Ridgewood Real Estate: Sales Volume Up Over 30% in Each of the Past 3 Months
The table below is a comparison of 2008 versus 2009 (through 12/14) in 9 key real estate categories. It would appear to paint a picture of a declining real estate market but when you dig a bit deeper the numbers tell a different story. For instance, inventory is lower than it was at this time last year. Generally, in real estate as in most other industries, lower inventory = higher prices. More importantly, since the table looks at (nearly) an entire year you can’t see the trends. Consider the following trends:
Ridgewood Real Estate Trends
- The dollar volume of Ridgewood Residential sales have increased in each of the past three months versus the same month last year – and the increases were significant.
- September – Sales Volume up 35%
- October- Sales Volume up 79%
- November – Sales Volume up 39%
- The number of homes sold have increased in each of the past three months versus the same month last year.
- The average Sales Price of Ridgewood Homes have increased in 2 of the past 3 months (versus 2008) and the average price in December (as of 12/14) is up 27%.
9 Key Ridgewood Real Estate Statistics
| 2008 | 2009* | ||||||
| Total Active Residential Listings | 89 | 75 | |||||
| Average List Price | $873,590 | $833,372 | |||||
| Average Sales Price | $823,942 | $747,875 | |||||
| List Price vs Sales Price Ratio | 94.3 | 89.7 | |||||
| Average Days On the Market | 65 | 77 | |||||
| Number of Sales YTD | 228 | 198 | |||||
| Number of Expired Listings | 121 | 120 | |||||
| 2007-2008 | |||||||
| Overall Appreciation or Depreciation | -3% | -9% | |||||
| Number of Months of Supply | 4.7 | 4.5 | |||||
| *as of Dec 14th
The information in this blog post is based on data provided by the New Jersey Multiple Listing Service, Inc. for the period of 1/1/2009 through 12/14/2009. |
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The actual headline from the Business Week article is…
