Below are statistics provided by New Jersey MLS for Year to Date 2019. We can provide individual town statistics by reaching out to us by phone or the “Get In Touch” form provided on this page. Click here to see a broader market snapshot.
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Ramsey is flat year over year through July 2019 in terms of homes sold. Median Sales price has gone down 3% vs. the same time frame in 2018 but days on the market has decreased by almost 10 days. What does this mean? We are definitely seeing softening in the market and while the economy is strong, interest rates are low, and inventory remains low, we are just not seeing an uptick in buyer activity. Buyers have become price resistant and since there is no indication that interest rates will be going up, they are not feeling the urgency to buy.
Mahwah has seen similar results so far this year. There was a 1% increase in homes sold in 2019 vs. 2018 and the median sales price dropped 2%. The days on the market increased by almost 30% (20 days), most likely due to the number of luxury homes in Mahwah which has an over supply and takes much longer to deplete the inventory.