One of my favorite parts of my job is to look at area market statistics and make predictions about what the upcoming year will look like for both buyers and sellers in my target area.
As you’ve probably heard, and data confirms, the housing market cooled in 2018. This is, in part, due to customer concerns about the housing market, as well as new changes to tax laws. The tail end of 2018 saw housing prices advancing at the slowest pace in almost four years. However, according to a recent report, purchase applications have jumped and mortgage rates are falling. This allows for an optimistic view of 2019 sales trends.
For the purposes of this market report, I will focus on Ridgewood. However, if you have specific questions about other towns, please contact me and I would be happy to provide information relative to that town.
Between January 2018 and December 2018, 309 homes were sold in Ridgewood. Of those, most were sold during June, July and August, as is typical in our area. The median sale price was $750,000.
It is evident in Ridgewood that starter homes priced right at $500,000-$700,000 and staged to sell are in high demand. People are looking to get a starter home in Ridgewood to take advantage of the excellent school system, ease of NYC commute and sense of community. Homes that are considered luxury, priced at $1,200,000 and up are sitting on the market longer than in the past. However, as mentioned above, with mortgage rates falling and a better understanding of the tax reform bill, we can expect the market to remain strong.
What does this mean to today’s buyer and seller? If your home is priced at market value or just below and is in good condition, your should expect it to sell at the average pace. Homes that are in the luxury market will still sell, but you’ll need to be a bit more patient than you’ve had to be in years past.
Choosing the correct agent to help you navigate the market and protect your greatest asset is key to your financial future. My marketing strategy, pricing consultations and agent to agent collaboration techniques allow me to help you make the best decisions in regard to your real estate investment.
While the results speak for themselves, don’t just take my word for it, check out my client testimonials here. I am truly blessed to work with such wonderful families and I would be honored to assist you in buying, selling or investing in 2019.