Northern New Jersey Residential Inventory Update
GSMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
4/4 - 14,470
4/12 - 14,812 (2.4% Weekly Increase, ~34% Since January 1st)
NJMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
4/4 - 7,133
4/12 - 7,259 (1.8% Weekly Increase. ~35% Since January 1st)
MLSGuide
Single Family Homes, Condo, Coop
(Hudson County)
4/4 - 2,094
4/12 - 2,225 (6.3% Weekly Increase, ~28% Since January 1st )
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
4/4 - 14,470
4/12 - 14,812 (2.4% Weekly Increase, ~34% Since January 1st)
NJMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
4/4 - 7,133
4/12 - 7,259 (1.8% Weekly Increase. ~35% Since January 1st)
MLSGuide
Single Family Homes, Condo, Coop
(Hudson County)
4/4 - 2,094
4/12 - 2,225 (6.3% Weekly Increase, ~28% Since January 1st )
7 Comments:
From Bloomberg:
U.S. Treasuries Fall as Traders Raise Bets on Higher Fed Rates
S. Treasuries fell on speculation government reports this week will add to evidence the economy is growing fast enough for the Federal Reserve to keep raising interest rates.
Traders increased bets the Fed will increase borrowing costs at least two more times to keep inflation in check. A Commerce Department report tomorrow will probably show retail sales rebounded last month, a Bloomberg survey shows. The 10-year note yield climbed to 4.99 percent two days ago, the highest since June 2002.
...
Interest-rate futures show traders are certain the Fed will raise the overnight lending rate to 5 percent at its next meeting on May 10. The odds of an increase to 5.25 percent at the following meeting in June rose to 56 percent today from 50 percent yesterday, up from no change as recently as March 27.
YIKES!!!!!!!!!
INVENTORY IS EXPLODING.
ACCORDING TO THE TUNNEL VISION REALTORS THIS MUST BE GOOD NEWS!
“Todd Linsley, a 37-year-old investor, bought a three-bedroom house in Stuart, Fla., for about $318,000 in late 2005. His original plan was to quickly flip the property by selling it for as high as $425,000. But when he saw that the market was turning, he decided to list the home for $379,900. It’s been on the market since early January with no takers.”
“Mr. Linsley says home builders keep discounting unsold houses in the neighborhood, sometimes axing as much as $100,000 off the original asking price. He says he can’t afford to go that low. So now he’s renting his investment house out for $1,000 a month, while paying a $2,045 monthly mortgage and a $108 monthly homeowner’s association fee. ‘My Plan B was always to rent it out. I am not going to lose my shirt,’ says Mr. Linsley.”
“Some Floridians blame the media and even Wall Street for scaring people away. Mr. Linsley recalled a headline in a local paper declaring that the local housing market was overvalued. The headline type was so bold that it looked as if the nation had just declared war. ‘The media is killing the investors,’ Mr. Linsley says.”
“‘Things have slowed to a crawl,’ says Mike Morgan, a broker in Stuart, Fla. Mr. Morgan says that ‘we went three days this week with not a single showing. That’s incredible. I have 35 listings. We usually get 2-6 showings a day….I received more desperate calls from sellers than ever. One lady broke down into tears. Her husband bought two investment properties, and they are now going to lose their ‘life savings’ if they sell the homes in today’s market.’”
Booohooooo!
DO NOT BUY A HOUSE AT THESE INFLATED PRICES AND BE A BAGHOLDER.
YOU CAN READ ABOUT AND SEE THE CONSEQUENCES.
Inventory information would be much more informative if it included YOY comparison. Do you have access to that info Grim?
For the curious in Bergen County, here are the number of residential listings NOT 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
04/05 3,628
04/12 3,706
The day before we were at 3,713 adn today it's 3,702. So the inventory seems to be slowing down due to spring.
Use the word, spread the word: Bubble.
To paraphrase Robert Shiller, perception alone can cause the market to turn.
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