Due to popular request, I am going to do a mid-month Ramsey NJ real estate report. Due to increased website traffic and homebuying inquiries, it looks like there are a few indicative factors. First, the tax credit available until the end of the year has people determined to hit the deadline. Second, low rates may have buyers thinking about inflation control where the Feds could increase the key interest rates soon to stave off inflation. And three, historically low home prices.
So without further ado, the real estate report below is from housing data gathered from both the GSMLS and the NJMLS. Such a pain to have to compile both systems. I wish there will be a future arrangement of pooling listings together in a partnership? Wishful thinking.
As of September 17, 2009, there are currently 77 homes for sale in Ramsey New Jersey, with an average listing price of $653,628. Although the majority of the homes for sale are in the $400k's and $500k's, there are still plenty to choose from in the $600k to $700k range, with only 11 homes for sale in Ramsey listed for over a million dollars. The average Days On Market for Active homes in Ramsey is 86 days.
There are currently 26 homes Under Contract in Ramsey NJ. Although we are not able to determine its sales price yet, we can give averages. Of the 26 homes in contract or attorney review, the average listing price is $518,534. I noticed that there were quite a few townhomes that went under contract and sold in complexes such as Timber Valley and Cambridge Heights. Prices are reasonably lower there and is a good area for first time homebuyers to consider condos for sale in Ramsey, NJ.
I took the liberty in looking into homes sold in Ramsey NJ over the last 3 months, trying to get an indicator on summer. Here's what we saw: Since mid-June to mid-September, a total of 55 homes have sold in Ramsey, NJ. The average price of a home that sold during this time was $581,095. The average listing price of all homes sold during this time was $680,421. Each sale sat on the market for an average of 66 Days prior to contract. Of all of the homes sold over the last 3 months in Ramsey, NJ, only one sold for over a million dollars. 18 Kate Court sold for $1,080,000 after sitting on the market for only 8 days.
Absorption Rate of Ramsey, NJ: 6.41 Months
Absorption rates are calculated by taking the total number of homes for sale and dividing it by the number of homes sold in the previous month. Due to our report coming mid-month, we went back 30 days to mid-August. An absorption rate simply means that if no other homes came active on the MLS, it would take 6.41 months for all available homes for sale to be bought at the previous months' sales pace.
As always, New Jersey Real Estate Guys are here to assist homeowners or investors in purchasing real estate in Ramsey or any other town of Bergen County. Please contact Scott, the Bergen County pro and schedule a consultation or showing appointment for all of your real estate needs.
Comments(0)