Paramus home sales from 2003 to 2008 show a sales volume decline from 2005 of 43.92%. The median sales price also fell over 12.15% from the high year of 2007. Although the volume has fallen significantly, prices have been resistant to fall as dramatically as other areas of the country. Sellers have not drastically reduces the list prices. Paramus from 2002 low, didn't run up as much as other areas either. It went up within the 50-100% range, considerable and above trend, but not like the 200-300% of the more speculative areas of Florida, Southern California, Nevada, and Arizona. Areas that did not have large quantities of new properties to distribute, such as Bergen County NJ, did not use the toxic financing as often to fuel market values.
I am hoping that the new mortgage programs are going to help consolidate this market and volume will pick up.
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Richard
