Ringwood Market Report - August 2007
According to the latest forecast by the National Association of Realtors®, tightening credit standards for those applying for home mortgages will likely dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008.
Lawrence Yun, senior NAR economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September. “There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential home buyers on the sidelines.” He noted, however, that “the volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”
Let’s take a look at August sales statistics to see how the market looks in Ringwood NJ.
August was a typically slow month in real estate sales for both the Ringwood and Wanaque areas. However, the statistics defied the national trends, showing increasing home sales and decreasing inventory.
While the number of active listings decreased 12% from August 2006, home sales in Ringwood increased 27% in August 2007. The number of days on the market also increased from 55 in 2006 to 88 in 2007.
The average sale price in Ringwood increased 9% - from $433,950 in August 2006 to $469808 in August 2007.
|
Ringwood |
Active |
Sold |
Median |
Average |
Average |
|
August 2007 |
119 |
19 |
$419,900 |
$469,808 |
88 |
|
August 2006 |
135 |
12 |
$400,000 |
$433,950 |
55 |
The Wanaque market followed the same trends as Ringwood, with decreasing inventory and increasing sales, average sales prices, and days on market.
The inventory of active listings decreased 28% from last August - from 130 to 93. Meanwhile the number of sold listings increased from 10 to 12 and the average price increasd %% from $346,690 to $364,158. The number of days on the market also significantly increased, from 74 to 91 - a 19% jump.
|
Wanaque |
Active |
Sold |
Medain |
Average |
Average |
|
August 2007 |
93 |
12 |
$330,000 |
$364,158 |
91 |
|
August 2006 |
130 |
10 |
$319,000 |
$346,690 |
74 |
As these statistics show, now is a great time to consider buying or selling a Ringwood NJ home. To begin searching for Ringwood NJ homes, please use my complimentary MLS Search, or call me at 973-962-5410.
If you are thinking of selling your Ringwood NJ home, please call me or visit RingwoodHouseValues.com today for your complimentary comparative market analysis. I will work to make sure you get a great deal!
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