ridgewood: The bigger the home, the harder it fell. - 02/04/10 06:58 AM
The decrease in average sales price from 2008 to 2009 in northwest Bergen County was 11%. But a closer look at how it breaks down is very telling. Homes with two or three bedrooms were down only 7% while homes with six or seven bedrooms were down 31%. However even the high end of the market has begun to show signs of improvement with sales activity up 36% during the period 12/1/2009-1/31/2010 over the same period a year earlier.
- Michael Shetler

ridgewood: Bergen County Inventory at Five-Year Low - 01/21/10 03:34 AM

The number of homes on the market in Bergen County is surprisingly low. With 3,078 active homes, inventory hasn't been this low in January since 2005. In addition, the number of homes currently under contract in mid-January is at a three-year low. At the high end of the market, the news for sellers is also improving. The number of homes on the market with at least five bedrooms and three full baths is 161 -  down from 190 a year ago and 165 in January of 2008. - Michael Shetler  

ridgewood: Steady As She Goes - 01/08/10 05:21 AM
The Ridgewood area real estate market has been holding its own over the last year. As you can see from the charts below, the median price hasn't changed much, except for the usual price bump during the spring market. And the year ended with an inventory level lower than where it started. In general, buyers and real estate agents are optimistic about the spring market. I do have one area of concern however - rising interest rates. The National Association of Realtors is forecasting that the 30-year fixed-rate mortgage will rise gradually to 5.8% by the end of next year.
- Michael … (0 comments)

ridgewood: Sales Activity Way Up - 12/11/09 09:03 AM
The improvement over last fall in the number of home sales is dramatic. In Bergen County, homes under contract over the last 30 days is up 50% over the same period last year. The median sales price is down 9.2%.In northwest Bergen County, where foreclosures are much less common, activity is up 54% and prices down only 0.4%.

Northwest Bergen Prices
source: NJMLS. Information deemed reliable but not guaranteed.

ridgewood: Northwest Bergen Prices Bounce Halfway Back - 11/07/09 03:25 AM
Last year at this time, Wall Street was in crisis. September saw the failure of Lehman Brothers and the takeover of several large banks. As a result, October home prices were down 21% from a year earlier in northwest Bergen County. But since then prices have come back over halfway - the average price of a single family home is now down only 8.5% from October of 2007.
- Michael Shetler 
source: NJMLS. Information deemed reliable but not guaranteed. October single-family home prices.


ridgewood: How many homes are on the market in Bergen County? - 10/22/09 10:53 AM
A comment I frequently hear is there are lots of homes for sale in the area. Local homeowners sensitive to market conditions tend to think there are more "For Sale" signs in the neighborhood than there used to be. In reality, the inventory of homes on the market in Bergen County is at its lowest level since 2005.

source: NJMLS. Information deemed reliable but not guaranteed.

ridgewood: Real Estate Prices Stabilize, Activity Increases - 10/01/09 06:44 AM
I've been reporting recently that the bottom half of the market has been active but the top hadn't yet seen a recovery. The latest data suggests the entire market is doing better. Activity has increased across the board from last September, and prices are down only marginally. As the year has progressed the market has been slowly gaining steam. As long as interest rates stay below 6%, we should continue to see a stable market. 

source: NJMLS. Information deemed reliable but not guaranteed. Single family homes in Bergen County.

ridgewood: An Encouraging Summer - 08/13/09 08:51 AM
n local real estate, activity is up. And in Ridgewood anyway, so are prices. While the median price of single family homes across Bergen County is down 14% compared with last summer, Ridgewood prices have actually inched slightly higher.
Activity is up throughout Bergen County. The question for the short term though is whether activity will remain healthy with the tax credit for first-time buyers due to expire December 1. A typical closing takes 45-60 days from the time an offer is accepted, so we may see a fall-off in activity after September.
The top half of the market is a … (0 comments)

ridgewood: Northwest Bergen Market Almost Too Good To Be True - 07/18/09 05:24 AM
The market for homes under $700,000 has been incredibly strong recently. I've seen many bidding wars in the last month, some driving the sale price over the list price. Activity has been surprisingly strong. As of today, there are 88 homes under contract in northwest Bergen County. Last year on this day there were only 65. In Ridgewood there are 20 under contract today versus 14 last year. But now for the real shocker - the median sold price July 1 -17 in Ridgewood is higher this year than last year, $764,000 in '09 vs $682,500 in '08. Across northwest Bergen, … (0 comments)

ridgewood: Local Market Trends Upward - 06/14/09 05:38 AM
May turned out to be an even better month than April, which was 10% behind April of last year in sales activity. As you can see below, May was almost exactly on par with last year in terms of the number of homes going under contract.
The coming months continue to be difficult to predict, as there are conflicting trends. Mortgage rates have climbed considerably, yet the inventory of homes on the market is lower than it was last year at this time.

