Friday, July 07, 2006

Northern New Jersey June Residential Sales

Preliminary June sales data for Northern New Jersey is in..

The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound of the y-axis, it is set to 1000, not to zero. I do this to emphasize the seasonal nature of the Northern NJ market.


The second graph displays the same sales data (2003-2006) for the first four months of the year. Again, please not the y-axis, this time it does cross at zero.


For those who prefer the hard numbers:

January
Average Sales (2003-2005): 2000
2005 Sales: 2013
2006 Sales: 1705
(Down 15.3% Year Over Year)

February
Average Sales (2003-2005): 1583
2005 Sales: 1578
2006 Sales: 1395
(Down 11.6% Year Over Year)

March
Average Sales (2003-2005): 2193
2005 Sales: 2256
2006 Sales: 2033
(Down 9.9% Year Over Year)

April
Average Sales (2003-2005): 2322
2005 Sales: 2383
2006 Sales: 1817
(Down 23.8% Year Over Year)

May
Average Sales (2003-2005): 2615
2005 Sales: 2725
2006 Sales: 2298
(Down 15.7% Year Over Year)

June
Average Sales (2003-2005): 3486
2005 Sales: 3682
2006 Sales: 2911
(Down 20.9% Year Over Year)

Data above is GSMLS Sales for Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, and Warren Counties.

Caveat Emptor!
Grim

73 Comments:

Blogger grim said...

Also important, some data from the NJMLS system that was hidden away in a thread yesterday. I'm posting this data as a confirmation that similar drops are being seen across regions not adequately represented by GSMLS (mainly Bergen county).

RichInNorthNJ said...
Bergen County - NJMLS

Line 1: SFH, 2-4 Family, Condo/Co-Op/TwnHse
Line 2: Single Family Home Only

#Sold - #Under Contract

June 2006
1004 - 1006
644 - 656
June 2005
1302 - 1319
841 - 865
June 2004
1276 - 1245
863 - 818
June 2003
1021 - 1222
666 - 824
June 2002
1002 - 978
691 - 653
June 2001
1011 - 1045
717 - 724
June 2000
1100 - 1019
766 - 666

7/07/2006 09:15:00 AM  
Blogger patient homebuyer said...

looks like the market is doing just fine we are all going to be just fine-mcrealtor says

7/07/2006 09:16:00 AM  
Anonymous Anonymous said...

...and majority of ARM rates haven't yet reset.

7/07/2006 09:28:00 AM  
Blogger RichInNorthNJ said...

Wow, 21% drop in June!

And with graphs and charts! (I love graphs and charts...)

That's a lot of data to compile.
Great job Grim!

7/07/2006 09:41:00 AM  
Anonymous Anonymous said...

It is coming down, baby; give me a hard landing! I can't wait to see the greedy flippers running around naked after they lose their pants.

7/07/2006 09:41:00 AM  
Blogger skep-tic said...

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7/07/2006 09:52:00 AM  
Blogger Richard said...

it's a sizable slowdown from last years hot pace, but i wouldn't expect anything less as the market appears to be exhausting itself. the unadjusted seasonal #'s show we're tracking the 2003 pace which is still quite healthy. the real story on where we go won't become clear until well into 2007. if inventory y-o-y continues to climb like it did from 2005-2006 that won't be good for sellers.

7/07/2006 10:01:00 AM  
Blogger Richard said...

everyone here's the POS of the day. i thought this was a joke but apparently not.

http://www.realtor.com/Prop/1060522730

to get even more of a laugh the description says, and i kid you not:
"Fixer upper needs "TLC", House to be sold "as is" , wife does not speak english.

LOL!!!!!!!!!!!1

7/07/2006 10:03:00 AM  
Anonymous UnRealtor said...

Looks like a nice 'spring bounce' -- for buyers:

April - Down 23.8% Year Over Year

May - Down 15.7% Year Over Year

June - Down 20.9% Year Over Year

7/07/2006 10:05:00 AM  
Blogger skep-tic said...

here is my personal favorite POS:

breathtaking!

http://www.realtor.com/Prop/1057225367

7/07/2006 10:15:00 AM  
Blogger chicagofinance said...

please remember that we are comparing to a record year 2004, topped by another record year 2005. If you look at 2003 [another strong year], 2006 is not that far out of range.

Things are changing, but don't be guilty of being the anti-Lereah.

