Ridgewood NJ Real Estate Report | Homes Sold – Inventory – Absorption
Welcome to our new Ridgewood Archive page. We provide monthly real estate reports for this area among many others. Starting October 1, 2010, our monthly reports will be provided on individual pages, archived in the appropriately labeled links below. For all other Ridgewood NJ Real Estate reports, you can scroll down this page to do so.
APRIL 2011 MARKET REPORT and Q1
July 2010 Ridgewood NJ Housing Report – Inventory | Sales | Absorption
As expected for July, the number of homes sold did not beat out June. That’s likely because the frenzy of closings was due to the First Time Homebuyer Tax Credit expiration and homeowers and lenders rushing to the closing table. However, July still put up decent numbers and the average price of a home sold in Ridgewood in 2010 is well ahead of 2009 prices.
Still, home sales in 2010 are expected to smash the number of homes sold in 2009. Year to date so far, 141 homes have sold in Ridgewood versus 194 for the entire 2009 year. We have seen a pickup in interest levels for Ridgewood and we expect this market to maintain decent consistency. So for those looking into buying into Ridgewood, now is a good time to start. Let’s look at some statistics for July. If you would like to see the official statistics and detailed charts for every month since 2009 to monitor the Ridgewood housing market, CLICK HERE
| July | M/O/M | Y/O/Y | |
| Active Listings as of July 31 | 131 | ||
| Homes Sold | 25 | -41.9% | -21.9% |
| Average Sold Price | $922,396 | +17.2% | +22.3% |
| Placed Under Contract | 24 | ||
| Rate of Absorption | 5.46 Months |
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FYI, the rate of absorption is calculated (my way) of taking the number of available listings for sale (131) and dividing by the number of homes placed under contract in the previous month, which is July (24). For reference, speculative builders and developers typically wait until the rate of absorption remains at about 4 months prior to taking on any new projects.
We have been quite active in Bergen County lately, so if you are looking to buy or sell your home or would just like some friendly suggestions, please call us at 877-688-7582 or e-mail us. We would value an opportunity to go over your situation.
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June 2010 Real Estate Report for Ridgewood, NJ
HOLY SALES!!!! Whether you think that the First Time Homebuyer Tax Credit had an affect on the market, it clearly shows that it did at least a little bit. Although $8,000 is likely not enough to sway someone buying a Ridgewood home from their purchase, $8,000 is still $8,000 for those that did meet the qualifying criteria.
Ridgewood is on pace to shatter the 2009 level of sales volume. In 2009, there were 194 home sales according to the NJMLS. To date, there have been 116 home sales and summer, the busy time, is just picking up steam. Prices have been consistently good for the last 3 months and it looks like the Ridgewood market could be up to its last test, which is maintaining the level of sales without the incentive of government props.
If you would like a full list of homes for sale in Ridgewood or would like to set an appointment to discuss the area or your home, please call us at 877.688.7582
Let’s look at some June numbers. Be sure to check out the full report below.
JUNE:
Available Inventory for sale: 133 Homes
Homes Under Contract: 66
Homes Sold: 43
Average Sales Price: $764,572
Rate Of Absorption: 3.1 Months….WOW!
To view the full report for Ridgewood NJ Real Estate for month over month and year over year figures CLICK HERE
If you clicked on the link, you will notice that the charts indicate a familiar pattern regarding sales volume from 2009. Typically home sales peak during the summer months, but June 2010 had an unusually high number of sales. Part of us are lead to believe that buyer and seller disconnection no longer remains and this is the cause of a lot of sales. In addition to low mortgage rates and higher FHA conforming loan limits, this could be a positive sign for Ridgewood for the second half of the year.
If you are looking to buy or sell a home in Ridgewood, New Jersey Real Estate Guys would value an opportunity to be interviewed for the job of representing you in the housing market. Our expertise is demonstrated by our due diligence that we provide to you every single month. We take pride in our market analysis which is why our brokerage is #1 in our headquartered county in sales volume! Call us today at 877-688-7582.
