Allendale Real Estate Market Report - 12/31/2008
This is the time of year for reflection and in real estate a time to compare the market of the past year to previous years. You may have heard many people quoting statistics for the nation and how home prices have dropped. I am also sure you have heard how the real estate market is localized and what happens in one area of the country does not necessarily reflect on the market in Bergen County and more specifically in Allendale.
So let's compare the 2007 market to the 2008 market. I believe a few tables of figures can show the picture.
|
Listing Status |
Total |
Average List Price |
SalePrice |
|
|
Sold 2007 |
62 |
$ 846,641 |
$ 803,299 |
94.881 |
|
2008 |
51 |
$ 885,842 |
$ 814,829 |
91.984 |
|
New 2007 |
121 |
$ 946,509 |
|
|
|
2008 |
134 |
$ 943,184 |
|
|
|
Expired 2007 |
43 |
$ 1,131,774 |
|
|
|
2008 |
57 |
$ 844,277 |
|
|
|
Active on 12/31/07 |
33 |
$ 893,842 |
|
|
|
Active on 12/31/08 |
42 |
$ 1,015,137 |
|
|
I believe the important figures to look at are the decrease in number of homes sold, about 17%, the increase in inventory at each year end of about 22%, and the good news, a relatively flat average sold price. The number of new homes on the market and the number of homes that the listing agreement expired pretty much stayed the same when you consider if a listing agreement expires, it usually gets relisted as a new listing.
Not bad for Allendale home owners considering recent reports of prices of homes in 20 US cities fell 18% as reported in The Record on 12/31/2008. Yes, less homes have sold and inventory is up, usually an indication of falling prices. But consider that in 2005 the average sold price in Allendale was $805,219, and in 2006 which many consider the peak of the market, it was $850,625, we really haven't lost value in the last three years.
The market could get worse before it gets better. Time will tell. Allendale home owners still have weathered the storm much better than many others throughout the country.
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.bergencounty-homes.com/ or call me directly on my cell phone: 201-674-3114
If you would like a free list of Allendale homes for sale or would like more information about Allendale real estate, or you would like to be the first to know about hot new listings before other Allendale home 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/