Have a beer, enjoy the water this weekend, and cross off 2006.

Even keel.


BOOOOYAAAAAA [sorry]

7/07/2006 10:32:00 AM  
Blogger patient homebuyer said...

at skep-tic

i saw the pos listing in your post
oh my god that is just plain unbelievable

the nerve of some people

7/07/2006 10:33:00 AM  
Blogger RentinginNJ said...

we're tracking the 2003 pace which is still quite healthy

While inventory is way way up, and sales are down, you are correct; sales still remain pretty strong by historical standards. While realtors® like to blame the slowdown on higher interest rates, I believe the opposite is true. The one thing keeping sales going at their current rate is the expectation of even higher interest rates.

Two realtors® at two different open houses told me “that I had better act fast because interest rates are going up and I might never be able to afford a house”. Since the masses, for the most part, still believe in a soft landing and that RE prices will at worst only flatten out, this sense of urgency over rising interest rates may be pushing a number buyers to pull the trigger on a purchase. When you combine this will a greater number of choices and increased bargaining power for buyers, it’s no surprise that sales haven’t completely tanked.

7/07/2006 10:38:00 AM  
Anonymous Anonymous said...

There is good reason to believe that in 2007, when ARMs reset by the millions, we may see greater declines in sales/prices/etc., but these numbers Grim just posted today suggest a "soft landing" to me. I'm not saying there will be one, and because I'm more or less priced out in this area, I'd prefer the 30-40% decline that many on this blog prophecy, but I agree with Chicago that the sky isn't quite falling at this point in time and according to this data.

WM

7/07/2006 10:49:00 AM  
Blogger skep-tic said...

sales remain relatively decent because there hasn't been a decline in real estate for 15 yrs.

if you are a 1st time buyer, it's easy to believe that RE never goes down because it hasn't happened since you were a kid.

despite the population of this board, the above remains the dominant mentality. if most people weren't literally priced out of the market, you would probably see giant sales numbers like 2005 and 2004.

as long as people can still buy houses with no money down and can pick the amount of their monthly payments, you will see people going for it in large numbers.

at some point along the way though there will be bank failures or people will start to lose jobs. basically, something catastrophic will result from all of this craziness, but people will take it as the cause of the decline, rather than a symptom, and only then will the masses snap out of it and stop spending like it's doomsday
[rant ended]

7/07/2006 10:50:00 AM  
Anonymous Anonymous said...

HOME SALES declining and it already reflects on Homebuilders stocks decline... Why is it that home prices not declining yet ???

7/07/2006 10:54:00 AM  
Anonymous Anonymous said...

I'm sure we will see a decrease in price, but you wonder how much hyperbole there is on this blog.

Every time I see an anecdote that realtors are saying, "it's completely dead, open houses are a waste of time!", that doesn't match up with sales being about 80% of what they were last year. Sure, that's a noticeable decrease, but not enough to be playing crossword puzzles all day.

The April number was an amazing decrease. At that point, I thought we'd have significantly lower prices by Fall '06. Now, I'm hoping for lower prices by Spring '07.

7/07/2006 11:05:00 AM  
Blogger grim said...

CF,

We are tracking under 2002, as well, for the year to date.

I have data back to 2000, but have not yet migrated all of that data into my database.

I'll see if I can move some more over and post a more comprehensive dataset up.

grim

7/07/2006 11:12:00 AM  
Anonymous UnRealtor said...

Love that second graph, we're below 2003 levels across the board for 2006.

7/07/2006 11:13:00 AM  
Anonymous Anonymous said...

Grim
Thanks for a greate blog site.
It would be nice if you could also include central jersey counties in your postings.
There are lot of folks reading your postings and waiting on the side lines from the central jersey areas like Edison, EB, South Brunswick, Monroe etc.
Thanks again

7/07/2006 11:29:00 AM  
Anonymous dreamtheaterr said...

Anonymous said...
7/07/2006 12:29:51 PM

I second that. I am in North Brunswick, and trying to get a feel for Middlesex county since I moved to NJ 8 months back.

Guys like me are completely priced out of Northern NJ. I have a family to support on less than six figure salary.

PS - I buy $30 jeans.

7/07/2006 11:50:00 AM  
Anonymous Anonymous said...

Try graphing prices over the past 5 years. Any asset class that rises 20% per year for 5 years has to come down to sustainable levels. True, real estate is different in that it has a useful purpose unlike stocks which are just paper, but it's still an investment to some. It'll be the flippers and those using exotic loans that will get burned.

