Ringwood NJ Real Estate Market Trends
In this month’s edition of the Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008.
Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier in the year, according to the National Association of Realtors®.
Total existing-home sales nation-wide rose .4% in November 2007, when compared with October 2007, but were still down about 20% from the same time in 2006.
Looking ahead to 2008, Lawrence Yun (Senior NAR Economist) predicts “near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing.” In further good news, he noted “mortgage interest rates are near historic lows, and the most current data shows decelerating price declines along with a modest reduction in the number of homes on the market.”
Yun reminds us, however, that “just like the weather, there are large local variations in home prices” and sales. Let’s take a look at the yearly totals for Ringwood NJ in 2007 to see what the market looked like when compared with 2006:
In Ringwood, both active listings and sold listings decreased in 2007 when compared with 2006. There were 22% fewer active listings and 36% fewer homes were sold. Market times, meanwhile, remained the same while the average sales price decreased about 6% to $413,073.
|
Ringwood |
Active |
Sold |
Median |
Average |
Average |
|
2007 |
1144 |
99 |
n/a |
$413,073 |
78 |
|
2006 |
1474 |
154 |
n/a |
438,843 |
78 |
The Wanaque market followed a similar trend as Ringwood for most of 2007, although the changes weren't as dramatic. The number of active listings was down 12% in 2007 and the number of sold listings decreased 14%. The average sales price decreased, but by less than 1%. Market times, meanwhile, increased by 19% with the average home staying on the market 84 days in 2007.
|
Wanaque |
Active |
Sold |
Medain |
Average |
Average |
|
2007 |
1114 |
103 |
n/a |
$355,783 |
84 |
|
2006 |
1259 |
120 |
n/a |
$356,740 |
68 |
In Pompton Lakes, the number of active listings increased 7% in 2007; however, the number of sold listings decreased by 8%. The average sales price declined 3% to $351,934. The average home was on the market 10 days longer in 2007 than in 2006 - an 11% increase.
|
Pompton Lakes |
Active |
Sold |
Medain |
Average |
Average |
|
2007 |
1643 |
135 |
n/a |
$351,934 |
87 |
|
2006 |
1527 |
146 |
n/a |
$363,894 |
77 |
If you are planning to buy or sell a home in 2008, or if you want to learn more about Ringwood NJ real estate, please contact me at 973-962-5410 or visit HomesByOrly.com. To begin searching for Ringwood NJ homes, please use my complimentary MLS search. Best wishes for a very happy and prosperous new year!
Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.
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