January 17, 2012 |
While Real Estate trends in various Bergen County towns vary, Tenafly seems to be holding its own with some impressive numbers to show for it.
- Total single family home transactions grew 30% in 2011 over 2010 (162 homes sold vs 124 in 2010)
- Average Sold Price for a single family home in town rose 11.5% in 2011 from $899,156 to $1,003,988
- The number of single family homes sold for $ one Million and over grew 47% from 34 properties sold in 2010 to 50 properties sold in 2011
- The number of single family homes sold for $ 1.5 Million and over grew 114% from 14 properties sold in 2010 to 30 properties sold in 2011
Demand for the Tenafly top school system coupled with the proximity to Manhattan has amplified owing to the fact that after four years of recession many buyers feel the low prices may start inching up soon. In addition, a lot of the money that is parked in the banks has no solid avenues where to be invested. Lastly the present combination of low interest rates, historically low property prices, great education system and closeness to NYC may not repeat soon.
The manifestation of the above factors shows itself especially in the one Million dollar and higher price range, a segment of the market that was stagnant in recent years. The opening up of that segment of the market has a direct influence on the increase in average sold price.( see the graph below)