7/07/2006 11:58:00 AM  
Blogger Shailesh Gala said...

NJ Home Price Index values comparison to Core Price Index and Personal Income

The above link contains charts that plots Home Price Index vs Personal income. The second chart shows interest rates vs affordabity for last 25 years. Affordability in last 5 years has gone up from 25% to 38%.

7/07/2006 12:10:00 PM  
Blogger X-Underwriter said...

Hey cyberwarrior,
Here's an expert marketing plan...
Post your real estate business on a website that is visited mainly by people who are convinced that the housing market is about to fall and don't plan on buying for at least another 12 months...I'd say that would be well worth your time and effort

7/07/2006 12:11:00 PM  
Anonymous Anonymous said...

Richard:

The non-English speaking wife, does she come with the house?

-jamey

7/07/2006 12:12:00 PM  
Blogger delford said...

I think we will start to see the price declines shortly, and I believe in fact in my Bergen County town, we are seeing them already.

We are past the 4th of July, and settling into the summer slow down, having the kids in school by Sept is not happening now if not already under contract,and still the inventory grows.


We lost 5 listing in my zip code on June 30th, they are all back excpet one, plus two new ones, inventory has increased 3 fold in my town since mid May,and as I said in another post the listing prices are declining, and many listing/asking prices are now getting close to falling into the high 300"s, Once youa re down to 429, and 419, and 409, the next leg down will have a 3 handle. Listing prices with a 3 handle have not been seen in my town since 2003.

This is happening sooner than I expected, at least in my area,and I am supposedly in one of the more desireable BC towns.

7/07/2006 12:14:00 PM  
Anonymous Anonymous said...

Which Town?

7/07/2006 12:24:00 PM  
Anonymous Anonymous said...

Lets get some homest answers.

Who here feels prices will be reduced enough by this time next year to off set the rises interest rates? What %?

Thanks

I feel decline will not be more than 10% this time next year.

7/07/2006 12:26:00 PM  
Blogger patient homebuyer said...

the sharks are still out there
saw this on cragslist


Finally, the DREAM LOAN is here!

--------------------------------------------------------------------------------
Reply to: honest_home_loans@xxxxxx
Date: 2006-07-07, 1:47AM EDT


At 1.25% a $300K loan would be $795.00 a month! Close before April 15th and have no payment until June 1st!

If you have a credit score of 680 +, can show that you have $5K - $10K in the bank, don’t want to deal with the hassle of getting your loan caught in gridlock and would like a quick closing date contact us today!

Send us your phone number and we will contact you directly!

*The loan origination fee will be waived for all applicants who send back the paperwork today!*

7/07/2006 12:34:00 PM  
Blogger Richard said...

after an initial burst i expect prices next spring to be 5% below where they are today. many listings i've seen in the top towns in the entry level market of $500-$750k (yes that is entry in top towns) pretty much look like this.

Original asking: $649k
21-30 days later: $629k
30 days later: $600k
Sellers say no to any bids less than $590k (still too smug).

fast forward to spring of '07 i expect this pattern:

Original asking: $639k
14-21 days: $619k
21-30 days: $599k
21 days: $589k
within 30-45 days final sales price: $565k

7/07/2006 12:41:00 PM  
Anonymous G'wich Gus said...

For a cool million bucks in my home town:

http://www.realtor.com/Prop/1060869658

7/07/2006 12:43:00 PM  
Anonymous Pat said...

Gus, it's pathetic. I'm laughing, though. Good one.

7/07/2006 12:48:00 PM  
Blogger X-Underwriter said...

I loved the exterior features;
Exterior features: Hilly landscape

That adds at least $750,000 to a $250,000 property

7/07/2006 12:49:00 PM  
Blogger patient homebuyer said...

hilly landsape lol

is that an outhouse?

7/07/2006 12:53:00 PM  
Anonymous Anonymous said...

What is in the yard...Water.. Look I love Greenwich.. But that is just INSANE..

7/07/2006 12:55:00 PM  
Blogger chicagofinance said...

skep:

RE 11:50AM rant

yup.

7/07/2006 12:59:00 PM  
Blogger RichInNorthNJ said...

Interesting stuff over at Ben's Blog:

’Sharper Declines Than Expected’ For The Housing Bubble

7/07/2006 01:27:00 PM  
Blogger RichInNorthNJ said...

