Ringwood Market Update
Happy New Year! And it should be another good year if you’re planning to sell or buy a home. I am very excited about 2013 since we saw a significant increase in the number of 2012 home sales across the state of NJ! YTD purchase activity has increased 24% over last year with no signs of a decline.
Despite the challenging but growing economy, Ringwood’s housing market has been very active: 94 homes were sold from January 1 through the end of November, 2012 which is up from last year and 11 homes are under contract. The average sale price rose to $319,000 ( up about 1%).
For sellers, there’s more good news.
Supply of Ringwood homes is down: The number of Ringwood homes on the market is down from previous months to only 59 homes (6 month inventory) which is another positive sign for the housing market. History has shown that if inventory is rising then home buyers feel less urgency to purchase now! The lower supply of homes on the market opens up opportunities for sellers who want to sell their homes in the near future. Right now, Ringwood homes are far more affordable than they have been in many years; homes are selling; and mortgage rates are at historic lows! So if you plan to sell or buy, don’t wait. More homes will be on the market in the spring, and that means your home will face more competition and compete harder for buyers and investors.
Mortgage payments less than rent: With the start of the 2013, many potential buyers are out shopping because they fear future home price appreciation and they have more confidence that the housing market decline is flattening. Also, with low interest rates a monthly mortgage payment can be equal to or less than renting.
But it pays for home sellers to start early with the sale or rental of their home. The local absorption rate is approximately 9.5 homes per month (number of home sales per month), which means that it could take approximately 6 months for the average home to sell. Should the inventory stay around 6 months, the Ringwood market will begin to stabilize and possibly appreciate.
Your home’s value: To get an idea of what your home might be worth, I’ve listed the selling prices of Ringwood homes sold from July 1, 2012, to December 29, 2012. (See table below.) This list does include Short Sale properties.
|
Address
|
Style
|
Tot Rms
|
Bedrms
|
Baths
|
Garage
|
Sold Price
|
|
39 Valley Rd*
|
Custom
|
7
|
3
|
1.1
|
1
|
$135,000
|
|
64 Magee Rd*
|
Ranch
|
6
|
2
|
1
|
1
|
$115,000
|
|
160 Skyline Lakes Dr*
|
Ranch
|
8
|
3
|
1
|
1
|
$90,000
|
|
45 WINDBEAM AVE*
|
Log Home
|
4
|
2
|
1
|
0
|
$170,000
|
|
31 Windbeam Ave*
|
Ranch
|
4
|
2
|
1
|
0
|
$198,000
|
|
19 Old Rd*
|
Chalet
|
7
|
3
|
1
|
0
|
$224,000
|
|
128 High Mountain Rd*
|
Ranch
|
7
|
3
|
1.1
|
1
|
$235,000
|
|
6 Beech Ct*
|
Ranch
|
7
|
3
|
1
|
1
|
$230,000
|
|
84 OAKWOOD DR*
|
Cape Cod
|
7
|
4
|
2
|
1
|
$242,000
|
|
57 BLACK ROCK TER*
|
Colonial
|
7
|
3
|
2
|
0
|
$203,000
|
|
18 Laurel Pl*
|
Raised Ranch
|
7
|
4
|
1.1
|
1
|
$231,888
|
|
48 Lakeview Ave*
|
Custom
|
6
|
4
|
1
|
1
|
$245,000
|
|
34 BIRCH RD*
|
Ranch
|
5
|
2
|
1
|
0
|
$251,500
|
|
27 Welch Rd*
|
Ranch
|
7
|
3
|
1.1
|
1
|
$235,000
|
|
54 WANAQUE TER*
|
Log Home
|
7
|
3
|
1
|
1
|
$244,000
|
|
1 Oak Ln*
|
Cape Cod
|
8
|
4
|
2
|
2
|
$269,000
|
|
65 Sunset Rd*
|
Ranch
|
7
|
3
|
2
|
2
|
$255,000
|
|
7 RIDGE PL*
|
Cape Cod
|
7
|
4
|
2
|
1
|
$260,000
|
|
6 Lenape Rd*
|
Cape Cod
|
8
|
3
|
2
|
1
|
$263,000
|
|
53 Roger Ct*
|
Bi-Level
|
7
|
3
|
2
|
2
|
$269,900
|
|
61 Bellot Rd*
|
Colonial
|
8
|
4
|
1.1
|
0
|
