Wednesday, March 22, 2006

Northern NJ Weekly Residential Inventory Update

GSMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
3/15 - 13,418
3/22 - 13,779 (2.7% Weekly Increase)

NJMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
3/15 - 6,581
3/22 - 6,822 (3.7% Weekly Increase)

MLSGuide
Single Family Homes, Condo, Coop
(Hudson County)
3/15 - 2,139
3/22 - 2,169 (1.4% Weekly Increase)

GSMLS and NJMLS saw their biggest weekly jumps for the year this week. Not only are listings hitting new records, the pace at which new listings are hitting the market is increasing as well.

22 Comments:

Anonymous Rich In NorthNJ said...

For those curious about Bergen County NJMLS:

March 3: 3,132
March 10: 3,230
March 17: 3,337
As of today, 3/22: 3,424

Use the word, spread the word: Bubble.
To paraphrase Robert Shiller, perception alone can cause the market to turn.

3/22/2006 11:50:00 AM  
Blogger grim said...

Almost a 10% increase so far this month, and still a week to go.

jb

3/22/2006 11:59:00 AM  
Blogger WickedQuiver said...

Check this out!

http://money.cnn.com/2006/03/22/real_estate/playing_the_home_price_market/index.htm

3/22/2006 12:43:00 PM  
Anonymous Anonymous said...

Thought you all may enjoy this one. MLS#: 2258848 in Montclair. It was listed in early January for $1.695 million. Now relisted at a reduced price of $995,000. Yes, that's right...a $700g reduction! Let's hope this greedy seller twists in the wind....

3/22/2006 01:02:00 PM  
Anonymous Anonymous said...

$1.669 to $995k.

WOW! INSANITY!!!!!

BUBBLE!!!!!

3/22/2006 01:04:00 PM  
Blogger grim said...

That house on Midland ave was purchased in January of 2005 for about $550k (MLS# 2023132).

Judging from the pictures, it was underwent a pretty dramatic remodel. It was relisted on the MLS in January of 2006 for $1,695,000. Stayed on market for about 70 days before being reduced to $995,000 and then withdrawn (MLS# 2233936).

The owner is a licensed RE agent..

jb

3/22/2006 01:15:00 PM  
Anonymous Anonymous said...

Thanks Grim (I originally posted on this house). It is like a microcosm for EVERYTHING that is wrong with this market.

I also heard the original lot was subdivided, and another similar house going up RIGHT next door (very close in proximity). And no backyard. And also a very busy intersection. Such a joke.

3/22/2006 01:29:00 PM  
Blogger chicagofinance said...

WickedQuiver:

I'll make you a bet [no pun intended] that while great in theory, it will be cost prohibitive, making it effectively useless except under extreme circumstances.

The reason? The market makers at the CME will not have a clean position to hold [long or short] to lay off their risk to exposures, as a result, without a pure hedge, they will have to create theoretical "charge" for the insurance. Think of it like a mathematically based cost of good sold. Throw a margin and top, and this insurance becomes pretty gosh-darned expensive.

chicago

3/22/2006 01:43:00 PM  
Blogger grim said...

I see the subdivision now, wouldn't have noticed if you didn't mention.

3/22/2006 01:47:00 PM  
Blogger chicagofinance said...

To quote Emeril Lagasse

"let's kick it up a notch"

http://www.hudsonteatenants.org/tearoom/viewtopic.php?t=458&start=37

3/22/2006 03:29:00 PM  
Anonymous Anonymous said...

That house on midland was originally listed as a multi-family, probaly converted from One family, and now converted back. Making it even more economically feasible

KL

3/22/2006 03:40:00 PM  
Anonymous Anonymous said...

I meant NOT FEASIBLE
sorry

KL

3/22/2006 03:43:00 PM  
Anonymous Anonymous said...

Grim
Could you provide these details for Middlesex Mercer and Somerset Counties as well?
Appreciate your help
Thanks
JR

3/22/2006 04:17:00 PM  
Anonymous Anonymous said...

I'm from Brooklyn and thinking of moving to Teaneck New Jersey. Anything interesting I should know about happening over there?

3/22/2006 05:02:00 PM  
Anonymous Anonymous said...

Teaneck is a nice town if you are not planing sending your kids to the public scools. Taxes are little bit on the high side, has vibrant downtown with lot of trendy shops and places to eat

Cliffy

3/22/2006 06:21:00 PM  
Anonymous Politely said...

It'll be great when housing gets affordable again, but I'm not so sure we should be rooting so hard for a total bust - other than sheer resentment at the house "haves". During times of falling prices, it's harder to pick a time to buy - you don't want to be underwater as soon as you buy. And if the market really crashes, it's a fair bet that the economy is going to painful too.

Looking at the graph in the "Home Prices Do Fall" link, it seems that prices declined for 9 years in a row after the peak bubble year. Are people willing to buy in the first year after this bubble bursts - hoping that the just purchased house won't steadily decline in value over the next 8 years?

Ideally, the house I want will reduce in price to an easy monthly payment for me and then get caught up in the next housing bubble which will last until just after I sell....

Just wishing,
-P

3/22/2006 07:24:00 PM  
Anonymous Anonymous said...

Politely, for me it's looking like a purchase is at least two years away.

I have a nice chunk in the bank, make good money, but these prices are just insane.

It seems like the only way out of this madness, is to move to another state.

I had a thought about Delaware today, or perhaps North Carolina...

3/22/2006 10:14:00 PM  
Blogger Richard said...

got a new listing today in madison. let me get this right, a cape cod for $679k? hahahaha. ridiculous asking prices by sellers will kill this market faster than a mouse scurrying for cheese. i'm seeing at least a few of these come on the market a day since early march, all with ridiculous asking prices with maybe 5% of them selling.

the snowball is starting to gain size and momentum folks. sit back and watch the carnage.

http://listings.gsmls.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?prp=Mls&MlsNumList=2259302

3/23/2006 06:46:00 AM  
Anonymous Anonymous said...

Take a look at this POS in Millburn-- a "totally renovated Victorian" for $799K:

http://www.realtor.com/Prop/1056461199

What hutzpah-- LMAO

3/23/2006 09:32:00 AM  
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