February 2007 Market Statistics Ridgewood NJ

By
Real Estate Agent with Terrie O'Connor Realtors

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:

Ridgewood                  $534,000

 

Bergen County             $482,000

 

 

Now let's take a look back at the past few months....

January 2007                               December 2006

  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)  

 

 

Any thoughts?? 

 

 

Comments (1)

Joseph "Joe" Peters
Coldwell Banker - Warren, NJ
Helping you to achieve your Goals and Dreams
Great presentation on this subject.

I use absorption rate statisticcs with both buyers and sellers.

Se my post at: http://activerain.com/blogs/jpeters
Apr 07, 2008 02:56 PM