New Jersey Real Estate Report has put up some graphs on hard to find Bergen County Data. Here is a one of the charts for Single Family Houses, Condos, Co-ops and Townhouses for May. Other fascinating graphs to also check out.
The red line - units sold - looks really bad with such a huge tumble. The under contract price has been slipping for the past few years and the listing price has not slipped as much as the selling price. Some of these sellers are probably just hoping someone will pay the old peak price - they think they can wait it out. But looking at the average and median sales are in the 2004-2005 range not peak 2006 range. These sellers with the 2006 prices will just be chasing down the market.