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Wyckoff 2009 Real Estate Recap | 2010 Predictions

Happy New Year, Wyckoff!!

It is now time to recap our 2009 market and make some 2010 predictions for Wyckoff, NJ real estate.  I want to disclose that unlike most of the state, Wyckoff has a very low inventory and low home sale figures compared to most areas of NJ, moreso in the country.  As many know, Franklin Lakes is dominated by estates and multi-million dollar real estate listings.  Just one single sale can alter the monthly figures quite a bit. 

Before we get into the numbers, don’t forget to browse all Wyckoff homes for sale via our customized MLS / IDX gadget which has all listings updated every 24 hours.  So without further delay, let’s see how Wyckoff did this past year.

2008

• 129 Homes sold in Wykoff in 2008
• The average sales price was $723,417

2009

• 127 Homes sold in Wyckoff in 2009
• The average sales price was $713,597

The statistics indicate there was an anemic 1.5% drop in sales activity in 2009 when compared to 2008, and a drop of 1.4% in average sales price.  This information is almost not even worth reporting but we thought we should point it out as it indicates a very healthy housing market.  Home sales have peaked during the summer months in both years, likely due to families getting their families set for the upcoming school year.  See charts below (click to enlarge).  Click for Wyckoff Excel Housing Report

Indicative by the charts, Wyckoff experiences its worst real estate cycle during the beginning and end of the last 2 years.  That said, similar to Franklin Lakes, Wyckoff’s numbers can alter quickly with 1 or 2 sales.  Inventory remains very low with only 55 homes for sale in Wyckoff, and there were a reported 10 sales in December 2009.  This puts the absorption rate for Wyckoff at only 5.5 months, a very healthy rate of absorption.  Although it is difficult to find conclusive evidence based on these charts, we feel that Wyckoff has skated by the recession and will remain consistent with normal market activity.  There are currently 2 short sales in Wyckoff which is not a bad ratio. 

We feel that with the current activity and using trends over the last 2 years, we believe it is a favorable time to buy a home in Wyckoff.  We do not anticipate a drop in median home prices by more than 2.5% despite the First Time Homebuyer Tax Credit expiring April 30.  Favorable prices and interest rates today should negate any unforseen small drop in value. 

If you are looking to buy or sell a home in Wyckoff, look no further than New Jersey Real Estate Guys.  We would value an opportunity to interview for the job of being your real estate agent.  We would love to show you the competetive advantages we have over most agencies.  Please contact us for a consultation on Wyckoff Real Estate  Happy New Year, and we look forward to working with you this 2010 year!

 

 

 

November 2009 Report | Wyckoff Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Wyckoff, NJ.  Wyckoff remains as one of the areas in Bergen County with very limited inventory for sale and lower homes actually sold due to lower inventory.  With the recent extension of the First Time Homebuyer Tax Credit we may see sales increase due to the increase in income level criteria. 

Year over Year Sales numbers have been rather consistent with last years and we did not see a drastic drop in home values for Wyckoff from the year before.  Year to date, there were 129 homes that sold in Wyckoff in 2008 (Jan-Oct) with an average sales price of $765,609.   In 2009 (Jan-November 30), 117 homes have sold.  We feel that if you are looking for a home in Wyckoff, it is a great time to begin your searching.

There are currently 67 SINGLE FAMILY HOMES for sale in Wyckoff, NJ.  The average listing price is $967,782.  The average number of Days on Market for each listing is 125 Days. 

During the month of November, 2009, 8 homes sold in Wyckoff and 25 have gone under contract and are in Attorney Review .  The average listing price of homes sold was $674,175, and the average Sales price of homes was $651,250.  Sellers are getting an average of 96.5% of their asking price, which is positive as there is no disconnection between buyers and sellers over listing price versus real value.  The average Days on Market for homes sold in Wyckoff was 99 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  As of December 1, 2009, there were 67 homes for sale in Wyckoff as indicated above.  Also as mentioned above is that 8 homes sold during the month of November.  The absorption rate for Wyckoff based on October’s sales figures is just over 8 months.

And there you have it!  The December 1 Wyckoff Real Estate Report.  We are seeing many great deals in Bergen County recently and with the winter upon us, deals will come and go.  Contact us if you are interested in Wyckoff homes or any other homes in Bergen County.  We’d love an opportunity for you to interview one of our highly experienced agents.  Look forward to seeing you!  (Continue reading below for more recent months of sales/inventory reports from Wyckoff)

 

OCTOBER 2009 Report | Wyckoff Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)

Welcome to our monthly housing report update for Wyckoff, NJ.  Wyckoff remains one of the more active markets in Bergen County in regards to absorption rate (explained below).  With the recent extension of the First Time Homebuyer Tax Credit we may see sales increase due to the increase in income level criteria. 

Year over Year Sales numbers have been rather consistent with last years and we did not see a drastic drop in home values for Wyckoff from the year before.  Year to date, there were 120 homes that sold in Wyckoff in 2008 (Jan-Oct) with an average sales price of $765,609.   In 2009 (Jan-Oct), 109 homes have sold with an average sales price of $756,082, only a 1.3% drop in sale price since last year.  We feel that if you are looking for a home in Wyckoff, it is a great time to begin your search and allowing New Jersey Real Estate Guys to do what we are great at in negotiating great deals.

There are currently 82 homes for sale in Wyckoff, NJ.  The average listing price is $899,023.  The average number of Days on Market for each listing is 113 Days. 

During the month of October, 2009, 9 homes sold in Wyckoff.  The average listing price of homes sold was $879,756, and the average Sales price of homes was $839,556.  Sellers are getting an average of 95% of their asking price, which means that buyers and sellers can have a meeting of the minds without a disconnection (in my opinion).  The average Days on Market for homes sold in Wyckoff was 82 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  As of November 1, 2009, there were 82 homes for sale in Wyckoff as indicated above.  Also as mentioned above is that 9 homes sold during the month of October.  The absorption rate for Wyckoff based on October’s sales figures is just over 9 months.

With the amount of inventory on the market in Wyckoff and the recent traffic activity, we feel it is a great time to start shopping for homes in Wyckoff and allowing New Jersey Real Estate Guys negotiate the lowest, most feasible price for you.  That is what we are good at.

If you are interested in buying or selling a home in Wyckoff, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!

 View all available homes for sale in Wyckoff

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