North Bergen nj vs Union City Nj Real Estate Trends 10-9-11

by Linden Moe on October 9, 2011

<h1>North Bergen nj vs Union City Nj Real Estate Trends 10-9-11</h1>

  • Market Analysis
  • Community Info
  • Local Schools
  • Compare Areas
  • Insider Tips
  • Community Characteristics

    These distinctive characteristics represent factors which have a strong influence on this community. Factors are considered “distinctive” if this community falls into the top 25% for these characteristics nationally.

    Union City Nj 07087                                          North Bergen (NJ) 07047 (NJ)
    • High Residential Turnover
    • Moderate Residential Turnover
    Community Summary
     
      07087 07047
    Median Age
    34
    37
    Married
    30%
    37%
    Number of Homes
    21,318
    20,292
    Household Size
    2.9
    2.6
    Homes with Children
    40%
    33%
    Total Population
    61,096
    53,280
    Population Growth (since 2000)
    -9%
    -9%
    Population Density (ppl/mile)
    47,880
    10,099
     
    Market Stability Summary
     
      07087 07047
    Median Listing Price*
    $282,190
    $327,800
    Median Days on Market*
    85
    121
    Active Listings*
    282
    428
    Percentage of Distressed Listings*
    0.4%
    2.3%
    Annual Residential Turnover
    25%
    23%
    5+ Years in Residency
    16%
    23%
    Median Years in Residency
    2
    2

    * Single Family Homes and Condos Only

     
    School Summary
     
      07087 07047
    Number of Schools
    18
    8
    Educational Climate Index
    Average
    Above Average
    Test Scores
     
     
    Number of Students
    11,746
    7,367
    Student Teacher Ratio
    11 : 1
    13 : 1
    Gifted And Talented Schools
    0
    1
    Schools with AP Classes
    0
    2
     
    Price Trends – Sold vs. Listed

    Understand the difference between “listing prices” (what sellers are asking for) and “sold prices” (what buyers are willing to pay).

    By comparing these price trends, you’ll have a good idea of where the market is heading. The median listing and sold property prices are calculated based on the market activity each month.

    Some sales are not immediately available from public records. As they become available, the data are updated.

    UNION CITY NJ ASK VS SOLD RATIO 07087

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    NORTH BERGEN NJ  ASK VS SOLD 07047

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    Market Inventory Trends

    Review the inventory and health of the market by looking at the number of sold and listed properties.

    To understand if the market inventory is growing or shrinking, compare the number of sold properties to new listings. If inventory is growing, the market could be trending toward a buyer’s market. If inventory is shrinking, then it could be a seller’s market.

    Gauge the health of the market by comparing the number of standard to distressed listings. If the number of distressed listings is greater, the market could be unhealthy and more likely a buyer’s market.

  • Sold: Properties sold that month
  • New: Listings that are new on the market
  • Distressed: Listings that are short sales, bank owned, or up for auction.
  • Standard: Non-distressed listings
  • UNION CITY REAL ESTATE TRENDS 07087

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    NORTH BERGEN NJ REAL ESTATE TRENDS 07047

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    Property Ownership

    This chart shows home occupancy within an area.

    A high percentage of ownership can indicate an area where people like to live and stable property prices. While a high percentage of rentals could indicate an area with shifting demographics, a younger community, or possibly a downtown area.

    High vacancy rates can indicate that the market is unhealthy and that it could be tough to sell a home in this area.

    UNION CTY NJ PROPERTY OWNERSHIP RATES 07087

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    NORTH BERGEN PROPERTY OWNERSHIP RATES 07047

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    Fair Market Rents

    The Fair Market Rents show average gross rent estimates based on figures provided by the U.S. Department of Housing and Urban Development (HUD).

      07087 07047
    Studio
    $891
    $958
    One Bedroom
    $941
    $1,012
    Two Bedroom
    $1,098
    $1,181
    Three Bedroom
    $1,331
    $1,432
    Four Bedroom
    $1,433
    $1,542
    Income by Household

    Review the distribution of household income levels in a community.

    Income levels are listed along the left side of the chart, and the number of households are displayed along the bottom.

    UNION CITY NJ DEMOGRAPHICS AND INCOME LEVELS 07087

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    NORTH BERGEN NJ PROPERTY OWNERSHIP RATES 07047

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    Linden Moe Linden Moe  (103 Posts)

    Your downtown jersey city condos expert advisor… Certified Real Estate Expert | Realtor | Consultant Team Leader of the “NJ Top Ten Real Estate Experts Team” America’s Elite Real Estate Fax 201-221-7712 | Direct Line 201-839-4927 | Office 201-432-1600 | Linden@BestBuysInNj.com | www.BestBuysInNj.com


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