Happy New Year, Ramsey!
After a rather interesting year, I think the Ramsey real estate market deserves a "State of the Market Report". In this report, we will look at last months statistics, overall yearly results, and comparisons to 2008. Unlike many markets in New Jersey, Ramsey fared pretty well and the charts below will indicate a very interesting trend in sales volume and average prices.
All statistics are comprised from the NJMLS. DON'T FORGET to browse our exclusive and customized MLS / IDX search tool for all of today's Ramsey homes for sale. (Click blue link)
- There were 103 homes sold in Ramsey during 2008
- The average sales price was $702,893
- There were 99 homes sold in Ramsey during 2009
- The average sales price was $658,641
The statistics show that there was a 3.1% decline in sales volume. They also show that the average price of a home sold dropped 6.3% in 2009.
These facts are hardly alarming. Ramsey has done very well through the recession despite the low inventory and activity. Averages don't lie and we believe Ramsey has some interesting trends as shown in these charts: Click chart images to enlarge and Click Here for the 24 month statistic spreadsheet
Taking these graphs into consideration, Ramsey's sales volume seemed to peak out during the late summer to early fall season. Coincidence? We'll see, but according to the average sales price, now is just as good a time to buy as it was last December. With the exception of November, 2008, closed sale prices have remained surprisingly close.
NJ Real Estate Guys Ramsey 2010 Prediction: We don't see much of a change. Sales are likely up in August because families want to be settled for the new school year and Ramsey's school system is one of the best. Prices seemed to drop, similar to last year, but in 2010, we predict an average monthly sales volume of 11 homes and the average sales price to remain within the status quo between $660,000 and $700,000.
Absorption Rate: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.
As of today, there are 51 homes for sale in Ramsey, NJ. During the month of December, we reported that 3 homes sold. Ramsey's absorption rate according to December sales is 17 months. If you take the month of August 2009, we reported that 19 homes sold. At the time there were 53 homes for sale in Ramsey. The absorption rate in August was 2.7 months. Our point is that due to the very low amount of homes for sale in Ramsey and the low inventory sold figures, month to month data will change drastically unlike most other real estate markets. We do not put much stock into the current rate of absorption in Ramsey.
If you are looking for Ramsey NJ homes for sale or looking to sell, look no further than NJ Real Estate Guys. We would value an opportunity to work with you on your real estate needs and can assure you that we will give 100% effort into making sure that you have the competetive advantage over the industry. Thanks for your time and we look forward to hearing from you in 2010! Contact us for a consultation.