In Bergen County, I find it really doesn't make sense to compare prices in one town to another. When I help a client price a home, I only look at comparable homes in the same town.
Home prices in Cresskill have dropped a bit if you compare the past 12 months with the 12 month period prior to that (I never think it is a good idea to look at shorter time periods when trying to gague the real estate market).
The median price is down about 5%, and the average price is down 6.6% in the period described, but even more dramatic is the drop in the number of sales from 114 in 2005-06 to 82 in 2006-07 (that's a 28% drop).
However, there is one indicator that shows that the market has probably gotten through the worst of it is that the number of homes for sale has dropped off from 77 this time a year ago to 62 today (that's a 19.5% decrease in "inventory").
Certainly we are past the crazy market we had for a few years, but prices are still strong (the average price in Cresskill over the past 12 months was $930,388), and homes are still selling. You just have to price them for today's market -- not the market of a year or two ago.
If you have any questions, you can reach me by email at: Bob@SellitWithBob.com