale buyers do, then give me a call at:

James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Email: jlockard@remax.net
Website:  http://www.bergencounty-homes.com/

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Realtor, Allendale, NJ
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