Michael Shetler

In northwest Bergen, which includes Glen Rock, Ridgewood, Upper Saddle River, Franklin Lakes and nine other areas, the median price was up in December compared with December of 2009. The median was $597,000, up from $555,000. The number of houses sold was up 3%.

In Bergen County overall, however, the median price was down 5.5%, while sales volume was down 1%. And Ridgewood, which experienced rising prices in the spring market, ended down 4.9% from a year earlier. (source: NJMLS. Data deemed reliable but not guaranteed.)

- Michael Shetler

1. Total Number of Listings on the Market
2. Average List Price
3. Average Sale Price
4. List Price vs. Sales Price Ratio
5. Average Days on the Market
6. Number of Sales YTD
7. Number of Expired Listings
8. Overall Appreciation/Depreciation
9. Number of Months of Supply
10. Current Interest Rate

I've put together a report with these values for Glen Rock, Ridgewood and Bergen County as a whole. Click here for the report.

Here's a bizarre statistic for the first half of July: median sold prices in Bergen County have risen 16.2% over the same period last year. In northwest Bergen, they're up 6.4%. Wait a minute, how can that be? The economy is still slow, unemployment still high and inventory levels continue to favor buyers.
It all ties back to the expiration of the tax credit. Buyers who qualified for the tax credit had to be under contract by April 30. Everyone who was going to buy did so before April 30, resulting in a huge decline in the number of May contracts written. However the higher end of the market wasn't terribly affected by the tax credit because those buyers didn't qualify. As a result, higher priced homes were selling and lower priced homes were not, skewing the median sold price for July closings.
Pay attention to national news reports in August and September when the media reports that median home prices have risen sharply. You'll know why they did.

- Michael Shetler

source: NJMLS. Info deemed reliable but not guaranteed.

Last week I attended a lecture by Dr. Lawrence Yun, Chief Economist for the National Association of Realtors. He showed over 40 charts and graphs describing the mechanics of the recent real estate market and what's to come. He demonstrated why he thinks the worst is behind us and why he predicts a relatively stable market over the next year or two. In some markets, prices will continue to drop by single digits while in others prices have already begun to climb. He predicts a 2-3% price appreciation nationally in 2010.
An interesting fact he brought to the table relates to new home sales. Builders are unable to get financing for new construction, which means housing starts are way down. I believe that's an important fact to note - when we hear in the media that new home sales are down, we should understand that it's because there are fewer new homes on the market. Demand is not necessarily down, but supply is. In Ridgewood for instance there are only two new homes listed for sale and one one of them is not yet built.
To download a copy of Dr. Yun's presentation, click here.

The Rotary Club of Ridgewood has organized a photo contest for and about the Village. Here are the details from the poster: A stunning photo doesn’t care who took it. No matter how much experience you have or how sophisticated your camera, you’re invited to enter the Ridgewood Photo Contest. The best photos in eleven different categories will be published in “Ridgewood 2010: The Year In Pictures,” a commemorative book representing the beauty, spirit and tradition of Ridgewood and the people who live here. Winners will receive a free copy and cash prizes. The cost is $5 per entry with proceeds going to The Rotary Club of Ridgewood. Enter now at Ridgewood-Photo-Contest.com.