Last month NAR announced that the market was stabilizing and they provided a much of statistics to prove that point. November 20th NAR announced that we are in full transition, Conditions for home buyers have improved and sellers are more willing to negotiate a lower price.
The November numbers for my market area are noted below; I have added the number of weeks to represent the absorption rate since that might make more sense to some readers. The Absorption rate as a % is also noted here so that you can see the trending from month to month.
# of Active # Under Contract Absorption % Weeks
Ridgewood 120 41 34% 12
Midland Park 40 11 28% 16
Saddle River 61 9 15% 30
Bergen County 3923 946 24% 18
The median price of homes in each of these towns:
Ridgewood $519,000
Midland Park $402,000
Saddle River $1,400,000
Bergen County $441,000
For the full story published by NAR: http://www.realtor.org/press_room/news_releases/2006/mhp_2006q3_sales_confirm_market_transition.html
Comments(1)