Okay folks, here's the statistics for the month of February. If everything that we've been hearing about the local market is accurate, then these number should be more promising than those reported in previous months. If the market is truly on an upswing, these numbers should reflect that.
How, you ask?
The number of sold properties should be greater than in previous months.
The absorption rate when expressed as a percentage of inventory should be a higher rate (a bigger number)
And the number of weeks of inventory should be lower.
So let's run the numbers from NJMLS.com and see what we've got this month in Ridgewood NJ and Bergen County:
# of Active # Under Contract Absorption % Weeks
Ridgewood 99 50 51% 19.8
Bergen County 3380 1000 29.5% 38
The median price of single family homes in each of these areas:
Bergen County $482,000
Now let's take a look back at the past few months....
UC IS higher UC IS higher
Absorption rate IS higher Absorption rate SAME
Weeks IS Lower Weeks IS Lower
Son of a gun... I guess they've been telling us the truth! Things do seem to be improving at least where these numbers are concerned.
And the median price has lowered in Ridgewood but increased for Bergen County as a whole (not sure exactly what significance that might have but I will attempt to track that in the future)