New Jersey Association Of Realtors First Quarter Statistics
New Jersey 2006 Q1 Statistics are available on the NJAR website:
Caveat Emptor!
Grim
Caveat Emptor!
Grim
Wednesday, May 24, 2006
Previous Posts
- New Home Sales Down 5.7%, Inventory Up 27%
- Purchase Mortgage Applications Drop 7.1%
- North Jersey Weekly Residential Inventory Update
- From Junk To Gold
- Lowball! 5/13 - 5/23
- Fannie Fiasco
- 10,000 Sussex Acres Preserved
- New Ferry Terminal Opens
- New Jersey Revenues Falling Short
- "an almost ten fold increase" in N.J. Foreclosures
20 Comments:
I might stop by after the Memorial Day parade!
This is interesting data. I thought price would "plateau" in 2006. Then it would go down in 07.....I guess it is earlier than I think.
I spoke to a co-worker of mine. He agreed NNJ is overpriced and 2006 price has gone down a little. But he said there is no way there is a RE bubble in NNJ. NNJ will only go up and go up. I said that NNJ went down 35% in the last bubble. And he said "it is different this time."
hahhahahhahahhahahahah
all I have to say is....
SERVES YOU RIGHT FLIPPY!!!!!!
Bleed out those bagholders. Let them pay those wonderful NNJ taxes and high mortgages. Drain Drain Drain your pockets on you never lived in condo w/out parking.
hahahahahhaahaaaa
-frustrated in Hudson County like you have no idea!
all I have to say is....
SERVES YOU RIGHT FLIPPY!!!!!!
Bleed out those bagholders. Let them pay those wonderful NNJ taxes and high mortgages. Drain Drain Drain your pockets on you never lived in condo w/out parking.
hahahahahhaahaaaa
-frustrated in Hudson County like you have no idea!
Came across the NAHB Press Release on the April New Home Sales Numbers. It was mostly spin-free and relatively straight forward. Kudos..
Sales Of New Homes Increase In April
Sales of new single-family homes were up 4.9 percent in April to a seasonally adjusted annual rate of 1.198 million units, following a substantial downward revision to sales for the first quarter of the year, the U.S. Commerce Department reported today. Year-to-date, new-home sales for the first four months of the year were down 11.2 percent from the same period last year.
“The rebound in sales in April, as reported by the government, was somewhat surprising but not that unrealistic considering the downward revisions that accompanied it,” said National Association of Home Builders (NAHB) President David Pressly, a home builder from Statesville, N.C. “Indeed, builders are seeing a tapering off of demand and NAHB’s Housing Market Index survey of builders fell to a level of 45 in May, the lowest reading since mid-1995.”
“The reported rebound in new-home sales for April certainly is welcome news, although the substantial downward revisions for the first quarter of the year left the sales pace well below 2005 on a year-to-date basis,” said NAHB Chief Economist David Seiders. “We continue to believe that the housing market is cooling down in an orderly fashion from the record pace last year, largely because of a pullback by investors/speculators. NAHB’s current forecast shows about a 13 percent decline in new-home sales for 2006 as a whole.”
It is always amazing how a realtor can spin things. Buyer be very ware!
Another great analysis of the New Home Sales Numbers.. Hat tip goes out to Calculated Risk for bringing this to our attention.
New Home Sales – Headline Is Deceptive, Momentum Is Weak
It's worth the look.
grim
I asked a realtor in Maplewood if they noticed an increase in the number of listings after the molestation incident in their school system, the reply, "Maplewood is such a lovely town, there are many people waiting to buy."
Now, there are over 120 active homes on the market, the molestation incident, and the increase in gang activity--lay off the alcohol sweet pea!
Bleed out those bagholders. Let them pay those wonderful NNJ taxes and high mortgages. Drain Drain Drain your pockets on you never lived in condo w/out parking.
DO NOT BUY on Washington--it's like an 18 hour party, especially on weekends. If you are 20 something, and enjoy lots of noise--buy today!
Thanks Grim! We need the straight shooter perspective. I read the CR blog myself and find I have to look at his site every day. It is one of the best blogs out there for econ info for the semi-layman. Anyway thanks!
grim @ 9:25
Great article ... It answers many of the confusing questions that cropped up after April housing data was released.
I must warn some of you might lose sleep after reading this article :)
Can't understand why Hunterdon County is the worst decline. Wouldn't you think Bergen, Morris, Somerset' or others would have price adjustments just as high?
I read a CNN ranking that showed median household net worth (excluding primary residence) in Bergen, Morris, and Somerset are the highest in the country.
FYI, Somerset was the highest.
So what does that mean? Somerset County buyers are ignorant of the decline or can afford to waste their money?
Bubble in Summit??
I have been following this listing for some time. It is a 3 bed 1.5 bath in a "ok" but not nice part of Summit. It is listed for 565k with 6,614 tax/year. It just listed for 2,500 monthly rent today.
With 20% down and 6.25% 30 fixed, it would cost 3,334.21 excluding maintenance.
Those listings are listd on the same page of the realtor's website!!!
why would anyone want to but it now???
Sales link
Rental Link
Anon @ 11:26,
You have a link to that?
grim
"Now, there are over 120 active homes on the market, the molestation incident, and the increase in gang activity--lay off the alcohol sweet pea!"
What molestation incident? That's horrible. And actually, if you check on Burgdorff, there are now 130 homes for sale in Maplewood and it just keeps rising - guess that must be because of all those buyers just waiting:) When I was looking, it was something like 45 total.
I don't see how an isolated incident in one pre-school would cause a mad rush of people out of the town.
maplewood inispires many "feelings" on this board, even grim admits he doesn't "get" maplewood. I like maplewood and am looking there.
I see many parallels with the downtown Brooklyn (Smith, 5th Ave, Red Hook, Carroll Gardens; fine you can't walk home over a bridge, even if it is a 3 hour walk.) in the sense that a lot of people are spending a lot of money (and faith) into this neighborhood,i don't think they are just going to get out.
Springfield Ave., the outer badlands of M-wood, is undergoing quite the reno. (brick sidewalks, etc.)
Are people sending their kids to private schools? There are a lot of kids in this area. Are we to believe that everyone buying in M-wood (300-700K for an avg) could actually afford to live in Short Hills or Toms River? (if you account for 20K/yr for school/care)
I think maplewood will be a craggy outpost as far as valuations go. Will it be an oasis as far as quality of life goes?
With newarks new mayor (with reportedly blommbergian connections) and a seemingly re-inveigorated South Orange, is Maplewood really a gamble? a fools gold?
how long to wait, fall? never?
is there hope? Jersey City, West New York, Hoboken? it happened there no?
I mean this isn't Freehold, it is less than an hour on the train.
grim - i think a site to host gloves off discussions of the nj communities would be of interest.
bob - i am pretty much resigned to getting (another) mortgage at some point, but only 1 at a time i hope
njgal:
but the majority of these 130 homes are in the 500k+ range...wtf? do a search for 3BR bet 300 and 400K and you get less than 20 listings (via Realtor)
So are Millburns and toms river going to drop to 500K range? Arent we looking at REAL corrections in places like Middlesex or Lake Hoptacong (sp?)
Believe me this issue has caused some tensions, I am ready to forget M-wood, large thanks to this board, but have a hard time getting my head around the reality of the gloom. I mean Bed-Stuy is commanding 600K for rather questionable inventory. That leaves maplewood for the williamsburg hpsters who want to settle in NYC, doesn't it?
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