Boroson on Morris County
From the Daily Record by Warren Boroson:
Morris housing market cools off
The real-estate market has been slowing dramatically.
In Morris County, sales during the first two months of the year were off 16 percent, according to the Otteau Report, and the inventory of unsold houses leaped 61 percent.
That's in line with figures for the entire state: sales down 14 percent, along with an increase in the unsold inventory of 61 percent.
The Otteau Report is issued by Jeffrey G. Otteau, president of the Otteau Appraisal Group, a real-estate valuation and consulting firm that tracks real-estate trends in New Jersey, New York, Pennsylvania, Delaware and Florida.
It has various offices in New Jersey, including one in Morristown.
Even so, Michael Machinski, an agent at Weichert, Realtors in Ridgewood in Bergen County, doesn't think that a bubble is bursting -- and doesn't believe that there was a bubble.
Still, he acknowledges, the market is changing -- from a seller's market to a more evenly divided market.
...
Throughout the state, the picture is mixed, according to the Otteau Report.
In Somerset County, the inventory of unsold houses climbed the most, to 103 percent; in Camden, the least, with 32 percent.
The biggest fall in sales: Cape May County, with 41 percent; the least, Cumberland County, with a rise of 34 percent.
The months supply of houses for sale indicates how formidable the inventory may be, and a six-months supply is considered normal.
Morris County has a six-months supply, but Cape May has a 21 months supply, while Camden has only four months. The entire state has seven months.
Caveat Emptor!
Grim
Morris housing market cools off
The real-estate market has been slowing dramatically.
In Morris County, sales during the first two months of the year were off 16 percent, according to the Otteau Report, and the inventory of unsold houses leaped 61 percent.
That's in line with figures for the entire state: sales down 14 percent, along with an increase in the unsold inventory of 61 percent.
The Otteau Report is issued by Jeffrey G. Otteau, president of the Otteau Appraisal Group, a real-estate valuation and consulting firm that tracks real-estate trends in New Jersey, New York, Pennsylvania, Delaware and Florida.
It has various offices in New Jersey, including one in Morristown.
Even so, Michael Machinski, an agent at Weichert, Realtors in Ridgewood in Bergen County, doesn't think that a bubble is bursting -- and doesn't believe that there was a bubble.
Still, he acknowledges, the market is changing -- from a seller's market to a more evenly divided market.
...
Throughout the state, the picture is mixed, according to the Otteau Report.
In Somerset County, the inventory of unsold houses climbed the most, to 103 percent; in Camden, the least, with 32 percent.
The biggest fall in sales: Cape May County, with 41 percent; the least, Cumberland County, with a rise of 34 percent.
The months supply of houses for sale indicates how formidable the inventory may be, and a six-months supply is considered normal.
Morris County has a six-months supply, but Cape May has a 21 months supply, while Camden has only four months. The entire state has seven months.
Caveat Emptor!
Grim
6 Comments:
Wow. How can I get paid for just retyping what the WSJ article and others said over a week ago? I can cut-and-paste as well as Boroson can.
Of course he still tried to put his cheerleader spin on this info...he's king of the "Even so..."
I would love to know some of this blog's readers' opinion on the statement
"a 1 percent rise in mortgage rates decreases a house's affordability by 8 percent."
True? False? Please help a liberal arts major out here.
This realtor going to be eaten his words.
Make sure you requote this clown in 6 months.
"a 1 percent rise in mortgage rates decreases a house's affordability by 8 percent."
My take on this has been (what I have been telling to sellers agent) that every 1 % increase in interest, My offer will get reduced by 30K.
Anybody still cares about what realtors say? They are in line of other liars in our society, mechanics,lawers etc. The whole profession is corrupted.
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