As with most of Northwest Bergen County, the housing market in Ramsey has seen a big shift in recent months. After weathering a few years of stagnation and falling prices, we're now seeing multiple offers and quick sales on single-family homes in this desirable town.
I decided to dig deeper to get an understanding as to why many homes are selling within weeks of coming on the market in Ramsey and how this activity compares to surrounding towns like Allendale and Mahwah as well as NW Bergen County as a whole. Consider the following:
- Inventory in Ramsey was down 41% Q1 2012 vs. Q1 2013. This is significantly lower than Allendale (down 9% YOY) and Mahwah, which has stayed relatively flat. NW Bergen County (Allendale, Franklin Lakes, Glen Rock, Ho-Ho-Kus, Ridgewood, Mahwah, Midland Park, Oakland, Ridgewood, Waldwick, Wyckoff) has seen a decline in active homes on the market by 15%. Ramsey's 41% decline in actives eclipses that of the area's average.
Update: For April, actives in Ramsey increased as the month saw 24 new listings and 5 came under contract. As of 5/1, there are 50 active listings and 26 under contract, with an average Days on the Market of 98 days.
- Who wouldn't want to live in Ramsey?
- Great schools. Read the school report and compare it to others in the area.
- Easy commute to NYC - Two trains to NYC and Hoboken as well as bus service to Port Authority
- Walkable town center - Restaurants, shops, and a movie theater keep the town abuzz with activity
- Recreational activities - Huge recreational sports programs for children and adults plus close to skiing (Campgaw - 10 min away), golf (Darlington - 10 minutes away) and hiking (Ramapo Reservation and Harimann State Park)
- Buyer backlog - Now that the economy is starting to show signs of recovery, unemployment rates are decreasing, and more family units are forming, the number of active, pre-approved buyers are increasing and are backlogging due to lack of adequate inventory to meet demand.
- Interest rates are low, but creeping up. According to Luke Chamberlin of NJ Lenders, there is upward pressure on the interest rates. Everyone hit the bottom in the Fall and the trend is heading upwards.
While prices haven't increased too much and we're still at 2003 prices, multiple offers and low inventory will start to push prices upwards.
If you are contemplating selling a home in Ramsey NJ or anywhere else in NW Bergen County, now is the time to do it! Call me for a complimentary comparative market analysis and a more detailed report of what is happening in Ramsey NJ today. I can be reached at 201-562-3880 or at email@example.com. You can also see more homes at my website.