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Allendale Real Estate Year End Review – 2011
There is so much talk today about the real estate market and just how far values have fallen. The first fact everyone should remember is that real estate is highly localized. In Bergen County, the market can be drastically different from one neighboring town to the next. Towns with good school systems tend to maintain their real estate values. A town along the commuter line to NYC also will maintain the home values longer in a down market. Fortunately Allendale has both of these factors as well as other in tangibles which allow it to not follow the drastic trends other towns in the southern part of Bergen County have experienced. The following three tables show the statistics by month between 2010 and 2011 for single family homes in Allendale. *
*All information used is based on the NJMLS statistics.
|
|
Number of Sold Listings
|
|
|
2010
|
2011
|
Diff
|
%Chg
|
|
January
|
5
|
2
|
-3
|
-60
|
|
February
|
3
|
2
|
-1
|
-33
|
|
March
|
5
|
3
|
-2
|
-40
|
|
April
|
5
|
4
|
-1
|
-20
|
|
May
|
4
|
3
|
-1
|
-25
|
|
June
|
10
|
6
|
-4
|
-40
|
|
July
|
5
|
3
|
-2
|
-40
|
|
August
|
13
|
8
|
-5
|
-38
|
|
September
|
3
|
4
|
1
|
33
|
|
October
|
5
|
3
|
-2
|
-40
|
|
November
|
2
|
5
|
3
|
150
|
|
December
|
5
|
6
|
1
|
20
|
|
Total
|
65
|
49
|
-16
|
-25
|
Average Sold Price
|
|
2010
|
2011
|
Diff
|
%Chg
|
|
$707,000
|
$670,000
|
-37,000
|
-5
|
|
$525,833
|
$329,500
|
-196,333
|
-37
|
|
$629,100
|
$598,667
|
-30,433
|
-5
|
|
$726,700
|
$825,000
|
98,300
|
14
|
|
$842,250
|
$1,043,333
|
201,084
|
24
|
|
$698,138
|
$704,083
|
5,946
|
1
|
|
$1,081,600
|
$717,500
|
-364,100
|
-34
|
|
$755,769
|
$690,897
|
-64,872
|
-9
|
|
$721,667
|
$694,375
|
-27,292
|
-4
|
|
$730,600
|
$695,220
|
-35,380
|
-5
|
|
$652,501
|
$1,021,000
|
368,500
|
56
|
|
$753,447
|
$619,750
|
-133,697
|
-18
|
|
$744,079
|
$730,935
|
$-13,143
|
-2
|
The statistics show a big decrease of 25% in the number of homes sold in 2011 compared to 2010 but only a decrease of 2% in the value of the homes. Comparing to the height of the market in 2006 in the chart below, we see an average of 14% drop in home prices since that time. Interesting is the same trend of a 44% drop in the number of homes sold.
|
Number of Sold Listings
|
Average Sold Price
|
|
|
2006
|
2011
|
Diff
|
%Chg
|
2006
|
2011
|
Diff
|
%Chg
|
|
January
|
2
|
2
|
0
|
-19
|
$824,500
|
$670,000
|
-154,500
|
-19
|
|
February
|
3
|
2
|
-1
|
-78
|
$1,020,000
|
$329,500
|
-690,500
|
-68
|
|
March
|
8
|
3
|
-5
|
-75
|
$906,988
|
$598,667
|
-308,321
|
-34
|
|
April
|
4
|
4
|
0
|
-7
|
$891,250
|
$825,000
|
-66,250
|
-7
|
|
May
|
8
|
3
|
-5
|
-45
|
$711,875
|
$1,043,333
|
331,458
|
47
|
|
June
|
7
|
6
|
-1
|
-33
|
$903,214
|
$704,083
|
-199,131
|
-22
|
|
July
|
9
|
3
|
-6
|
-73
|
$878,944
|
$717,500
|
-161,444
|
-18
|
|
August
|
13
|
8
|
-5
|
-58
|
$1,007,038
|
$690,897
|
-316,142
|
-31
|
|
September
|
8
|
4
|
-4
|
-57
|
$802,563
|
$694,375
|
-108,188
|
-13
|
|
October
|
4
|
3
|
-1
|
-26
|
$707,500
|
$695,220
|
-12,280
|
-2
|
|
November
|
6
|
5
|
-1
|
22
|
$698,333
|
$1,021,000
|
322,667
|
46
|
|
December
|
3
|
6
|
3
|
106
|
$602,333
|
$619,750
|
17,417
|
3
|
|
Total
|
75
|
49
|
-26
|
-44
|
$850,625
|
$730,935
|
$-119,690
|
-14
|
Comparing this to all of Bergen County we see the average drop in prices was 18% while the number of units decreased by 27%. Southern Bergen County Homes decreased 34% in number of solds while dropping 23% in value.
Allendale has fared pretty well when considering the towns around us.
Do you have any questions about Allendale or Allendale Real Estate? Need to know the value of your home?
Contact me anytime for a free consultation:
Your Allendale Home Town Expert - 45 year resident.
James Lockard
RE/MAX Properties
Office: 201-825-6600
Cell: 201-674-3114
Website: www.BergenCounty-Homes.com
Email: jlockard@remax.net