Bit of a jump between the 2-year and the 10-year in the yield curve

7/07/2006 01:42:00 PM  
Anonymous Anonymous said...

http://money.cnn.com/2006/07/07/technology/newvillages.biz2/index.htm


I think the concept was discussed a few months ago, with a network fantasy version shown, but hear it is again...just in time for anti-McMansion demonstrations.

Pat

7/07/2006 01:48:00 PM  
Blogger lindsey said...

For Richard and Chicago:

As Richard noted, we seem to be tracking 2003 at this point in 2006, but if you go back a couple of months, maybe not.

I don't think we'll have to wait for 2007 for an answer, I think we will have it by September. If next two month's numbers track 04 or 05 instead of 03 the soft landing crowd will quiet down in a hurry.

If 2006 drops below 2002 (overall) 2007 is a bloodbath.

7/07/2006 02:08:00 PM  
Anonymous Anonymous said...

Ok off the topic.. I started reading this blog in October.. How did it get so big.. I mean we now have a community.. That is wonderful

7/07/2006 02:15:00 PM  
Anonymous Anonymous said...

PS Thanks Grim for the hard work

7/07/2006 02:17:00 PM  
Blogger lindsey said...

For the record, I think the trend for the rest of this year is going to be more like 2004 or 05 than 03.

Also, for those interested in David Lereah's work, I've been collecting his monthly prediction and I posted it on my rarely updated site, notions department. here's the link:

http://notionsdepartment.blogspot.com/

For those interested in some Monmouth county related news, I'll have a post up on that soon too.

7/07/2006 02:20:00 PM  
Anonymous Anonymous said...

Believe me it's not crashing...

1) Sellers not going below 2005 levels.Denying low ball offers.

2) Lots of buyers are jumping in with 10-15% lower prices compared to early 2006. You can see that with number of pending/closed deals.

3) Rising interest rates are making it a kind of emergency for the buyers. Since soon it could become unaffordable dream.

4) Job market is better than 2002-2003.

It could even be a Bubble 2.0 in 2007.

7/07/2006 02:23:00 PM  
Blogger delford said...

richard: Why do you see an initial burst next Spring, if there was no burst this Spring? As far as prices being 5% lower next year, I am seeing that in many instances now.

7/07/2006 02:25:00 PM  
Blogger chicagofinance said...

RichInNorthNJ said...
Bit of a jump between the 2-year and the 10-year in the yield curve
7/07/2006 02:42:17 PM


You know what it means should it stay in this condition for a substantial period of time, yes?

R--------

7/07/2006 02:33:00 PM  
Blogger Richard said...

anon 3:23p, you do have some valid points. let me address.

1) Sellers not going below 2005 levels.Denying low ball offers.

this seems to be true for the most part but depends on the locale. i've seen a few people rent becaus they didn't want to take $20k less on $300k profit. IMO we're still too early for any panicking by the sellers.


2) Lots of buyers are jumping in with 10-15% lower prices compared to early 2006. You can see that with number of pending/closed deals.

not sure about lots since that's relative but sales m-o-m from last year are down anywhere between 20-30%.

3) Rising interest rates are making it a kind of emergency for the buyers. Since soon it could become unaffordable dream.

yes there are those buying due to rising rates and afraid of being locked out. the more downpayment you have the less impact rising rates has. how many are buying due to this is hard to say.

4) Job market is better than 2002-2003.

job market is better and historically that's been a strong driver for the RE market however the #'s of people taking out adjustable loans makes this "recovery" a bit more tepid.

It could even be a Bubble 2.0 in 2007.

i highly doubt that but one never knows.

7/07/2006 02:46:00 PM  
Anonymous MaryanneNJ said...

For a cool million bucks in my home town:

http://www.realtor.com/Prop/1060869658

What are people in Rye NY and Greenwich CT smoking these days. Sure must be potent because these 2 sellers are hallucinating.

7/07/2006 02:51:00 PM  
Anonymous MaryanneNJ said...

What would you offer for this?

http://newyork.craigslist.org/jsy/rfs/179125417.html

7/07/2006 02:54:00 PM  
Blogger Richard said...

maryannenj, i've seen that house on shunpike. it's quite nice and real brick. would be $850k if on a quiet street in chatham. course problem with shunpike is its VERY busy. i've seen fully renovated capes go on that road not too long ago for low $500's.

if you really love it and plan on staying 7 years+ i'd offer no more than $600k. you're overpaying a bit but that's the market right now.

