BERGEN COUNTY, N.J. -- Real estate sales in Bergen County climbed 8 percent in the fourth quarter in 2015 and finished the year up 10 percent.
Prices also increased for as the housing market continues to emerge from the prolonged recession.
“This marked the fifth straight quarter of year-on-year increases,’’ said Joe Rand, Managing Partner for Better Homes & Gardens Rand Realty. “We are starting to see transactions at ‘seller market’ levels, with the 6,103 calendar year sales higher than any year since 2006. “
Bergen’s surging housing market helped the market in neighboring counties as well. Rand said like Westchester County in New York, a rising tide in Bergen helps the entire region. Sales in Passaic County increased 13 percent in 2015.
“What happens in Bergen County drives the region,’’ Rand said. “Prices are trending up, the same way Westchester County is trending up. We’re not seeing anything meaningful yet, but we’re definitely seeing a move in the right direction.”
Home prices for the year were essentially flat in Bergen County. The median sale price rose 5 percent in the fourth quarter, and the average sale price rose 1 percent. The median sale price increased 3.4 percent for the year.
“We’re still seeing pricing at non-inflation-adjusted 2004 levels, about 15 percent below the height of the market in 2006,’’ Rand said.
Condos and co-op sales rose 16 percent in the final quarter and 5 percent for the year. More millennials are moving into the real estate marketplace, coming into the entry level homes. That’s also a good sign for real estate, as more people enter the marketplace.
Rand believes the housing market will remain strong this year.
“We remain confident that Bergen County is slowly moving into a strong seller’s market,’’ 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 a robust spring market and throughout 2016.”
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