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May 2010 Ridgewood NJ Real Estate Roundup
As Ridgewood searches for its equilibrium, we have to point out one thing that is indicative from our charts. Historically, June through August are very strong months for sales volume. In 2009, the average volume of homes sold excluding June/July/August was about 10 homes per month. In the 3 months during the summer, sales spiked to an average of almost 30 homes per month respectively.
So, what does that mean? Well, if you are a seller, today is the day to get your home professionally cleaned, and your job is to keep it clean. How is your house priced? Has it been sitting on the market long? Now is the time that you want to really make sure that you price your home aggressively. This summer should be no different than last summer.
Good news is that prices are pretty flat since last year. No real dramatic turn. The average home sold for $741,854 during 2009 in Ridgewood. So far this year, the average sales price of a home has been $742,302. So I just peaked at the MLS. Today is June 18, 2010 and so far this month, 25 homes have sold in Ridgewood. Average sales price has been $752,691. See! This summer is heating up! If you want to sell your home, you need to contact us NOW so we can put you in a favorable selling situation. Buyers, now is the time to make your offers.
Below are some 2009/2010 comparison charts showing volume and average sales price for Ridgewood. Click on images to enlarge.
Indicative of these charts is that the average price of a home sold in Ridgewood should be about $750,000 for the remainder of the year. As expected, the summer is projected to be very active for volume. If not, we can likely expect the average price of homes sold to dip a little bit. Not likely in our opinion.
If you are looking to buy or sell a home in Ridgewood NJ, give Scott a call at 877-688-7582. Let’s discuss everything there is to know about Ridgewood real estate. If you prefer to send an e-mail, hit the CONTACT US button in the upper right of our screen here! See you soon!
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January – February Roundup for Ridgewood Real Estate
So the first 2 months of 2010 have been the slowest since August 2009. The last 2 years have been very tough on lending guideline changes. There have been crazy guideline changes with conventional and FHA loans and it is indicative with the slow months of 2010 as lenders and loan officers adapt to the craziness. So as much as I hate to report bad numbers, let’s take a look…Actually, Ridgewood faired pretty well considering the other surrounding markets.
At the moment, there are 86 Single Family Homes for sale in Ridgewood with an average listed price of $896,880.
In January, a total of 12 Homes sold in Ridgewood with an average sales price of $707,217.
In February, a total of 13 Homes sold in Ridgewood with an average sales price of $814,800.
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 March 1, there are 86 homes for sale in Ridgewood, NJ. As mentioned, in February, it was reported that 13 homes sold. This puts the rate of absorption at 6.6 Months, pretty decent considering the slow start of the year around the nation.
If you are looking to buy or sell a home in Ridgewood, please Contact Us. We would value an opportunity to display our expertise in the market as well as our marketing plans for you.
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Happy New Year, Ridgewood!
Instead of doing a December inventory / sales report as we normally do, I figured it was a great time to do some annual comparisons to 2008. It’s been an interesting year for sure. Unemployment, housing declines, weak dollar, bank failures, etc. All in all, today, January 1, I am cautiously optimistic about what 2010 is going to bring. Don’t forget to check out our 2010 predictions for Ridgewood NJ Real Estate below.
Although there remains pressure on real estate values, with the help of government tax incentives, we should see activity continue to increase, which is all we can ask for at this time. I predict there will be more “connection” between buyers and sellers in 2010 as the equity rallies of mid/late 2009 created a disconnection due to sellers expecting top dollar and buyers only willing to make under market bids. So without further ado, here it goes.
All information is comprised from the NJMLS.
Annual Recaps:
2008 – In Ridgewood, NJ, 228 Single Family Homes sold with an average sales price of $823,942.
2009 - In Ridgewood, NJ, 208 Single Family Homes sold with an average sales price of $751,314.