7/07/2006 03:00:00 PM  
Anonymous UnRealtor said...

Grim, that's a great dustbuster deal today on your AntiCost.com site. Can't go wrong for $4!

http://www.anticost.com

7/07/2006 03:13:00 PM  
Blogger delford said...

The job market is not all that good, see today's number much lower than expected.

And the job market in NJ is not strong at all, unless you think restaurant worker is high paying career, or perhaps home health care attendant. The two big drivers in NJ job growth.

Real Estate bubble 2 in 07? just not going to happen, as afar as prices, people who have to sell will sell, and as I have said in sevral posting, I am seeing asking prices in many instances now back to 2004 levels,and in some cases 2003 levels, just a amtter of time.

The summer market is just getting slower and slower, and the inventory continues to rise.

7/07/2006 03:37:00 PM  
Anonymous G'wich Gus said...

Well, somebody's still buying. This just sold for $860K in the Cos Cob section of Greenwich--hardly the hedge fund guys' side of town:

http://tinyurl.com/zsxzp

7/07/2006 03:40:00 PM  
Blogger RichInNorthNJ said...

You know what it means should it stay in this condition for a substantial period of time, yes?

Aye Cap'n! I do!

But does the "amount" of the inversion have as much of a causal effect as the “period of time”? Or does the amount of the inversion not matter?

I’ve SO much to learn…

7/07/2006 03:41:00 PM  
Anonymous Anonymous said...

link to the WSJ article.


http://online.wsj.com/public/article/SB115204791463597636-_dwtqavFBN5w_kTARC8T9SKB_Fs_20060711.html?mod=mktw

7/07/2006 03:45:00 PM  
Anonymous Anonymous said...

anon said
[Believe me it's not crashing...

1) Sellers not going below 2005 levels.Denying low ball offers.

2) Lots of buyers are jumping in with 10-15% lower prices compared to early 2006. You can see that with number of pending/closed deals.

3) Rising interest rates are making it a kind of emergency for the buyers. Since soon it could become unaffordable dream.

4) Job market is better than 2002-2003.

It could even be a Bubble 2.0 in 2007. ]
....
You have valid points...it's not going to crash but it's going to leak slowly. Could take years(2-3-4) before inflation, interest and demand catch up to the price.
Bubble 2.0 ...not likely unless economy suddenly becomes RED hot to increase individual income.
Not a very likely scenario...looking at the current market trend.

7/07/2006 04:06:00 PM  
Anonymous Anonymous said...

You guys are wanting the decline in prices too quickly...

In all bubbles, a price drop is actually the last thing to happen. So just wait, and watch..

It takes time to play out. But it will drop. The wheels are set in motion.

I feel sorry for those saps who are still in la la land about real estate.

"My people are destroyed for they lack knowledge"

SAS

7/07/2006 04:12:00 PM  
Anonymous Anonymous said...

Grim,

Question about the xy scatter graph regarding the 05 (red)line.

What was going on in July, notice the quick dip and then sharp rise again?

Just wondering if my eyes were looking at that right? That dip sticks out like a sore thumb.

SAS

7/07/2006 04:16:00 PM  
Anonymous Anonymous said...

The sucking sound is the bottom falling out of the real estate
market.

Prices are dropping like rocks

Saw a condo listing today.

Been on the market a year.

Discounted from $699 to $549
It's worth about maybe $450k

Poor person who owns it , is in for a susprise,

Going to have to sell it for less
than he paid.

And the taxes have gone up as well.

7/07/2006 04:23:00 PM  
Anonymous Anonymous said...

You’re a bubblehead in 2006 if…

1.You wake up and open Zillow and Melissadata BEFORE you get a cup of coffee.
2.You drive around on Sunday afternoon to count cars at open houses.
3.Your child tells his classmates that you are a real estate agent.
4.You accidentally blurt out the terms DOM and ARM during a conference call and nervously check to be sure the phone’s on mute.
5.You've had seventeen different buyer's agents working for you in five years and are now blacklisted.

The list goes on.

Just some smiles for the weekend.

7/07/2006 04:25:00 PM  
Anonymous UnRealtor said...

"You’re a bubblehead in 2006 if..."


Funny stuff!

