Passaic County Real Estate Sales Statistics: May 2009

Friday, June 19, 2009

by Orly Steinberg

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Let’s take a look at the Passaic County real estate sales statistics for May to see how the market looks in our area:

The number of active listings in Ringwood has decreased by 21% in May 2009 when compared to May 2008. Sold listings have decreased by 38% and the median sales price has increased by 40%. The average sales price has increased by 34% to $611,000 with market times increasing 51% or 51 days.

Ringwood	Active Listings	Sold Listings	Median Sales Price	Average Sales Price	Average DOM
May 2009	92	5	$620,000	$611,000	100
May 2008	116	8	$375,000	$401,625	49

In 2009, the Wanaque market saw a 16% increase in active listings compared to May 2008. The number of sold homes increased by 2% from May 2008. The average sales price increased by 4% to $295,000, and the median sales price decresed by 3% to $277,500. Market times increased by 98 days or 62%.

Wanaque	Active Listings	Sold Listings	Median Sales Price	Average Sales Price	Average DOM
May 2009	110	6	$277,500	$295,000	159
May 2008	92	5	$285,000	$283,980	61

Pompton Lakes saw a decrease of 11% in active listings in May 2009 compared to May 2008. The average sales price decreased by 5% to $349,000 and the median sales price has decreased by 1%. The number of sold listings decreased by 18%. Homes were on the market an average of 31 days less with a 31% decrease in market times.

Pompton Lakes	Active Listings	Sold Listings	Median Sales Price	Average Sales Price	Average DOM
May 2009	136	9	$335,000	$349,000	101
May 2008	152	11	$340,000	$368,582	70