Average Home-Sale Price in Fort Lee Drops [Interactive Map]
The average home sold last year in Fort Lee went for $450,886 down 10.1 percent from 2011.
By Colleen O'Dea, NJ Spotlight
The national housing market may be on the rebound, at least for new-home sales, but prices in New Jersey are still dropping in most communities, state data shows.
According to an analysis of the average residential sales price for New Jersey communities over the last five years, the typical sales price dropped between 2011 and 2012 in almost three-quarters of towns. In 21 municipalities, the decline was more than 25 percent from year-to-year. And nine in 10 municipalities logged an average home sales price in 2012 that was lower than five years earlier.
Average home-sale prices in Fort Lee have dipped 19 percent since 2008.
Homes sold in Fort Lee in 2012 went for an average of $450,886 down more than 10 percent from the prior year, where prices averaged $501,627. Here is a breakdown of the averages:
- 2012: $450,886
- 2011: $501,627
- 2010: $504,199
- 2009: $524,731
- 2008: $556,319
Read more and view an interactive map of average home-sale prices across the state by clicking here.
NJ Spotlight is an issue-driven news website that provides critical insight to New Jersey’s communities and businesses. It is non-partisan, independent, policy-centered and community-minded.
Gene
9:00 pm on Monday, March 4, 2013
This report is very interesting, but mostly misleading. The report is based on NJ Taxation data. The data may include deed recordings that have nothing to do with real sales but are just property transfers for tax and estate planning reasons.
The data also includes sales by owners.
If you look at the sales by Realtors, the home sale prices for a Single Family House in Fort Lee in 2012 are up from 2011. Data from New Jersey MLS shows:
2011: Average List: $639,888 Average Sold: $556,744 Median Sold: $448,000
2012: Average List: $785,883 Up 22.81%. Average Sold: $686,247 Up 23.26%. Median Sold: $550,000 Up 22.76%.
One moral from these numbers could be: Always hire a Relator to sell your home!!!
If anybody wants to verify these numbers, you are welcome to my stop by my office at 895 Palisade Ave, Fort Lee. Sincerely, Gene Geiler. Remax Select Properties.
Anna
8:10 am on Tuesday, March 5, 2013
I wonder what impact the problems with the management of the school system has had on home values. Any comments?
Rona
2:51 pm on Tuesday, March 5, 2013
I imagine quite a bit has to do with the number of apartment sales (i.e. 100 Old Palisades) that have sold that would generally bring the numbers lower. As for single family home sales I don't know how they count duplexes but every one seems to sell for $600k if it's new.
As for the management of the schools don't forget we still have a space shortage that the taxpayers won't pay for, and a very expensive municipal payroll in general so I think property taxes don't help.
Gene
2:51 pm on Tuesday, March 5, 2013
What's there to wonder? High School ranking directly impacts home prices. The first question homebuyers ask me: “ How are the schools?”. Fort Lee High School management performance is a disgrace. The BOE should carefully study NJ Monthly Magazine high school ranking methodology and make it a PRIORITY to improve Fort Lee High School ranking. Fort Lee ranked #97 in 2012. Was # 75 in 2010. This is UNACCEPTABLE and INEXCUSABLE.
Robert
9:43 am on Wednesday, March 6, 2013
Hey Gene you must be a genuis - you are saying the schools are a disgrace yet you are trying to sell homes in this town . Good move . Hope you can still qualify for food stamps- I think you are going to need them
Gene
5:17 pm on Wednesday, March 6, 2013
Hey Robert, no need to get personal and NASTY. Yes, I like Fort Lee and we will improve our schools in spite of negative people like you. And YES, people will buy houses in Fort Lee from me. What a revelation!
Robert
9:17 pm on Thursday, March 7, 2013
Gene you were the negative one - just imagine propective sellers and or buyers seeing your quote- why would they ever use you ? I have never heard of any broker be negative publicly
in a community where they are located. If you think that is good P.R. well then I feel sorry for you .