Northern New Jersey Weekly Inventory Update
GSMLS - http://www.gsmls.com
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
5/24 - 17,138
5/31 - 17,345 (1.3% Weekly Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
5/24 - 8,465
5/31 - 8,563 (1.2% Weekly Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
5/24 - 2,419
5/31 - 2,406 (0.5% Weekly Decrease)
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
5/24 - 17,138
5/31 - 17,345 (1.3% Weekly Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
5/24 - 8,465
5/31 - 8,563 (1.2% Weekly Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
5/24 - 2,419
5/31 - 2,406 (0.5% Weekly Decrease)
23 Comments:
Inventory up by nearly 60% since January 1st.
grim
FORTUNE Magazine
How many percent of Carpenters, masonries, builders are UNLINCENSE AND ILLEGAL DAY LABORERS/IMMIGRANTS hired by well-known Homebuilders in New Jersey ??????
Immigration reform could kill the housing boom
Up to 40% of home building is done by undocumented aliens. But no one's talking about what a crackdown could do to real estate prices.
By Jon Birger and Jenny Mero, FORTUNE
May 31, 2006: 12:20 PM EDT
"how long until realtors start screaming panic to get sellers to close sales?"
It'll never happen.
grim
"Currently, there are 29,941 properties advertised for sale in NJ on our site."
http://www.gsmls.com/
Only 59 more to go!
Is an "undocumented alien" similar to an illegal alien?
My former realtor recently put the house up for sale.
Times are tough.
It would be nice to know how many withdrew their homes from the market.
Between 5/1 & 5/31, 986 listings were withdrawn from GSMLS (same counties as listed for inventory)
grim
what does "withdrawn" mean?
Thanks Grim!
That means we have theoretically crossed the 30K limit.
Some if not most of the sellers may have a feeling that they can get better deals in the future. IF the housing bubble bursts and anxiety levels increase, we can hope to see most of the 900+ homes for sale again.
VB
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
05/15 4,174
05/22 4,292
05/29 4,352
Today 05/31: 4,347
Inventory put into context.
The link to a Bloomberg radio show I posted last week included a response from an economist regarding the 64% YOY increase in inventory in the Northeast - "It's remarkable."
what does "withdrawn" mean?
The seller decided to take the house off the market.
Typically, when a house sits for awhile, the realtors will re-list under a different MLS #.
Shady stuff.
It's time to change allegiance starving realtors to the Few buyers left. Go ahead fight over them and get substantial price discounts.
Boycott bidding.
No Bids No Hope ZERO!
Payback time!
Booooooooyaaaaaaaa
Bob
MISERY CLIMBING!
Sellers getting worried and realtors Starving.
A great combo for substantial price reductions.
BOYCOTT BIDDING!
No Bids NO HOPE NO NOT"HING!
Booooooyaaaaaaaa
Bob
The Housing price floor about to collapse in. Down prices tumble anyday now.... anyday!
WORRY!
WORRY!
No Bids No MAAS No HOPE No NOT"HING!
It's all Business.
Booooooooycott Bidding
Bob
In the japanese housing BUST. House prices collapsed about 9 months past the housing price peak.
This Pricing bubble peaked summer 2005.
Any day now any day!
Papapapapappapa
PANIC!
Run for the exits! get out before it coooollapses.
BABABABABABABA
Boooooooycott Bidding!
Bob
Easy on the multiple, back-to-back posts.
grim
Cut-paste is a blessing and a curse!!
------------------------------
what does "withdrawn" mean?
The seller decided to take the house off the market.
Typically, when a house sits for awhile, the realtors will re-list under a different MLS #.
Shady stuff.
--------------------------------
unrealtor,
Thanks for your answer, you are always answering my questions.
The house I am refering to is:
2274523
since you are very familar with Millburn, do you have any thoughts about this one?
"since you are very familar with Millburn, do you have any thoughts about this one?"
At $750,000, the owner probably wasn't really looking to sell, per se, but instead to make some cash via a Greater Fool buying that crackerbox for $750,000.
Happens a lot, they just throw it out there at crazy prices to see if anyone bites.
Please be patient, and wait until 2007 to spend your $750,000.
Yes, it sucks, but buying now is financial suicide.
I like that price is adjusting but hoping for housing market collapse seems childish and dangerous, Bob. In 90s it was a struggle to get a job, many people I know was struggling. Japan is suffering with decreasing population (low birth rate) and depressed economy for years now. And you have to understand if you get laid off in Japan, you rarely get rehired by another company. I wouldn't compare US with Japan and hope same thing happens here.
IKY
Your are Excellent. And so is your site! Keep up the good work. Bookmarked.
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