"Housing activity this year will be somewhat lower than in earlier forecasts, with clearer analysis of the effects of stricter lending standards and a decline in subprime mortgage origination, according to the latest projections by the National Association of Realtors." The latest predictions are for existing homes sales to be down 2.9 percent and prices to be down 1 percent compared to 2006.
The Ringwood and Wanaque real estate markets are adhering to the National Association of Realtors predictions. Let's take a look at April statistics.
Seven homes sold in Ringwood this April compared to 14 sales in April 2006 which is a 50 percent decrease. The average market time this April was 90 days vs. 97 days last year.
Ringwood average sale price, also, declined in April by 12 percent compared to April 2006, bringing the average sales price to $326,000. The April 2006 average price was $371,849.
The median sales price declined by 3 percent compared to a year ago. Active listings declined by 34 percent in April.
|
Ringwood
|
Active
Listings
|
Sold
Listings
|
Median
Sale price
|
Average
Sale Price
|
Average
DOM
|
|
April 2007
|
89
|
7
|
$347,500
|
$326,00
|
90
|
|
April 2006
|
135
|
14
|
$360,000
|
$371,849
|
97
|
The Wanaque market, like Ringwood, showed a decrease in prices in April. The average sales price decreased 19 percent to $333,982 compared to last April's $414,791 price. The median sale price declined 18 percent, bringing it to $349,900.
Unlike Ringwood, the number of active listings increased 4 percent, compared to April 2006 and sales, also, increased by 8 percent. The average market time increased 252 percent...109 days vs 31 days.
|
Wanaque
|
Active
Listings
|
Sold
Listings
|
Medain
Sale Price
|
Average
Sale Price
|
Average
DOM
|
|
April 2007
|
101
|
12
|
$349,900
|
$333,982
|
109
|
|
April 2006
|
97
|
11
|
$427,900
|
$414,791
|
31
|
Spring is the perfect time to buy a home. Now is when inventory is the largest, as sellers are trying to sell and get moved before the end of summer.
Are you thinkling of buying a home? Get a daily email list of new homes for sale as they hit the market by visiting RingwoodHomeSearch.com. It is fast, easy and FREE!
Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.