It's interesting to look back at what was happening a year ago in the North Jersey real estate market and compare it to this year. Looking at the first three quarters of the year, there's been quite a change!
I looked at single family homes that sold from January 1, 1012 through September 30, 2012, as reported in the New Jersey Multiple Listing Service, and compared the numbers to the same period for this year.
For the 13 towns of Northwest Bergen County* last year (2012) saw 1165 homes sold at an average sold price of $701,621. In 2013, those numbers rose to 1309 properties sold at an average price of $773,005. What a difference a year makes!
From everything I've read and real estate seminars I've attended, all indications are that the market will continue to improve. Some estimates say that home prices will continue to rise 5-6% in 2014. While the government shut down may have caused a minor bump in that road to recovery, it's expected that prices and mortgage rates will continue to rise over the next year.
*Allendale, Franklin Lakes, Glen Rock, HoHoKus, Mahwah, Midland Park, Oakland, Ramsey, Ridgewood, Saddle River, Upper Saddle River, Waldwick and Wyckoff.