Northern New Jersey Weekly Inventory Update
GSMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
5/3 - 16,111
5/3 - 16,539 (2.7% Weekly Increase)
NJMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
5/3 - 7,792
5/10 - 8,101 (4.0% Weekly Increase)
MLSGuide
Single Family Homes, Condo, Coop
(Hudson County)
5/3 - 2,243
5/10 - 2,351 (4.8% Weekly Increase)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
5/3 - 16,111
5/3 - 16,539 (2.7% Weekly Increase)
NJMLS
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
5/3 - 7,792
5/10 - 8,101 (4.0% Weekly Increase)
MLSGuide
Single Family Homes, Condo, Coop
(Hudson County)
5/3 - 2,243
5/10 - 2,351 (4.8% Weekly Increase)
20 Comments:
Pay option ARMs are the loan-du-jour.
Ba ba ba ba ba ba BOYCOTT HOUSES!
Inventory is piling up on the clearance racks.
House prices are insulting. Interest rates are up something like 20% over last many months so prices need to drop 20% + insulting asking prices.
50% downside? It truly is different this time.
BOOOOOOYAAAAAAA
Bob
The annoying fake Bob must be a woman, men don't think about "clearance racks"
I agree, housing prices are insulting! What is more obnoxious are the reasons the sellers or agents justify the price. Close to town, a newer bath, appliances, etc....we all know what a new toilet costs and that doesn't justify the $250,000 added onto the asking price.
I am relocating to NJ from another state where we didn't experience any significant real estate bubble . A recent visit to some of the nice neighborhoods in Northern NJ convinced me that many of the houses are overvalued by as much as 50% !! I realize that the definition of overvalued is different in different real estate markets...but come on, why pay $600K for a 80 year old house in need of serious repairs when I can buy a bigger house in my old state for $300K and expect the price to go up a steady 3-5% every year ? I am thinking to rent for a while, and keep my current house (out-of-state) for the time being. I am even thinking of buying a rental property in places like North Carolina or Texas which missed the boom, still has affordable housing and are expected to be steady real estate markets in the coming years.
Does anyone know which months the ARMs need to be readjusted ? I have been hearing on tv and radio that many folks who borrowed money using ARMs will have a nasty surprise pretty soon when their monthly payments will go up significantly. If that's really true, that will be the beginning of a "visible" slowdown of the real estate market....may be, even tipping over to buyer's market at that point.
"men don't think about "clearance racks" ... they do if they paid too much for that house!
I am not a WOMAN!!
Bob
" Pay option ARMs are the loan-du-jour."
Funny, when I get into a bubble conversation with friends, they tell me that it's different in the tri-state area than on the West Coast because most people get fixed rate loans here. Not true?
Fake Bob, it's time for you to register too. Also, why do you continue to push your same old, tired message. Don't you realize that you're singing to the choir? Whose mind do you think you're changing when you're leaving your comments on a blog titled "Northern New Jersey Real Estate Bubble?" You're wasting your time, reducing the credibility of this blog and annoying a lot of people in the process. Please stop.
JD
Hi Grim,
Do we have numbers for Middlesex?
Regards,
Please live Bob alone ... he lightens things up and I look forward to his daily boycott messages
The Real Bob is a man, the fake Bob is a woman.
Fake Bob is also insulting, while the Real Bob is funny.
My sentiments exactly.
Thanks, JD.
SPW
Nueva Jersey is so DONE. Don't go down with the ship. grab a life boat and head to shore... not the Joisey shore.. duh.
Whoa! I think the inventory build-up is now accelerating.
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
04/19 3,781
04/24 3,856
05/08 4,082
Today 05/11: 4,133
1,000 more single-family home on the market since March 3.
Use the word, spread the word: Bubble.
To paraphrase Robert Shiller, perception alone can cause the market to turn.
Well, since ya mentioned it:
1,3228: $500,000 - $749,999
627: $750,000 - $999,999
465: $450,000 - $499,999
338: $400,000 - $449,000
246: $350,000 - $399,999
227: $1,000,000 - $1,249,999
213: $1,250,000 - $1,499,999
122: $1,750,000 - $1,999,999
118: $1,500,000 - $1,749,999
65: $2,250,000 - $2,499,999
59: $2,750,000 - $2,999,999
48: $2,000,000 - $2,249,999
42: $300,000 - $349,999
41: $2,500,000 - $2,749,999
35: $5,000,000 - $9,999,999
24: $3,250,000 - $3,499,999
21: $3,750,000 - $3,999,999
13: $3,000,000 - $3,249,999
13: $4,500,000 - $4,999,999
11: $4,250,000 - $4,499,999
9: $275,000 - $299,999
8: $3,500,000 - $3,749,999
7: $10,000,000 - $99,999,999
4: $4,000,000 - $4,249,999
2: $225,000 - $249,999
2: $250,000 - $274,999
0: $0 - $249,999 (Actually 20 "buckets")
Looks like they'll need to adjust the $500k - $749k bucket.
Looking for input.
I currently live in nyc and I am getting killed by high rent and high taxes. I rent for $2500/month. I would like to move to a commuting town in NJ and buy a 2 bedroom condo/townhouse or a small house. I can't stand renting (paying somebody else mortgage) and being a homeowner I think would help me alot at the end of year with taxes. But, I am reluctant to buy because real estate is so exspensive, I don't want to get into a ARM or piggyback loan, and I am afraid if I do buy something, the damn value may drop like a rock. What do you guys think? Any advice? Suggestions? Thanks.
I would like some context on the increase in inventory. It is spring/summer, isn't this traditional "go to market" time? Can we get YoY differences? (i do not have the skills or mental resources to produce this report myself)
(FYI: booyaaa does NOT count as context or as anything, really)
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