$276,000
|
|
1 Welch Rd*
|
Ranch
|
6
|
3
|
1.1
|
0
|
$270,000
|
|
21 Alta Vista Dr*
|
A-Frame
|
8
|
4
|
2
|
0
|
$280,000
|
|
445 Skyline Lakes Dr*
|
Ranch
|
6
|
3
|
2
|
0
|
$267,200
|
|
20 JUDITH ANN DR*
|
Ranch
|
7
|
4
|
1.1
|
2
|
$255,000
|
|
18 High Mountain Rd*
|
Split Level
|
7
|
3
|
2
|
1
|
$274,000
|
|
180 STONETOWN RD*
|
Colonial
|
8
|
4
|
2.1
|
2
|
$280,000
|
|
295 Skyline Dr*
|
Bi-Level
|
8
|
3
|
2
|
0
|
$291,000
|
|
336 CONKLINTOWN RD*
|
Bi-Level
|
8
|
3
|
1.1
|
1
|
$295,000
|
|
114 Magee Rd*
|
Custom Home
|
8
|
3
|
2
|
0
|
$290,000
|
|
68 BURNT MEADOW RD*
|
Colonial, Split
|
12
|
3
|
2.1
|
2
|
$304,000
|
|
11 Walker Dr*
|
Ranch
|
7
|
3
|
2
|
2
|
$309,888
|
|
56 Fountain Dr*
|
Bi-Level
|
9
|
4
|
2
|
1
|
$314,700
|
|
28 Dewey Dr*
|
Split Level
|
8
|
3
|
2.1
|
1
|
$310,000
|
|
70 Lakeview Ave*
|
Colonial
|
8
|
4
|
2
|
2
|
$319,000
|
|
10 POINT PL*
|
Ranch
|
5
|
3
|
1
|
0
|
$318,000
|
|
22 Forsgate Dr*
|
Bi-Level
|
8
|
3
|
2.1
|
2
|
$340,000
|
|
73 NORTHGATE PARK*
|
Colonial
|
8
|
4
|
2.1
|
2
|
$315,000
|
|
201 Cupsaw Dr*
|
Ranch
|
9
|
3
|
1.1
|
1
|
$315,000
|
|
17 YUMA LN*
|
Ranch
|
8
|
3
|
2.1
|
2
|
$340,000
|
|
22 Copper Hill Park*
|
Colonial
|
8
|
4
|
2.1
|
2
|
$375,000
|
|
71 CUSTER DR*
|
Ranch
|
6
|
3
|
2
|
2
|
$340,000
|
|
148 Art St*
|
Colonial
|
6
|
3
|
2.1
|
1
|
$321,000
|
|
9 Vanessa Ln*
|
Split Level
|
8
|
4
|
2.1
|
2
|
$360,000
|
|
347 CUPSAW DR*
|
Log Home
|
11
|
2
|
2
|
2
|
$300,000
|
|
18 Choctaw Trl*
|
Split Level
|
8
|
4
|
3
|
1
|
$366,250
|
|
45 Choctaw Trl*
|
Colonial
|
8
|
4
|
2.1
|
2
|
$370,000
|
|
38 MAGEE RD*
|
Bi-Level
|
8
|
4
|
2.1
|
3
|
$380,000
|
|
60 Northgate Park*
|
Bi-Level
|
8
|
3
|
2.1
|
2
|
$380,000
|
|
21 Pinewood Dr*
|
Colonial
|
8
|
4
|
3.1
|
2
|
$380,000
|
|
27 Chris Ter*
|
Colonial
|
9
|
4
|
2.1
|
3
|
$389,000
|
|
440 Stonetown Rd*
|
Colonial
|
9
|
4
|
2
|
2
|
$390,000
|
|
22 MONKSVILLE CT*
|
Colonial
|
9
|
4
|
3.1
|
2
|
$451,000
|
|
24 Cheshire Ln*
|
Contemporary
|
7
|
3
|
2.1
|
2
|
$440,000
|
|
80 Snake Den Rd*
|
Colonial
|
9
|
4
|
3
|
3
|
$485,000
|
|
8 Stone Ridge Dr*
|
Colonial
|
10
|
4
|
4.1
|
2
|
$510,000
|
|
44 Coventry Way*
|
Colonial
|
10
|
4
|
3
|
3
|
$599,000
|
|
39 COVENTRY WAY*
|
Colonial
|
10
|
4
|
2.1
|
3
|
$620,000
|
|
10 Victoria Ln*
|
Colonial
|
10
|
5
|
5.2
|
3
|
$765,000
|
(The links in the above table have been disabled).
You might wonder why I did not provide Ringwood home sales for the full year. The reason is that bank appraisers use recent home sales from the previous three to six months (and those homes have to be within one to two miles of your home). In addition, using older home sale prices will not provide a true picture of the actual value of your home right now. If you would like a market analysis for your home, please call or email me.
Hope that clarifies things for you. But enough statistics!
Please let me know if you are thinking about selling or buying a home. I can offer guidance that can make a difference in the price you net when you sell your home and the price you pay if you buy a new home. I am now working with a stager/decorator and she helps home owners prepare and stage their home before they are placed on the market. Also, if you plan to move out of the area, I can find an excellent agent to work with in the US or in any of the 85 countries that we service!
By the way, if you know someone who is considering a move and you refer them to me, I will make a $250 donation to any charity, local school, organization or sports program of your choice!
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