ridgewood: Spring Market Report - 05/07/09 02:09 PM
Since early March the local real estate market has been steadily improving. Activity is still below last year's levels, but as seen in the number of accepted offers, it's only 7% off the pace in northwest Bergen. Factors contributing to the return to market normalcy include the tax credit for first-time buyers, low interest rates and an improved stock market.

 
source: NJMLS. Info deemed reliable but not guaranteed. Single family home activity in April.
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ridgewood: February Housing Data: A Mixed Bag - 03/05/09 05:52 PM
The February data for Bergen County shows a very mixed picture. While the volume of sales is clearly down across the board, the median sales price actually rose somewhat in northwest Bergen while sinking in the County as a whole. And the number of homes on the market, the most significant factor in determining near term home prices, actually fell across Bergen. So while the national economy continues to looks bleak, the local housing market is showing some resiliency.
 

 
source: NJMLS. Information deemed reliable but not guaranteed.
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ridgewood: New Lower Prices! (Even In Bergen County) - 02/20/09 02:24 PM
While inventory remains at reasonable levels in most of Bergen County, prices continue to be soft and activity rather slow. Northwest Bergen County has an 8.6 month supply of homes on the market, while Ridgewood in particular has only a 5.3 month supply. A balanced market is 4-6 months. And activity in northwest Bergen in the last 30 days (the number of homes under contract) is 13.3% behind last years pace. In Ridgewood the number of homes under contract is half what it was this time last year - although having a lower inventory means there's not much for buyers to … (0 comments)

ridgewood: Bergen Real Estate - Hot and Cold - 01/22/09 02:31 PM
The lower end of the market is hot, the top is not. In the last two weeks I've seen several bidding wars on starter homes that were aggressively priced. In Ridgewood, for example, a split level priced at $549,000 received at least 3 offers in its first weekend on the market. In Fair Lawn, a home that had been on the market for some time dropped it's price by 10% and immediatley three offers came in. The high end of the market isn't experiencing as much activity. My rationale is that higher end buyers are much more dependent on Wall Street. … (0 comments)

ridgewood: Many Buyers On Hold - 01/13/09 01:57 PM
The real estate market is quietly moving along at a pace 30% below last year. Since December 15th, 40 single-family homes have gone into attorney review in northwest Bergen compared with 57 a year ago. The country as a whole is waiting for a few things to happen before making major decisions. These include the transition to the new administration and the stabilization of the US auto industry. There are many buyers in this area standing by waiting for the right time to buy, so once consumer confidence starts returning the local market will be in a much better place.- Michael … (0 comments)

ridgewood: Interest Rates Improving - 12/06/08 09:52 AM
The big news over the last three weeks has been declining mortgage rates. On Oct 30, Bankrate's overnight average on a 30 year fixed loan was 6.5%. Today it's 5.6% and still heading down. And contrary to popular belief, mortgage money is not hard to come by in Bergen County. Local banks including Hudson City and Valley National have funds available.Okay, okay, but the real reason you read this newsletter is to get statistics about the local real estate market. How bad is it, you want to know. Over the last 30 days, the number of residential homes going under contract … (0 comments)

ridgewood: Measuring Declining Home Prices - 11/20/08 11:37 AM
Here's a startling statistic - the median home price over the last 30 days in northwest Bergen County has dropped 21% from the same period a year ago. However, the average home price dropped just 8%. One explanation for this disparity is that less expensive homes have been selling better than high end homes. A look at the MLS data bears this out. Last year 37 homes sold in the price bracket of $900,000 or more. This year there were only 17 sales over the same period.
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ridgewood: Posh Glen Rock Ranch - 10/30/08 03:40 PM
Come explore this posh Glen Rock retreat. A complete renovation has turned this residence into a three bedroom, three bathroom palace. The front hall leads to a columned living room with fireplace and tray ceiling. Wainscoting and another tray ceiling adorn the dining room. The kitchen is finished with high end materials and appliances. Each of the three full bathrooms has a luxurious vanity and tile work. Downstairs is a sizable family/recreation room with a kitchenette, full bath and private entrance, offering another level of refined living space. http://buyinginbergen.com/gr.html
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ridgewood: September Hot, October Not - 10/30/08 01:30 PM
This week we take a look at how deeply the real estate market has been affected by the economic downturn. Back in early September, before the AIG rescue and the bank mergers, the real estate market was healthy. The number of homes under contract in northwest Bergen was running slightly ahead of last year. Then the bailout plan was introduced around September 19th, and we still managed to finish out the month only 10% behind last September. But in October*, the number of homes under contract has fallen 31%.Another measure I use to gauge the market is how many online visitors … (0 comments)

