Bergen, Blog, NJ Suburbs

Ramsey 2009 Recap | Comparisons | 2010 Predictions

Happy New Year, Ramsey!

After a rather interesting year, I think the Ramsey real estate market deserves a “State of the Market Report”. In this report, we will look at last months statistics, overall yearly results, and comparisons to 2008. Unlike many markets in New Jersey, Ramsey fared pretty well and the charts below will indicate a very interesting trend in sales volume and average prices. 

All statistics are comprised from the NJMLS.  DON’T FORGET to browse our exclusive and customized MLS / IDX search tool for all of today’s Ramsey homes for sale.  (Click blue link)

2008

• There were 103 homes sold in Ramsey during 2008
• The average sales price was $702,893

2009

• There were 99 homes sold in Ramsey during 2009
• The average sales price was $658,641

The statistics show that there was a 3.1% decline in sales volume.  They also show that the average price of a home sold dropped 6.3% in 2009.

These facts are hardly alarming.  Ramsey has done very well through the recession despite the low inventory and activity.  Averages don’t lie and we believe Ramsey has some interesting trends as shown in these charts:  Click chart images to enlarge and Click Here for the 24 month statistic spreadsheet

 

Taking these graphs into consideration, Ramsey’s sales volume seemed to peak out during the late summer to early fall season.  Coincidence?  We’ll see, but according to the average sales price, now is just as good a time to buy as it was last December.  With the exception of November, 2008, closed sale prices have remained surprisingly close. 

NJ Real Estate Guys Ramsey 2010 Prediction:  We don’t see much of a change.  Sales are likely up in August because families want to be settled for the new school year and Ramsey’s school system is one of the best.  Prices seemed to drop, similar to last year, but in 2010, we predict an average monthly sales volume of 11 homes and the average sales price to remain within the status quo between $660,000 and $700,000. 

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.

As of today, there are 51 homes for sale in Ramsey, NJ.  During the month of December, we reported that 3 homes sold.  Ramsey’s absorption rate according to December sales is 17 months.  If you take the month of August 2009, we reported that 19 homes sold.  At the time there were 53 homes for sale in Ramsey.  The absorption rate in August was 2.7 months.  Our point is that due to the very low amount of homes for sale in Ramsey and the low inventory sold figures, month to month data will change drastically unlike most other real estate markets.  We do not put much stock into the current rate of absorption in Ramsey.

If you are looking to buy or sell a home in Ramsey, NJ, look no further than NJ Real Estate Guys.  We would value an opportunity to work with you on your real estate needs and can assure you that we will give 100% effort into making sure that you have the competetive advantage over the industry.  Thanks for your time and we look forward to hearing from you in 2010!  Contact us for a consultation. 

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November 2009 Report

Welcome to our monthly report for the Ramsey NJ Real Estate market.  We are going to be looking at home inventories, absorption, pricing, and much more.  Ramsey, NJ remains one of the more active suburbs in Bergen County and market confidence has increased.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010.  Additionally, the tax credit extension includes an increase in income level criteria, a huge benefit for Ridgewood income earners. 

Year over Year numbers are down just a tiny bit from last, almost not enough to mention.  Year to date, there were 150 homes that sold in Ramsey in 2008 (Jan-Oct) with an average sales price of $678,204.   In 2009 (Jan-Oct), 170 homes have sold with an average sales price of $665,974 a drop of only 2% from last year!  This is the smallest drop in value we have seen in Bergen County, a great sign for Ramsey. We are seeing a much clearer picture in the market and prices seem to have stabilized, indicative by higher sales volume, absorption, and homes under contract. 

There are currently 86 homes for sale in Ramsey, NJ, of which 59 are single family homes and 27 are condos/townhomes.  The average listing price is $662,231 on a Single Family home and $467,069 for condos/townhomes.  The affordability index remains moderate, but one that we see beneficial at this time.  The average number of Days on Market for each listing is 81 Days, the same exact as last year.   

During the month of October, 2009, a modest 17 homes sold in Ramsey.  The average listing price of the 12 single family homes that sold was $660,954, and the average Sales price of homes was $633,550.  The average listing price of condos/townhomes sold in Ramsey was $328,180, and the average sales price of them was $322,800.  Sellers are getting an average of 96% of their asking price, a sign that there is very little disconnect between buyers and sellers.  The average Days on Market for homes sold in Ramsey was 60 Days.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  As of November 1, 2009, there were 86 homes for sale in Ramsey as indicated above.  Also as mentioned above is that 17 homes sold during the month of October.  The absorption rate for Ramsey based on October’s sales figures is 5 months.

With the First Time Homebuyer Tax Credit extension, the recent market optimism, and macro economic data, we feel that it is a good time to buy real estate in Ramsey. 

If you are interested in buying or selling a home in Ramsey, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation

Be sure to use our MLS/IDX tool in the right column to search for Ramsey NJ homes for sale.  Click on Advanced Search if you would like to specify additional criteria. 

 

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August 2009 Report 

Due to popular request, I am going to do a mid-month Ramsey NJ real estate report.  Due to increased website traffic and homebuying inquiries, it looks like there are a few indicative factors.  First, the tax credit available until the end of the year has people determined to hit the deadline.  Second, low rates may have buyers thinking about inflation control where the Feds could increase the key interest rates soon to stave off inflation.  And three, historically low home prices.

So without further ado, the real estate report below is from housing data gathered from both the GSMLS and the NJMLS.  Such a pain to have to compile both systems.  I wish there will be a future arrangement of pooling listings together in a partnership?  Wishful thinking. 

As of September 17, 2009, there are currently 77 homes for sale in Ramsey, New Jersey, with an average listing price of $653,628.  Although the majority of the homes for sale are in the $400k’s and $500k’s, there are still plenty to choose from in the $600k to $700k range, with only 11 homes for sale in Ramsey listed for over a million dollars.  The average Days On Market for Active homes in Ramsey is 86 days.

There are currently 26 homes Under Contract in Ramsey NJ.  Although we are not able to determine its sales price yet, we can give averages.  Of the 26 homes in contract or attorney review, the average listing price is $518,534.  I noticed that there were quite a few townhomes that went under contract and sold in complexes such as Timber Valley and Cambridge Heights.  Prices are reasonably lower there and is a good area for first time homebuyers to consider condos for sale in Ramsey, NJ.

I took the liberty in looking into homes sold in Ramsey NJ over the last 3 months, trying to get an indicator on summer.  Here’s what we saw:  Since mid-June to mid-September, a total of 55 homes have sold in Ramsey, NJ.  The average price of a home that sold during this time was $581,095.  The average listing price of all homes sold during this time was $680,421.  Each sale sat on the market for an average of 66 Days prior to contract.  Of all of the homes sold over the last 3 months in Ramsey, NJ, only one sold for over a million dollars.  18 Kate Court sold for $1,080,000 after sitting on the market for only 8 days. 

Absorption Rate of Ramsey, NJ:  6.41 Months

Absorption rates are calculated by taking the total number of homes for sale and dividing it by the number of homes sold in the previous month.  Due to our report coming mid-month, we went back 30 days to mid-August.  An absorption rate simply means that if no other homes came active on the MLS, it would take 6.41 months for all available homes for sale to be bought at the previous months’ sales pace. 

As always, New Jersey Real Estate Guys are here to assist homeowners or investors in purchasing real estate in Ramsey or any other town of Bergen County.  Please contact Scott, the Bergen County pro and schedule a consultation or showing appointment for all of your real estate needs. 

Don’t forget to use our MLS searching tool on our website pages to search for all homes for sale in Ramsey, NJ.

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