In 2009, the number of homes sold declined by about 9% and the sales prices have dropped about 9% as well. Considering everything, Ridgewood has survived the bulk of the housing crisis considerably well.
Let’s look at when things became a little hairy last year.
June 1 – December 31, 2008 – In Ridgewood, 154 single family homes sold during this time with an average sales price of $852,969.
June 1 – December 31, 2009 – In Ridgewood, 167 single family homes sold during this time with an average sales price of $745,449.
Data gathered during the second half of both years shows a drop in number of sales by only 8%, and a drop in average sales prices by 13%. Still, Ridgewood seems to have survived the bulk of the recession considerably well.
Let’s now look at the month of December:
December 2008 – In Ridgewood, 13 homes sold in December ’08 with an average sales price of $623,731.
December 2009 – In Ridgewood, 19 homes sold in December ’09 with an average sales price of $778,850
December 2009 numbers are considerably better this year versus last year. Interestingly, in December 2008 only 1 home sold for over $1 million. In December, 2009, 5 homes sold for over $1 million, with one selling at $1,800,000.
All things considered, we feel that Ridgewood has great opportunity for great deals today. As prices have softened, Ridgewood sales have gradually increased. There are only 63 homes for sale in Ridgewood. Using December sales figures, there is an absorption rate of 3.31 months, a very healthy rate of absorption.
Our prediction for Ridgewood real estate is that if it has not bottomed out yet, expect considerably less than an additional 5% drop. You will see consistent trading with average sales prices bouncing back and forth with some months exceeding some and others not exceeding others. 2010 will present a great opportunity to buy in Ridgewood as unemployment in the metro area is expected to peak. As incomes begin to stabilize and more families’ desire to utilize Ridgewood’s Blue Ribbon school system, expect solid real estate turnover with relatively stagnant values. We predict that typical appreciation will return to Ridgewood by Q1 2011.
If you are looking for a home in Ridgewood, New Jersey Real Estate Guys would value an opportunity to interview for the job of assisting in buying and/or selling your home. We have unique knowledge of Bergen County and have access to unlimited resources in your search for homes or your request of global exposure on the sale of your home. Please contact us today for a consultation. Happy New Year Ridgewood!
December 2009 Report | Ridgewood Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)
Welcome to our monthly housing report update for Ridgewood, NJ. Our apologies for being late on this report. It is currently December 15 and my stats below will reflect real time data.
Year to date, 199 homes have sold in Ridgewood. The average sales price of these homes was $749,393. Both the number of homes and the sales price have declined 10% respectively during the same time period of Jan 1 – Dec 15 in 2008. With many professionals believing that Ridgewood has hit a comfortable area of affordability, a 10% drop is quite moderate compared to national and state stats, a great sign.
There are currently 72 Single Family Homes for sale in Ridgewood, NJ. The average listing price is $936,664. The average number of Days on Market for each listing is 120 Days.
During the month of November, 2009, 19 homes sold in Ridgewood and 29 have gone under contract and are in Attorney Review . The average listing price of homes sold was $757,711, and the average Sales price of homes was $738,289. The average number of Days on Market for homes sold in Wyckoff was 55 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 December 1, 2009, there were 72 homes for sale in Ridgewood as indicated above. Also as mentioned above is that 19 homes sold during the month of November. The absorption rate for Ridgewood is 3.75 months, a very good rate of absorption.
And there you have it! The December Ridgewood Real Estate Report. We are seeing many great deals in Bergen County recently and with the winter upon us, deals will come and go. If you are interested in buying or selling a home in Ridgewood, or need some consultation, please do not hesitate to CONTACT US. We would value an opportunity for an interview so that you can see what separates NJ Real Estate Guys aggressive home buying and selling strategies.
