Passaic County Real Estate Sales Statistics: May 2009

By
Real Estate Agent with Coldwell Banker Residential Brokerage

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."

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

The number of active listings in Ringwood has decreased by 21% in May 2009 when compared to May 2008. Sold listings have decreased by 38% and the median sales price has increased by 40%.  The average sales price has increased by 34% to $611,000 with market times increasing 51% or 51 days. 
 

Ringwood

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 May 2009

92

5

$620,000

$611,000

100

May 2008

116

8

$375,000

$401,625

49

 

In 2009, the Wanaque market saw a 16% increase in active listings compared to May 2008.  The number of sold homes increased by 2% from May 2008.  The average sales price increased by 4% to $295,000, and the median sales price decresed by 3% to $277,500.  Market times increased by 98 days or 62%.

 

 

Wanaque

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 May 2009

110

6

$277,500

$295,000

159

 May 2008

92

5

$285,000

$283,980

61

 

Pompton Lakes saw a decrease of 11% in active listings in May 2009 compared to May 2008.  The average sales price decreased by 5% to $349,000 and the median sales price has decreased by 1%.  The number of sold listings decreased by 18%. Homes were on the market an average of 31 days less with a 31% decrease in market times.

 

Pompton
Lakes

Active
Listings

Sold
Listings

Median
Sales Price

Average
Sales Price

Average
DOM

May 2009

136

9

$335,000

$349,000

101

May 2008

152

11

$340,000

$368,582

70

 

 

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

 

Search all Passaic county real estate and homes for sale.

 


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

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