Passaic County Real Estate Sales Statistics - 2008

After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to the National Association of Realtors^®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Lawrence Yun, NAR chief economist, said a weakening was inevitable. "Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November," he said. "December's housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed."

Let's take a look at the Passaic County real estate sales statistics for the year 2008 to see how the market looks in our area:

The number of active listings in Ringwood have stayed consistant from January to December 2008 year as compared to 2007 and sold listings have decreased by 2%.  The average sales price has decreased by 4% to $393,163 with market times increasing 12% or 11 days. 

In 2008, the Wanaque market saw a 14% decrease in active listings compared to January to December 2007.  Homes sold were down 20%.  The average sales price decreased 11% to $314,991, while market times have decreased by 12 days or 13%.

Pompton Lakes saw a decrease of 6% in average sale price in 2008 compared to 2007.  Active listings dropped 8% and the number of sold listings dropped 15%. Homes remained on the market an average of 17 days longer with a 16% increase in market times.

For the latest Passaic County NJ real estate market conditions, please call me at 973-962-5410 or visit HomesByOrly.com.

Statistics are based on information from the Garden State MLS. They are deemed reliable, but not guaranteed.