Real Estate Market Update – November 2013

by locationfinder on November 10, 2013

So just how is your local market doing ? As the end of 2013 quickly approaches, most real estate experts will state that home prices and sales are improving.  Normal factors will always affect home prices – location, home condition, flood zone status, and taxes – but overall, home sales are posititioned for greater prices than in recent years.

Ringwood, NJ’s average home sale price is currently $332,500. That’s a 20% increase from November in 2012.  In addition, there has been a 34% increase in the number of homes that have sold in the same period of time since 2012.

Wanaque, NJ’s average home sale price is currently $264,464. That is a 19% decrease from November in 2012. Although prices are down, there has been a 156% increase in the number of units sold.  Inventory is low, and prices are poised to move upward.




Oakland, NJ’s average home sale price is currently $393,000.  That is a 9% dip from November in 2012.  Voted one of the Top 10 Places to Live in NJ, Oakland has had an increase in units sold – 117% more than in November 2012.

Mahwah, NJ’s average home sale price is currently $415,000.  That is a 4% drop since November 2012, however, there has been a 112% increase in the number of units sold since November of 2012.

West Milford, NJ’s average home sale price is currently $187,500.  That is a 17% drop from this time last year.  Fortunately, this number is low and prices should rise in the near future as the inventory has shown signs of dropping.  In fact, there has been 85% increase in number of units sold since November of 2012.

Pompton Lakes, NJ’s average home sale price is currently $250,000.  That is a 21% increase since November 2012.  In addition, there has been a 136% gain in number of units sold within the last year.

If you are considering buying or selling in 2014, and you would like a FREE complimentary Comparative Market Analysis or home improvement plan, please contact Michael “Mike” Kaplan at Coldwell Banker Residential Brokerage in Ringwood at 201-951-3221.

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