Previous article and updates below
With our monthly update on Ridgewood NJ real estate activity for sold homes, we update you today with October’s numbers. Ridgewood, 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 a little bit. Year to date, there were 202 homes that sold in Ridgewood in 2008 (Jan-Oct) with an average sales price of $840,439. In 2009 (Jan-Oct), 170 homes have sold with an average sales price of $742,692, a 12% drop since last year. 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 111 homes for sale in Ridgewood, NJ. The average listing price is $850,296. There are plenty of homes at or under $800,000 for those of you looking for more affordability. The average number of Days on Market for each listing is 114 Days.
During the month of October, 2009, a modest 21 homes sold in Ridgewood. The average listing price of homes sold was $853,440, and the average Sales price of homes was $793,550. Sellers are getting an average of 93% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still. The average Days on Market for homes sold in Ridgewood was 72 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 111 homes for sale in Ridgewood as indicated above. Also as mentioned above is that 21 homes sold during the month of October. The absorption rate for Ridgewood based on October’s sales figures is under 5.3 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 Ridgewood.
If you are interested in buying or selling a home in Ridgewood, 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!
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August 2009 Report
During the course of the summer, Ridgewood NJ real estate activity has been above average.With prices lower than what they were a year ago today, Ridgewood did not experience the significant price adjustments that many other areas of the state has experienced. OK, so my title is misleading. The 3rd quarter of the year is not up yet, but I wanted to write about something today, and I figured I’d do the piece on Ridgewood homes for sale, homes sold, etc. Oh, and by the way, if you haven’t heard about Graydon Pool’s new proposed plans, you should check it out at The Preserve Graydon Coalition. Although I do not personally live in Ridgewood, for those of you that are looking to buy a home, it is something that you may want to keep an open ear to. So without further ado…
Our numbers are based off of comprised data from the NJMLS and GSMLS and our figures are based on June 1 thru September 1, 2009 dates.
If you would like to search for any and all homes for sale in Ridgewood or all of Bergen County, see our searching tool over there —————–>>
As of today, September 8, 2009, there are 112 Active Listings in Ridgewood Village, New Jersey. The average listing price is $981,358 with 86 of those active listings being priced UNDER the average. The average Days on Market for active listings is 114 Days.
If we go back 60 days from today, 35 homes have went Under Contract. The average home to go under contract was $635,925. Please note that the actual average may go slightly up or down upon closings. Actual agreed upon prices are not public record until closing. The average Days on Market for these homes was 78 Days. The average Under Contract price is indicative that the lower price homes in Ridgewood are selling a bit quicker than the homes above average. This may have something to do with the conforming loan limits for FHA financing. Bergen County has a maximum FHA loan amount of $729,750 for single family homes.
(For some reason my GSMLS just crapped out on me…Doesn’t matter though. Almost 95% of the data for Ridgewood is from the NJMLS anyway) Per the NJMLS, the (dominant service in Ridgewood), 91 homes have sold since June 1, 2009. The average sales price of homes for sale in Ridgewood, NJ was $779,011. Of those 91 homes, only 13 of them were sold for over $1 million. Also, 52 of the 91 homes were sold within FHA conforming loan limits (over 57%). Although it is tough to say how many residents chose to go with FHA financing, we just wanted to point this out.
As of September and as mentioned above, there are 112 active listings of homes for sale. During the month of August, 35 homes have sold. The absorption rate for Ridgewood New Jersey homes and real estate is 3.2 months. The absorption rate is calculated by taking the number of Active Listings and dividing it by the number of homes sold the most recent previous month. A 3.2 month supply of inventory based on Absorption Rate is indicative of an above average real estate market.
If you are interested in viewing a full report of Ridgewood, NJ homes for sale or looking for a consultation about local homes for sale, please Contact Scott, realtor, and founder of New Jersey Real Estate Guys, and he will be more than happy to assist in your homebuying interests for Ridgewood, NJ or any other part of Bergen County. For some additional online information about Ridgewood Village, please see our Ridgewood NJ real estate page.
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