An Encouraging Summer

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 different story. High-end buyers typically exceed the tax credit income requirements and are probably not purchasing their first home. This part of the market has been hurting the most and may start to see more of a recovery in the fourth quarter with the stock market bouncing back and employers returning to profitability.