For more info on 889 Roslyn Rd, Ridgewood, call Michael Shetler, 201.421.0506 or 201.445.4300. Keller Williams Realty.
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.
The average sold price for residential real estate was $847,340 – up 12% over 2012.
The length of time it took to sell a home was down 12% to 59 days.
The number of active listings for sale on the last day of the year dropped from 66 to 36.
With low inventory and the threat of rising interest rates, stay tuned for a hectic spring market. If you’re a buyer, be patient. You’ll likely be going up against other buyers in a bidding war. If you’re a seller, everything is in your favor – the spring market will start early (January) and end late (July). Price your home right and you have a good chance of getting more than you’ve asked for.
Michael Shetler, Keller Williams Village Square Realty
source: NJMLS. Info deemed reliable but not guaranteed.
Are you planning to buy a home in Ridgewood sometime soon? If you’re concerned about Ridgewood property taxes, here’s a tip. What you see isn’t necessarily what you get. That’s because tax rates are applied to a home’s assessed value, not it’s market value. In one area, assessed values may be 75% of market value versus 100% in another area. So to help you do an apples to apples comparison, I’ve put together this chart. It shows the tax rate and the equalization ratio for every municipality in Bergen County. If you multiply these two columns together you get an equalized tax rate which you can use for comparison purposes. You’ll notice Ridgewood is way down the list at #38. Yes, taxes in Ridgewood are considerable, but by Bergen County standards they are reasonable. For more data on the Ridgewood real estate market, or for help in finding a Ridgewood home, call me at 201-421-0506.
Download the chart: Bergen County 2013 Equalized Tax Rates (pdf)
Not convinced the real estate market has changed in Ridgewood? Check out these statistics from the New Jersey MLS for single family homes in Ridgewood, NJ. Home prices are up. Inventory is down. Repeat after me – “it’s a seller’s market again.”
Whether you’re a Ridgewood buyer or seller, call Michael Shetler at 201-421-0506 for strategic recommendations in this new market.
The affordability of buying a home in Ridgewood is in your favor now. For more reasons why it’s a good time to buy in Ridgewood, call Michael Shetler at 201-421-0506.