Northwest Bergen County single family homes. Source: NJMLS. Information deemed reliable but not guaranteed.

ridgewood: Spring Market Report - 05/07/09 07:09 AM
Since early March the local real estate market has been steadily improving. Activity is still below last year's levels, but as seen in the number of accepted offers, it's only 7% off the pace in northwest Bergen. Factors contributing to the return to market normalcy include the tax credit for first-time buyers, low interest rates and an improved stock market.

source: NJMLS. Info deemed reliable but not guaranteed. Single family home activity in April.

ridgewood: February Housing Data: A Mixed Bag - 03/05/09 09:52 AM
The February data for Bergen County shows a very mixed picture. While the volume of sales is clearly down across the board, the median sales price actually rose somewhat in northwest Bergen while sinking in the County as a whole. And the number of homes on the market, the most significant factor in determining near term home prices, actually fell across Bergen. So while the national economy continues to looks bleak, the local housing market is showing some resiliency.

source: NJMLS. Information deemed reliable but not guaranteed.

ridgewood: New Lower Prices! (Even In Bergen County) - 02/20/09 06:24 AM
While inventory remains at reasonable levels in most of Bergen County, prices continue to be soft and activity rather slow. Northwest Bergen County has an 8.6 month supply of homes on the market, while Ridgewood in particular has only a 5.3 month supply. A balanced market is 4-6 months. And activity in northwest Bergen in the last 30 days (the number of homes under contract) is 13.3% behind last years pace. In Ridgewood the number of homes under contract is half what it was this time last year - although having a lower inventory means there's not much for buyers to … (0 comments)

ridgewood: Bergen Real Estate - Hot and Cold - 01/22/09 06:31 AM
The lower end of the market is hot, the top is not. In the last two weeks I've seen several bidding wars on starter homes that were aggressively priced. In Ridgewood, for example, a split level priced at $549,000 received at least 3 offers in its first weekend on the market. In Fair Lawn, a home that had been on the market for some time dropped it's price by 10% and immediatley three offers came in. The high end of the market isn't experiencing as much activity. My rationale is that higher end buyers are much more dependent on Wall Street. … (0 comments)

ridgewood: Many Buyers On Hold - 01/13/09 05:57 AM
The real estate market is quietly moving along at a pace 30% below last year. Since December 15th, 40 single-family homes have gone into attorney review in northwest Bergen compared with 57 a year ago. The country as a whole is waiting for a few things to happen before making major decisions. These include the transition to the new administration and the stabilization of the US auto industry. There are many buyers in this area standing by waiting for the right time to buy, so once consumer confidence starts returning the local market will be in a much better place.- Michael … (0 comments)

ridgewood: Interest Rates Improving - 12/06/08 01:52 AM
The big news over the last three weeks has been declining mortgage rates. On Oct 30, Bankrate's overnight average on a 30 year fixed loan was 6.5%. Today it's 5.6% and still heading down. And contrary to popular belief, mortgage money is not hard to come by in Bergen County. Local banks including Hudson City and Valley National have funds available.Okay, okay, but the real reason you read this newsletter is to get statistics about the local real estate market. How bad is it, you want to know. Over the last 30 days, the number of residential homes going under contract … (0 comments)

ridgewood: Measuring Declining Home Prices - 11/20/08 03:37 AM
Here's a startling statistic - the median home price over the last 30 days in northwest Bergen County has dropped 21% from the same period a year ago. However, the average home price dropped just 8%. One explanation for this disparity is that less expensive homes have been selling better than high end homes. A look at the MLS data bears this out. Last year 37 homes sold in the price bracket of $900,000 or more. This year there were only 17 sales over the same period.

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ridgewood: September Hot, October Not - 10/30/08 06:30 AM
This week we take a look at how deeply the real estate market has been affected by the economic downturn. Back in early September, before the AIG rescue and the bank mergers, the real estate market was healthy. The number of homes under contract in northwest Bergen was running slightly ahead of last year. Then the bailout plan was introduced around September 19th, and we still managed to finish out the month only 10% behind last September. But in October*, the number of homes under contract has fallen 31%.Another measure I use to gauge the market is how many online visitors … (0 comments)

ridgewood: Inventory Rising - 10/21/08 12:34 AM
The inventory level of homes on the market in Bergen has been creeping up over the last few months. In Ridgewood/Glen Rock there's a 7.3 month supply, in northwest Bergen it stands at 8.5 months and in Bergen as a whole it's 9.8 months. A balanced market is considered 4-6 months. While somewhat high, the local inventory is nowhere near where it was after the savings and loan bailout of the late 1980's, when prices fell precipitously.

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Michael Shetler

Bergen's Top Real Estate Agents

Ridgewood, NJ

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Keller Williams Village Square Realty

Address: 74 Godwin Ave, Suite 231, Ridgewood, NJ, 07450

Office: 2014454300 x231

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Observations and analytics on the real estate market in Bergen County, northern New Jersey. Special focus on Ridgewood and northwest Bergen. All facts and figures based on NJMLS. Info deemed reliable but not guaranteed.




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