Twenty-two homes sold in Ridgewood, NJ last month. That’s more than double the number that sold in January of 2013. And not only was activity up 120%, the average sold price was up 15%
That’s a good indication of what kind of year is ahead for the local real estate market. Rising interest rates combined with rising prices are motivating buyers to move quickly.
Things are shaping up a little differently in February with the weather playing a significant role. Snow has kept activity down for the first 20 days of the month.
At the time of this writing there are only 54 residential homes on the market. 323 have sold in the last twelve months. That equates to an inventory level of just two months, a very low number even for this time of the year.
With the weather improving, we’re likely to see more homes hitting the market and some very busy open houses in the near future.
For more information about buying or selling in Ridgewood, NJ, please call Keller Williams agent Michael Shetler at 201-421-0506.