7/07/2006 04:44:00 PM  
Anonymous Anonymous said...

anon@3:23


Rising interest rates are making it a kind of emergency for the buyers. Since soon it could become unaffordable dream.


There you go again ... why do you guys keep contradicting yourself??

if nobody can buy your houses because they are unaffordable, then who will pay your 2005 prices?? if nobody can pay your 2005 prices, then how are you going to cash out??

In my opinion, it would be better for you to get rid of those houses before interest rates go up because as you said nobody can afford your houses once the rates go up.

7/07/2006 05:35:00 PM  
Anonymous MaryanneNJ said...

Richard said... maryannenj, i've seen that house on shunpike. it's quite nice and real brick. would be $850k if on a quiet street in chatham. course problem with shunpike is its VERY busy. i've seen fully renovated capes go on that road not too long ago for low $500's.

Thanks Richard. Is this the house that was up for discussion a few weeks ago? On a busy street, but "set back" from the road?" I would love to find something in Chatham near the train. I'm single, so somehthing like a cape cod is fine for me.

7/07/2006 07:02:00 PM  
Blogger chicagofinance said...

RichInNorthNJ said...
You know what it means should it stay in this condition for a substantial period of time, yes?
Aye Cap'n! I do!
But does the "amount" of the inversion have as much of a causal effect as the “period of time”? Or does the amount of the inversion not matter?
===========================

http://tinyurl.com/hgbsh


by this definition, the curve is not currently inverted because it is comparing the 3M to the Ten

7/07/2006 07:36:00 PM  
Blogger RichInNorthNJ said...

CF,

Grazie!

Have a great weekend!!

Rich

7/07/2006 09:58:00 PM  
Blogger RichInNorthNJ said...

Huh, I was wrong? I thought it was the 2-year vs. the 10-year?

I'll do some research... tomorrow... this weekend... next week... anyway, sometime and I'll report what I find.

But it looks like it's going to be a glorious weekend in Jersey! Finally!!

Enjoy all!!!

7/07/2006 10:13:00 PM  
Anonymous Anonymous said...

Maryannenj,

You might want to check this out:

http://www.forsalebyowner.com/show-listing.php?currentlySearching=1&iListingID=20621651

it's on a quiet street in Chatham and about 5 mins drive to train station. And it's a FSBO, owner is "willing to negotiate"!

7/07/2006 11:07:00 PM  
Blogger grim said...

Update on the graph:

http://www.njrereport.com/yoy_june.JPG

2002 sales data is now included.

We've been tracking under 2002 for about 9 months now. March was the only exception, the jump in sales pushed us over the 2003 volume, but not quite over the 2002.

Caveat Emptor!
Grim

7/08/2006 06:12:00 AM  
Blogger grim said...

For those who prefer a link..

North Jersey Residential Sales

7/08/2006 06:12:00 AM  
Blogger grim said...

Migrated in some 2001 data. Year to date, we are most closely tracking 2001 currently.

grim

7/08/2006 06:45:00 AM  
Anonymous Anonymous said...

i have a family and relocating to NNJ...have looked for 3 months at Ranolph, New Providence, Berk Heights, Livingston and Montville...looking for somethin in the $600-$800 range...having gone out many times with various sales agents here are my observations - they are all acknowledging it is a slow market, prices drops are expected, very common and often substantial ($50K - $100K)...we're focusing now on Livingston and Montville...any thoughts on these towns are appreciated

7/08/2006 09:13:00 AM  
Anonymous UnRealtor said...

"we're focusing now on Livingston and Montville...any thoughts on these towns are appreciated"


Before making your purchase, I'd advise you to spend a few hours shopping at the Livingston Mall on a weekend.

7/08/2006 01:20:00 PM  
Blogger pinebrook said...

I am looking for a house in NNJ. Parsippany or montville. Most of the houses in montville were in 250k
(2002)got renovated a bit and entering market for 600K. They are all POS. The only think you can buy in montville are townhouses or multi Million mansons. I think we all should wait. These greedy people will be forced to reduce the price. Also I am seeing the asking prices coming down every month.Although it looks prices are coming down, they are still insane and set originally for 2006. It will eventually go down. Another reason why we are
stil not seeing prices going down faster, people are still buying
or thinking of buying. I work for a company of 27 people and 4 of us
are looking for homes in NNJ. There are still lot of buyers out there and they keep buying due to many reasons. But I am sure this insanity
will come to an end.

7/08/2006 09:18:00 PM  

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