Dear Friends and Neighbors:
I am often asked, "how's the market doing?," whether it be at the grocery store, church, my children's school or sporting events, or out socializing, so, I want to share with you how things are progressing in the Ridgewood market.
The Ridgewood real estate market has held up relatively well thus far in 2018, despite new tax law changes and steadily rising interest rates - the average home sale price has risen 2% to $863,000 and the average days-on-market has improved modestly to 39.4 days, while the number of home sales has declined 6% to 250 units and the sales price as a percentage of list price has slipped a fraction to 97.3%. On average, year-to-date, homes have sold for 47.2x current taxes, up slightly from an adjusted 46.5x in 2017.
In terms of house size, the 4-bedroom market has been the hottest segment, posting sales of 127 units (51% market share), with an average sales price year-over-year gain of 11%, to $866,253, while the 5- and 6-bedroom segments have softened both in terms of unit sales and average sales price
Looking at the various neighborhoods, the Hawes, Willard, Travell and Orchard areas have posted the strongest year-over-year pricing gains (+3% to +20%) while the Somerville area has seen the highest sales price as a percent of list price (99.7%).
As for current inventory, there are 91 homes on the market with an average of 61.8 days on the market, and the absorption rate stands at 3.3 months based on the monthly average of year-to-date sales. Similar to sales trends year-to-date, the 3 and 4 bedroom market up to $1.0 mn remains strong in terms of days-on-market and absorption rate and the 5 and 6+ bedroom market above $1.2 mn continues to show softness.
Who's Taking Care of Your Biggest Investment?
Your home is one of, if not, your biggest investment(s).
Your choice of real estate professional to list your home and/or help you find a new one is absolutely critical to your financial well-being.
In 2018, my customized marketing strategies for home sellers and keen understanding of what buyers are looking for have resulted in the following successes;
- 25 transactions throughout Bergen County (rank #19), including 17 in Ridgewood (rank #2)
- 8 Ridgewood listings (rank #2) whereby on average I sold my client's homes in just 32.0 days and at 97.0% of the list price
- 9 Ridgewood buyer's representations (rank #1).
While the results speak for themselves, don’t just take my word for it, check out my client testimonials at Zillow
I am truly blessed to work with such wonderful families.
If you are thinking of buying or selling, please call me or text me to see how I can help you achieve a successful outcome - results matter, let me put my network and market intelligence to work for you as I have with so many other clients.