Passaic County NJ Real Estate Sales Statistics - June 2009

By
Real Estate Agent with Coldwell Banker Residential Brokerage

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. "Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions," he said. "Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy."

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

The number of active listings in Ringwood has decreased by 11% in June 2009 when compared to June 2008. Sold listings have decreased by 87% and the median sales price has increased by 29%.  The average sales price has increased by 17% to $428,500 with market times increasing 3% or 2 days.

Ringwood

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 June 2009

101

2

$425,000

$428,500

67

June 2008

113

15

$300,000

$354,560

65

In 2009, the Wanaque market saw a 10% increase in active listings compared to June 2008.  The number of sold homes remained constant from June 2008.  The average sales price decreased by 11% to $267,384, and the median sales price decresed by 9% to $260,000.  Market times increased by 31 days or 39%. 

Wanaque

Active
Listings

Sold
Listings

Median 
Sales Price

Average
Sales Price

Average
DOM

 June 2009

108

10

$260,000

$267,384

79

 June 2008

97

10

$285,000

$301,100

48

Pompton Lakes saw a decrease of 6% in active listings in June 2009 compared to June 2008.  The average sales price decreased by 1% to $307,083 and the median sales price has decreased by 7%.  The number of sold listings decreased by 54%. Homes were on the market an average of 7 days more with a 6% increase in market times. 

Pompton
Lakes

Active
Listings

Sold
Listings

Median
Sales Price

Average
Sales Price

Average
DOM

June 2009

138

6

$340,000

$307,083

117

June 2008

147

13

$315,000

$304,923

110

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.

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