Ringwood NJ Real Estate Market Trends Report

Modest near-term movement is expected in Ringwood NJ real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. "The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy," he said.

Furthermore, Yun said location has never mattered more than in the current market. "Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood's exposure to subprime loans."

Let's take a look at the Ringwood real estate sales statistics for June 2008 to see how the market looks in our area:

Although the number of active listings on the market in Ringwood this June was the same as it was in 2007, 5 more homes were sold in 2008, representing a 28% increase in sales! The median sales price, however, dropped 14% while the average sales price dropped a more modest 5% to $359,492. Market times remained the same from 2007 to 2008.

Ringwood	Active Listings	Sold Listings	Median Sale price	Average Sale Price	Average DOM
June 2008	110	13	$300,000	$359,492	61
June 2007	110	8	$350,000	$378,188	61

The Wanaque market saw a 7% decrease in active listings this June, compared against June 2007. One fewer home was sold in June 2008, which represents a 9% decrease in sales. The average sales price decreased 16% to $301,100, while market times were cut almost in half this year to an average of 48 days.

Wanaque	Active Listings	Sold Listings	Median Sale Price	Average Sale Price	Average DOM
June 2008	93	10	$285,000	$301,100	48
June 2007	102	11	$342,500	$359,682	92

Pompton Lakes saw a marked increase in activity in June 2008 with a 4% increase in active listings and sales that almost doubled over June 2007. Like other areas, however, the median and sales prices both decreased. The average sales price dropped 21% to $304,923 while homes remained on the market an average of 16 days longer than last June.

Pompton Lakes	Active Listings	Sold Listings	Median Sale Price	Average Sale Price	Average DOM
June 2008	140	13	$315,000	$304,923	110
June 2007	135	7	$382,000	$386,071	94

Again, as Yun said and as these statistics show, real estate sales and prices vary from neighborhood to neighborhood, even within the same city. For the latest Ringwood NJ real estate market conditions in your area, please call me at 973-962-5410, visit my website HomesByOrly.com or my blog Ringwood NJ Real Estate.

Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.