Ringwood NJ Market Trends Report– August 2007
A forward-looking indicator based on pending home sales shows the market is likely to stabilize in the months ahead, according to the National Association of Realtors®.
The Pending Home Sales Index, based on contracts signed in June, was 5 percent higher from the downwardly revised May index of 97.5, but is 8.6 percent below June 2006 when it stood at 112. This 5 percent monthly gain is the largest in more than three years, since a 6.1 percent increase in March 2004.
Lawrence Yun, NAR senior economist, said it is encouraging that the increase occurred in all four major regions. “However, it is too early to say if home sales have already passed bottom,” he said
Did this trend hold true in the Ringwood NJ area? Let’s take a look at July’s market statistics:
Locally, the Ringwood and Wanaque real estate sales picked up a bit in July from the slow month of June, and prices rose slightly.
Home sales in Ringwood decreased 31% from 16 in July 2006 to 11 in July 2007. The number of days on the market also decreased from 57 in 2006 to 49 in 2007.
The average sale price in Ringwood decreased significantly - from $529,799 in July 2006 to $391,245 in July 2007 - a 26% drop. The median sales price, meanwhile increased 6% from $391,245 in July 2006 to $417,500 in July 2007.
|
Ringwood |
Active |
Sold |
Median |
Average |
Average |
|
July 2007 |
108 |
11 |
$417,500 |
$391,245 |
49 |
|
July 2006 |
133 |
16 |
$391,245 |
$529,799 |
57 |
Although it experienced a decreased in active listings - from 121 in July 2006 to 91 in July 2007 - the Wanaque market activity remained very similar in July 2007 to the activity in July 2006. The biggest change is the decrease in median price - from $340,000 in 2006 to $323,000 in 2007.
|
Wanaque |
Active |
Sold |
Medain |
Average |
Average |
|
July 2007 |
91 |
9 |
$323,000 |
$371,250 |
83 |
|
July 2006 |
121 |
12 |
$340,000 |
$372,167 |
86 |
The Ringwood and Wanaque NJ real estate market is always changing from month to month and neighborhood to neighborhood. Search the MLS here to see what's available in the area now and please call me at 973-962-5410 to inquire about any properties you would like to learn more about. I look forward to helping you!
Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.
.jpg)
