Wednesday, April 05, 2006

Northern New Jersey Residential Inventory Update

Time again for the Wednesday NJ Residential Inventory Report

GSMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
3/29 - 14,018
4/4 - 14,470 (3.2% Weekly Increase)

NJMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
3/29 - 6,932
4/4 - 7,133 (2.9% Weekly Increase)

MLSGuide
Single Family Homes, Condo, Coop
(Hudson County)
3/29 - 2,031
4/4 - 2,094 (3.1% Weekly Increase)

22 Comments:

Blogger NJGal said...

How does this compare to increases in the past few months? Does this reflect the much anticipated "spring frenzy" or is this in line with recent increases? If it keeps on like this, we'll see a glut before the end of summer.

4/05/2006 02:50:00 PM  
Blogger chaoticchild said...

The next few months will be the breaking point.

Let's see if this inventory build-up will drive prices down

4/05/2006 02:52:00 PM  
Anonymous Anonymous said...

More inventory. Bad news sellers.

Oh well the RE propaganda machine will think of another slick media campaign to convince buyers it's smart to sign your life away in a mountain of mtg debt.
NOT!

Bob

4/05/2006 03:03:00 PM  
Blogger grim said...

I actually expected to see a decline in inventory this week.

Inventory increased at a rather slow pace last week, and it seemed that the trend was slowing. This week showed a rather dramatic reversal.

3% a week is a significant increase.

grim

4/05/2006 03:50:00 PM  
Anonymous Rich In NorthNJ said...

For the curious in Bergen County, here are the number of residential listings including condos & co-ops from NJMLS

03/03 3,132
03/10 3,230
03/17 3,337
03/23 3,432
03/30 3,543
Today 3,628!

I was expecting a slow down too. But there is still about 15 new residential units a day being added to the Bergen County market!

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

4/05/2006 04:24:00 PM  
Blogger Richard said...

story that just happened in summt. a bidding war ensued between 2 couples on a starter house my wife and i were looking at. we passed as we thought it was way overpriced (then again what isn't these days?). the couple that won out were out-of-state transfers. during contract proceedings they got cold feet once they realized how much cash they'd be shelling out for this unimpressive small home on a small plot. they tried to re-negotiate the price down but the sellers weren't having it so the offer was withdrawn and will be going back on the market.

we'll be hearing more of these stories in the future.

4/05/2006 08:21:00 PM  
Blogger The Artful Blogger said...

I'm just pulling data from this blog but looking back at GSMLS inventory on 1/4/06 shows inventory of 11,047 vs. 14,470 today. That's almost a 31% increase in the 3 mths. Does anyone know if that is in keeping with historical Q1 trends?

4/05/2006 09:11:00 PM  
Anonymous sorry state of affairs said...

Richard:
That's really was buyers remorse! It seems the winner of a bidding war is really the looser because they likely paid way too much for the house.
Last year two buyers/bidders actually had a fistfight in the real estate office, it was eitehr in summit or short hills. Too bad the hightest bidder who is the

4/06/2006 05:39:00 AM  
Anonymous sorry state of affairs said...

Richard:
That's really was buyers remorse! It seems the winner of a bidding war is really the looser because they likely paid way too much for the house.
Last year two buyers/bidders actually had a fistfight in the real estate office, it was either in summit or short hills.

4/06/2006 05:43:00 AM  
Anonymous Anonymous said...

Prices are higher and more out of control than ever, despite inventory increases. I am still not seeing any improvement. In fact, getting worse. People having same experience?

4/06/2006 07:33:00 AM  
Anonymous Rich In NorthNJ said...

I feel prices are stabilizing.

It's similar to when you throw a ball in the air. When the ball reaches it's apex it seems to stop in mid-air before falling back down.
Just imagine the same for the market, only MUCH slower of course.

People are pricing their homes in the hopes that prices are still at the level seen previously. I think we'll need to go through April and May to see how the Spring "selling season" goes and what effect it will have on prices.
With the data that's been provided so far, it's not looking good for sellers "hopes". But the question is, will it have the desired affect on the buyers "hopes" come July & August?

4/06/2006 09:13:00 AM  
Anonymous UnRealtor said...

"Last year two buyers/bidders actually had a fistfight in the real estate office"


Would love to have seen that spectacle.

Sheer madness.

4/06/2006 10:15:00 AM  
Anonymous UnRealtor said...

$50,000 price drop:
MLS 2259341
93 Meadowbrook Rd, Short Hills
$799,000 => $750,000
Days on Market: 16

4/06/2006 10:15:00 AM  
Anonymous Anonymous said...

Inventories seem to keep ballooning.

Glad I did not buy recently.

Will wait until I can really afford and not use a risky loan.

Could of ruined my life. And the realtor just pumped and pumped and pumped. It's a jungle out there.

4/06/2006 10:37:00 AM  
Anonymous UnRealtor said...

$300,000 price drop:
MLS 2244250
7 Crescent Place, Short Hills
$2,299,000 => $ 1,999,000
Days on Market: 56

4/06/2006 11:29:00 AM  
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