Ringwood NJ Real Estate Update
Temporary problems in the mortgage market are expected to free some pent-up demand, but disrupted existing-home sales and distorted prices on sales closed in September, according to the National Association of Realtors®. Even so, prices continued to rise in some areas. Because of this and other factors, total existing home sales fell 8% and are 19% below the level that they were in September 2006.
Lawrence Yun, NAR senior economist, said the decline is understandable. “Mortgage problems were peaking back in August when many of the September closings were being negotiated . . . the good news is that mortgage availability has markedly improved in recent weeks . . .”
Let’s take a look at the Ringwood and Wanaque NJ October sales statistics to see if this trend held true:
Inventory remained relatively low in Ringwood and Wanaque this October, but sales saw a slight increase over September.
In Ringwood, the number of active listings decreased by 16% from October 2006 to October 2007. The nubmer of homes sold, however, decreased only by 3% to a total of 10 homes sold for the month.
Good news for sellers - the median sales price rose 3% and the average market times decreased 28% this October. The average sales price also increased about 7% to $367,104.
|
Ringwood |
Active |
Sold |
Median |
Average |
Average |
|
October 2007 |
111 |
10 |
$360,000 |
$367,104 |
78 |
|
October 2006 |
132 |
13 |
$350,000 |
$340,692 |
109 |
The Wanaque market continued to follow a similar trend as Ringwood. Although inventory was only down by 18% over October 2006, sales decreased by 50%. The median and average sales prices, however, both increased - 3% and 10% respectively. Homes were selling faster this October than they were last year, with market times down 13% to an average of 77 days.
|
Wanaque |
Active |
Sold |
Medain |
Average |
Average |
|
October 2007 |
84 |
7 |
$318,000 |
$379,857 |
77 |
|
October 2006 |
116 |
14 |
$308,000 |
$341,286 |
89 |
This is a great time to consider buying or selling a home in Ringwood or Wanaque. For more information about Ringwood NJ real estate, please visit HomesByOrly.com or call me at 973-962-5410. To begin searching Ringwood NJ homes, please use my complimentary MLS search.
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