ridgewood: Inventory Rising - 10/21/08 07:34 AM
The inventory level of homes on the market in Bergen has been creeping up over the last few months. In Ridgewood/Glen Rock there's a 7.3 month supply, in northwest Bergen it stands at 8.5 months and in Bergen as a whole it's 9.8 months. A balanced market is considered 4-6 months. While somewhat high, the local inventory is nowhere near where it was after the savings and loan bailout of the late 1980's, when prices fell precipitously.
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ridgewood: The Fall Market Decelerates - 10/13/08 08:10 AM
While there certainly has been a slowing of the real estate market over the last couple of weeks, it certainly has not dried up. The number of homes going into attorney review from October 1-9 in northwest Bergen is down 23% from last year. In the Pascack Valley, the decrease in activity was only 15%.Meanwhile the median sales price in Bergen County, which reflects contracts written approximately two months back, showed a 10.7% drop in September compared with sales in September of 2007.
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ridgewood: Waiting for Congress - 10/13/08 08:08 AM
The question of the hour, besides whether or not the economy will collapse, is how local real estate prices are going to be affected. Until now, Bergen County has weathered the changing economy quite well. The decline in home prices has been much smaller than in most other areas of the country. But after the buyout/collapse/merger of the investment bank sector, Bergen will have a higher unemployment rate, particularly in more expensive towns. In addition, previously active buyers are reconsidering whether to buy now. Or they’re coming in with even lower offers than before. At the time of this writing, Congress … (0 comments)

ridgewood: Northwest Bergen County Rebounds - 09/16/08 07:58 PM
The last 30 days have been very busy in local real estate. The number of homes under contract in northwest Bergen has risen 24% from the same period last year, and is up 13% from 2006. These statistics are quite remarkable given the condition of the economy. One explanation is that buyers have been in "wait and see" mode for a long time and have decided that prices have come down enough to make buying attractive again. Another is that sellers have gotten the message and are willing to accept lower prices.However you interpret it, it's a great beginning to the … (0 comments)

ridgewood: Bergen Record makes fraudulent claim - 07/15/08 06:13 PM
The Bergen Record and NorthJersey.com need to do their homework. For almost two years I've been publishing weekly sales data for all of Bergen County on my site at http://BuyingInBergen.com. Yet if you go to NorthJersey.com, they say their's is "the most up to date free site for home sales in Bergen..." Their data is 3-4 weeks old before it gets published. Mine is piping hot, published every Monday morning for the previous week. NorthJersey.com, please adjust your claim accordingly.
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ridgewood: Real Estate Prices: Believe It Or Not - 07/10/08 04:40 PM
I'm sure a number of readers will have trouble believing the following statistics. This data flies in the face of everything we've been reading in the media for the last six months about falling real estate values. In defense of the credibility of these statistics, they are generated by the New Jersey MLS, through which all multiple listing sales in Bergen County are tracked.Here it is --  the average sold price in northwest Bergen County was 5.2% higher in the second quarter of 2008 than in the same period of 2007. The median sold price was 1.3% higher.
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ridgewood: Bergen Sales Activity Holding Steady - 05/16/08 07:19 AM
Sales activity continues to show significant improvement over March levels, according to MLS data. In northwest Bergen County, including Ridgewood and surrounding boroughs, the number of homes under contract is down only 9.1% so far in May. And median sold prices, which were down 10.6% in April across Bergen, are only 4.9% lower than last May's values.
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ridgewood: Bergen Home Prices Finally Show Decline - 05/09/08 12:08 PM
Average sold home prices in Bergen were down 5.4% from April of last year, while median sold prices were down 10.6%. In March, median prices were down only 1.0% from the previous year. On a positive note, however, homes under contract closed the month with marked improvement. March activity was down 33% from the previous year, while April was down only 6.1%. Sellers have recognized that local prices have come down, and buyers are taking advantage.
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ridgewood: Sales Activity Improving in April - 04/18/08 06:21 AM
The first half of April has shown significant improvement in sales activity in Bergen County. While March homes under contract were down 33% from March of 2007, April contracts are down less than 1% over the same period last year. Northwest Bergen in particular showed similar improvement, with contracts down 30% last month but down only 6% in April. … (0 comments)

ridgewood: Homes for Sale: Does Bergen Have An Oversupply? - 04/03/08 10:33 AM
This week we take a look at the number of homes on the market and whether we have an oversupply situation. Below is a sampling of towns on the west side of Bergen County representing a wide range of home prices. Keep in mind that a balanced market is a four to six month supply. While the market has changed significantly over the last six months, inventory levels have not. At the low end of the market, with the exception of the very low end where foreclosures are high, the market remains close to being balanced. But at the high end, … (0 comments)

ridgewood: Bergen Home Sales Down, But Prices Holding - 03/27/08 01:09 PM
- Michael Shetler * source: NJMLS and Realtor.org. Info deemed reliable but not guaranteed. Includes single family homes, townhomes, co-ops and condos.


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Michael Shetler (Keller Williams Village Square Realty)

Michael Shetler

Glen Rock, NJ

More about me…

Keller Williams Village Square Realty

Address: 257 E Ridgewood Ave, Ridgewood, NJ, 07450

Office: (201) 445-4300

Mobile: (201) 421-0506

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Observations and analytics on the real estate market in Bergen County, northern New Jersey. Special focus on Ridgewood and northwest Bergen. All facts and figures based on NJMLS. Info deemed reliable but not guaranteed.


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