Ringwood Housing Trends
"As home sales moderate, overall home prices will be essentially flat this year," says David Lereah, chief economist for the National Association of Realtors. Tighter lending standards are expected to slow sales, but the good news is, inventory remains well below the levels seen in the real estate downturn of the early 1990's.
The Ringwood and Wanaque real estate markets are not necessarily adhering to the National Association of Realtors predictions. Let's take a look at March statistics.
Ten homes sold in Ringwood this March compared to 11 sales in March 2006 which
is a 9 percent decrease. The average market time this March was 83 days vs. 72 days
last year.
Ringwood average sale price, also, declined in March by 17 percent compared to March 2006, bringing the average sales price to $384,479. The March 2006 average price was $464,036.
The median sales price declined by 22 percent compared to a year ago.
Active listings declined by 24 percent in March. Inventory is remaining low in Ringwood, which may result in a stabilization of prices.
|
Ringwood |
Active |
Sold |
Median |
Average |
Average |
|
March 2007 |
91 |
10 |
$350,000 |
$384,479 |
83 |
|
March 2006 |
119 |
11 |
$450,000 |
$464,036 |
72 |
The Wanaque market, like Ringwood, showed a decrease in prices in March. The
average sales price decreased 5 percent to $338,500 compared to last March's
$370,030 price. This offsets the February price increase of 8 percent.
The median sale price declined 13 percent, bringing it to $325,000.
Unlike Ringwood, the number of active listings increased 15 percent, compared to
March 2006 and sales, also, increased by 15 percent. The average market time
remained the same.
|
Wanaque |
Active |
Sold |
Medain |
Average |
Average |
|
March 2007 |
98 |
11 |
$325,000 |
$338,500 |
62 |
|
March 2006 |
85 |
13 |
$374,900 |
$370,030 |
62 |
Softer prices make this a perfect time to buy a home! Buyers now have the
negotiating power they lacked in years past and spring usually offers the best
selection of inventory to choose from.
Are you thinkling of buying a Ringwood home or Wanaque home? Get a daily email
list of new homes for sale as they hit the market by visiting RingwoodHomeSearch.com.
It is fast, easy and FREE!
Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.
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