Wyckoff

Some of the original atmosphere of its rural heritage has been preserved in this peaceful community. Traditional colonial architecture, a scattering of historic farmhouses, generous size properties, and a large selection of newer homes make Wyckoff a pleasant community in which to live. There is a total of five public and two parochial schools. High School students attend Ramapo Regional High School. The township's recreational program, provides year-round family activity for the active family. Soccer, football, baseball, basketball, tennis, plus a full summer program are all well attended with participation increasing each year. Both children and adults enjoy free facilities at the Wyckoff Memorial Library. Local and nearby shopping provide the neighborhood with diverse selections. Wyckoff residents also enjoy the unique County Wildlife Center, the interesting historic Zabriskie house and the Zabriskie Pond for winter skating. All of these amenities give Wyckoff residents a high regard for their community.

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Wyckoff Real Estate

Till’s Market Condition Report Spring 2013

 

Welcome to our new Spring addition of Till’s Real Estate Market Condition Report. We hope you will find this report interesting. Whether you are a buyer and/or seller, our goal is to educate you as home owner about the market so you can make an educated decision. Not all the time is the right time to sell or the right time to buy. It all depends what size and condition home you currently own and where you would like to move to. When meeting in person, we explain what the local market trend means for you and create a Adjusted Comparative Market Analysis. It has proven more successful than a regular CMA. This analytical process proceeds the extensive marketing efforts and will be useful again for tough price negotiations. By understanding the local market condition, I hope that you will be more likely to make a choice that you are comfortable with. I would welcome the opportunity to sit down with you.

NJ Contract-Sales activity - Strong start in 2013

Home purchase activity in NJ increased in January by 23% year-over-year. Smaller increases in November and December 2012 are due to the aftereffects of Hurricane Sandy. The 31% increase y-o-y in 2012 is due to the very low sales in 2011 following the expiration of the tax credits in 2010. The 2013 rise is especially impressive since it occurred early in the spring season indicating an early start to the seasonal Spring surge in home purchase demand.

As of March 1, Wyckoff had only 47 active homes on the market with an additional 28 homes under contract of which 12 contracted in the last 30 days with an average days-on-market (DOM) of just over 3 months. That equates to a supply of just 3.9 months. While 5 months is a normal, below 5 months is a seller's market and above 5 months is a buyer's market. Consequently, we are looking at a seller's market BUT at new low price levels: Yet houses priced right and staged right, are seeing multiple offers again.

NJ Unsold inventory - Lowest level since 2006

The combination of this strong sales activity and the lowest unsold inventory levels since the housing crisis began in 2006 will continue to have a positive impact on the Spring housing market. The unsold inventory in NJ has declined by 19% since January last year, that means 11,000 fewer homes on the market. These low levels are resulting in an 8.1 months supply in 2013 compared to 12.3 months supply last year. Our NJMLS, covering mainly Bergen County, indicates that active listings on January 31, 2013 compared to the previous year dropped by 21.3% whereas the total under contract in January 2013 increased by 12.5%. Wyckoff is outperforming the NJ average. Historically, Wyckoff just about doubled its unsold inventory between January and May. Due to the backlog of buyers and one of the lowest starting inventory this year, it will be questionable if the unsold inventory will actually have the chance to double in growth. The increasing speed at which houses are selling in Wyckoff appears to set a trend - 2010 at 8 months supply, 2011 a drop to 4 months and last year a drop to 3 months. In addition, NJMLS reports a 11.35% increase of visitors to their public website in January 2013 compared to the same time last year. These visitors appear to be more serious since page views are up by 32% for the same months as well.

Wyckoff Home Prices - Cautious Optimism Suggest (Very) Slow Rising Home Prices

2012 was the year of housing rebound in NJ: compared to the prior year more houses sold (+5%), houses sold faster (-18% change of average days-on-market), at a higher average price (+4%). One needs to remember though that we came from a steep fall since the housing crisis in 2006 - NJ average decline was 26%. It is interesting but not surprising that commuter towns with rail service to Manhattan have seen less of a decline from 2006. Wyckoff’s decline is with 20%below the state average and much lower compared to other suburban places. With a slowly recovering market interest rates will not stay low forever and will gently pull the breaks on this upwards trend sooner or later, a buyer’s fear, which also drives the market. Low interest rates create consumer optimism and confidence in the housing market again. We can expect the market to slowly strengthen despite the political headwinds.

Recently Sold Homes in Wyckoff - Average DOM 86 days (2013 —N JMLS)

 


Till Horkenbach is an award winning listing agent with a broad knowledge of the Northern Bergen County real estate market. Till is consistently acknowledged as one of the area’s leading agents (Top Sales in February 2013). He is recipient of the NJAR® Circle of Excellence Sales Award® 2011 & 2012. He is also an active member of the New Jersey Multiple Listing Service as well as the Garden State Multiple Listing Service. Till is the dedicated Trainer at KW on home valuation "How to Price Homes Right" . Visit MyBergenHouse.com for the full profile.