August 31, 2011 |
Read this very informative article about the New Jersey’s Real Estate Market published in the New Jersey Monthly Magazine in August 2011. The article includes some references to the Bergen County real estate market and its current state.
“The numbers send a mixed message, something Jeffrey Otteau is quick to point out. His company, Otteau Valuation Group, monitors the state’s real estate and job markets and provides monthly reports to real estate executives throughout New Jersey. According to his latest reports, the number of New Jersey homes for sale is up (and will continue to grow), while the state’s job recovery—the key to a healthy housing market—is proceeding at a pace two-thirds slower than the national average……
……The healthiest markets today are in North Jersey, where there is a higher concentration of jobs, proximity to New York City and superior transportation services to job corridors. To measure the health of a market, Otteau Valuation Group determines the length of time it would take to sell all the houses being offered in a given area, based on the current pace of sales. A six-month supply is considered balanced; that condition is nonexistent in the state. But nine counties—Bergen county, Morris county, Passaic county, Union county, Essex county, Hudson county, Monmouth county, Somerset county, and Middlesex county—have supplies of between 8 and 12 months” . Read more….