Northern New Jersey Weekly Inventory Update
GSMLS
Single Family, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
2/22 - 12,597
3/08 - 13,094
NJMLS
Single Family, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
2/22 - 6,078
3/08 - 6,415
MLSGuide
Single Family, Condo, Coop
(Hudson County)
2/22 - 2,078
3/08 - 2,100
* Since I was away last week I did not get data for March 1st. The data above represents a two week change.
Inventory stats will be posted every week, prior to noon on Wednesday. The numbers will include all 3 of the Northern NJ MLS systems, GSMLS, NJMLS, and the Hudson MLS. If someone would like to provide me with numbers from the FSBO systems, I'll gladly include them as well. These numbers do not include multifamily homes, only SFH, Condos and Coops. Realize that this does make an impact in certain areas of North Jersey with high densities of multifamily (Hudson, Passaic, etc).
Single Family, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
2/22 - 12,597
3/08 - 13,094
NJMLS
Single Family, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
2/22 - 6,078
3/08 - 6,415
MLSGuide
Single Family, Condo, Coop
(Hudson County)
2/22 - 2,078
3/08 - 2,100
* Since I was away last week I did not get data for March 1st. The data above represents a two week change.
Inventory stats will be posted every week, prior to noon on Wednesday. The numbers will include all 3 of the Northern NJ MLS systems, GSMLS, NJMLS, and the Hudson MLS. If someone would like to provide me with numbers from the FSBO systems, I'll gladly include them as well. These numbers do not include multifamily homes, only SFH, Condos and Coops. Realize that this does make an impact in certain areas of North Jersey with high densities of multifamily (Hudson, Passaic, etc).
7 Comments:
Howdy, been noticing something I hope you can comment on Grim (or anyone else who cares to!) I sold my co-op last year, and have been noticing prices in my brooklyn neighborhood for co-ops and condos go DOWN significantly - my place had few amenities but it looks like I could move right back to a larger place, with a roof deck, new kitchen etc, - for the same price!Also astonishing is Manhattan drops - never thought I could live there with same price and Sq footage as what I sold for in brooklyn but lo and behold I can if I wanted! - also co-op prices seem to have dropped in the area where I rent - Grim did I read somewhere here where co-ops and condos are sort of the canary in the coal mine? If so, she's singin....
here's a good one
http://www.latimes.com/business/la-fi-poll8mar08,0,1455490.story?coll=la-home-headlines
Home loan applications rise despite higher rates
http://news.yahoo.com/s/nm/20060308/bs_nm/economy_mortgages_dc
Home loan applications are up, but it's due to refinancing activity.
Purchase applications, on the other hand, fell 0.4% this week.
Caveat Emptor!
Grim
In theory in an open market, as housing becomes more expensive and forces lower paid professionals out (teachers, nurses, police), eventually services decline, the standard of living declines and the value of housing in the area drops. Trouble is, these shifts can take a whole generation to complete.
About the comment on declining Manhattan prices, I have been following it closely since I sold my Manhattan condo last Spring. One of the broker's has a monthly market report. According to the January report (here: http://tinyurl.com/laa6p)
The median price of a Manhattan apartment declined from the peak of $831,000 in 6/05 to $750,000 in 1/06, a drop of 10%
I find it amazing that you never read this anywhere, least of all in the NY Times. Most articles only quote y-o-y prices. I still see articles about maybe a price drop of 5% or 10% in the future. Well, the future is now.
As for buying in Manhattan, I would wait 3 to 5 years at least. It took 15 years for a bottom in Japan after a 60% to 80% drop.
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