Market Trends Report for Ringwood, NJ
Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.”
Locally, the Ringwood and Wanaque real estate sales were slower in June than in May, and prices continued to be stable.
Eight homes sold in Ringwood this June compared to 15 sales in June 2006 which is almost a 50% decrease. The average market time this June was 83 days vs. 61days last year.
Ringwood average sale prices decreased in June by 30 percent compared to June 2006, with the average sales price at $378,188. The June 2006 average price was $537,260.
|
Ringwood |
Active |
Sold |
Median |
Average |
Average |
|
June 2007 |
110 |
8 |
$350,000 |
$378,188 |
61 |
|
June 2006 |
134 |
15 |
$515,000 |
$537,260 |
83 |
The Wanaque market, meanwhile, has experienced a dramatic decrease in inventory over last year, but the average sales price has increased about 8%. Also noteworthy is the average market time, which increased 100% over last year - from 49 days a year ago, to 99 days in June 2007.
|
Wanaque |
Active |
Sold |
Medain |
Average |
Average |
|
June 2007 |
98 |
10 |
$342,500 |
$364,650 |
99 |
|
June 2006 |
127 |
9 |
$335,888 |
$337,765 |
49 |
This is the perfect time to buy or sell a home in Ringwood or Wanaque. Buyers can take advantage of more negotiable sellers in a slower market. But sellers are also looking at rising prices again.
For more information about living in Ringwood, NJ and Ringwood NJ real estate, please call me at 973-962-5410 or visit my website at www.OnlyOrly.com!
Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.
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