Northern New Jersey Weekly Inventory Update
Please note, the inventory numbers provided this week represent a two week change in inventory. I do not have the inventory data for last week..
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)
6/7 - 17,708
6/21 - 18,240 (3% Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
6/7 - 8,725
6/21 - 9,034 (3.5% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
6/7 - 2,568
6/21 - 2,540 (1.1% Decrease)
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)
6/7 - 17,708
6/21 - 18,240 (3% Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
6/7 - 8,725
6/21 - 9,034 (3.5% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
6/7 - 2,568
6/21 - 2,540 (1.1% Decrease)
20 Comments:
Grim, I'm curious as to why your GSMLS numbers never seem to tie to what I see at the site.
If you are talking about the main page of the GSMLS site, it's because I track a subset of the total counties represented by that system..
grim
"Currently, there are 31,238 properties advertised for sale in NJ on our site. For Residential Properties that are Multiple Listed with Garden State, 99% are available to be searched on this site."
http://www.gsmls.com/
There about 2,000 sales per month, so 31,000 divided by 2,000 = 15+ months.
unrealtor -
any way to track the prices on those 2000 sales?
the bloodbath seems to be moving forward a few months every few months. seems like the only ones suffering are realtors. more volume, less sales.
if the sellers don't want to give up their money, ultimately buyers lose.
hope for a fire sale but don't count on it. start checking out rentals or other states. more importantly - save! your money will be good for something - NJ or not.
all the best.
"any way to track the prices on those 2000 sales?"
Grim usually posts a general sales summary each month with % change trend.
Here's a post you may have missed:
http://www.blogger.com/comment.g?blogID=15532093&postID=114950522636032576
(triple-click to select long links)
And also here:
http://www.blogger.com/comment.g?blogID=15532093&postID=115013125579921057
(triple-click to select long links)
Anon 3:20pm "if the sellers don't want to give up their money, ultimately buyers lose."
That thinking is exactly how the sellers will lose.
"their money" is only "their money" if a buyer pays them. The funny thing is most people think like you do, which is great for those of us that are of an informed opportunistic nature, time is our friend.
Housing equity...paper gains that the naive have been leveraging against via helllocks oops helocs.
To think people did this to themselves in their primary residence; where they house (shelter) their wife and kids.
A house "home" is wood, nails, brick. Eats cash when occupied by the owner.
price reduction update...
Looks like this house was reduced again...MLS ID#: 616391
Started at $490,000 then dropped to $465,000 now listed at $435,000. Nice percentage drop.
Slaughter the pigs!
Not interested in this property just watching it as a barometer.
wait and SAVE!
Anybody have inventory graph for 1989-90?
Pat
Can someone point me to websites for properties for sales in Middlesex and Somerset county? I want to track prices for 3bed,2ba <325K houses. Plan to buy if/when they drop to the <$250K in the next 2-3 years, otherwise I'll have to move out of state to a more affordable place!
That thinking is exactly how the sellers will lose.
"their money" is only "their money" if a buyer pays them.
well if their equity increased by 100%, isn't it still up to them if they wanna give up 20% of that or not? they may decide to hold on to their paper gains until the "right time". even those who put no money down made huge profits if they got in early enough. surely there are those who got in late. but I doubt there's enough of them to cause a fire sale.
anyway, I honestly hope you are correct. I'm just finding hard to be as confident as most of you are that a huge bust is in the bag. it seems more realistic to me that we will stay in a stand-off with prices flattening for a long period rather than a severe decline by next year.
then again, I wasn't around during the early 90s. hope you guys who were can share it with us.
"Can someone point me to websites for properties for sales in Middlesex and Somerset county?"
Try realtor.com, which provides national coverage.
Anon 4:34pm
I believe (subjective of course) that over the next 5 years the majority of home sales are going to come from people who have owned their homes for over 10 years. They will probably receive fair market value which is nowhere near the 01' to 05' fed funny money values.
Their will be some foreclosures/deaths/divorce of funny money types who will get smoked. I see 98 prices in 08
Adjusted for "published" inflation.
thanks richard. I certainly will sit back and watch and wait to see what happens next year. hopefully, there's a lot of people who will be willing and able to wait as well. the more of us the better.
peace!
The reality about this housing chicanery.
From Pimco Mark Kiesel
http://www.pimco.com/LeftNav/Regional+Market+Commentary/Global+Credit+Perspectives/2006/Kiesel_For_Sale_06+2005.htm
The CEO Bill Gross is on the Forbes 400...and he and Paul McCulley are definetly not empty suits...birds of a feather...
http://www.pimco.com/LeftNav/Regional+Market+Commentary/Global+Credit+Perspectives/2006/Kiesel_For_Sale_06+2005.htm
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