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)
7/12 - 18,573
7/18 - 18,714 (0.8% Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
7/12 - 9,187
7/18 - 9,229 (0.5% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
7/12 - 2,623
7/18 - 2,641 (0.7% Increase)
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
7/12 - 18,573
7/18 - 18,714 (0.8% Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
7/12 - 9,187
7/18 - 9,229 (0.5% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
7/12 - 2,623
7/18 - 2,641 (0.7% Increase)
27 Comments:
Broke 32,000:
Currently, there are 32,013properties 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
Does any one have last year's (or even last three years) numbers? I'd be curious to see year over year. On a national level, inventory has just about doubled.
Plus, it seems like there are a lot of things not being captured by MLS that would paint an even more interesting picture, like pulled listing shifted to rental.
JM
Real Estate Articles from Inman News
New foreclosures rise about 12% in first half of '06
Wednesday, July 19, 2006
New foreclosures rose 11.8 percent in the first six months of the year, according to a report by Foreclosure.com, a company that compiles a database of foreclosed homes and investment property information.
32K!!!!!!!!
Inventory piling up!
Papapapapa
Panic Grubbers
Bababbaba
Bob
but prices are still high
San Diego flipper in deep trouble:
This post is basically a cry for help, suggestions, words of encouragement.
Beginner investor here. I was so excited to get started after the Robert Allen Seminar in January of this year. As many of you know we purchased our first flip in March, a preforeclosure. A 3/2 in Clairemont. Comps at the time on that street sold for 580-$610K. We felt we had a decently discounted ppty when we bought it at $465K. Most investors and real estate professionals we spoke with thought we got a decent deal. Yup, you may know which one. The one where the inspector missed the tree-rooty drains and the mold and asbestos tile layer beneath the carpet that I discovered later. The one where the seller (who is in jail now for something else) purposely failed to disclose all that &*(_ *.
Long story short we've spent 77K+ in repair and modest upgrades to the entire house, and continuing mortgage/holding costs. It's all borrowed money from equity in our primary residence, and maxed out credit cards. We put it (the ppty) on the market asking $598K FSBO. Not one bite despite all the pretty pictures and craigslist, backpage, etc marketing I attempted. After 4 weeks of FSBO and being laughed at by real estate agents we signed on with an agent. If/when it's sold we'll have paid the buyer/seller agents 4.5 - 5.5% altogether depending on who brings/represents the buyer. Yes the numbers are red and nasty. But the property is problem free and ready to live in and in a very sought after family-oriented neighborhood.
What next? Lease or Rent?
We've accepted the fact that we will not even break even. We do not need any shoulda-coulda lectures. We are looking for present and future tense suggestions or solutions. To those who are tempted to send "LOL" or other types of ridiculing messages please realize they will be ignored, we have a family with 4 kids and we started out in real estate investing to improve our financial lot and this experience in the market we are in has devastated our financial situation further. By the grace of God we are barely holding things together.
Any suggestions on what to do next with the property?
Thanks.
M.
http://websitetoolbox.com/tool/post/sdcia/vpost?id=1257755
Blog flogs McMansions
Wednesday, July 19, 2006
By SONI SANGHA
STAFF WRITER
THE RECORD
HAWORTH
McMansions aren't new in New Jersey, and they certainly aren't new to Haworth.
But when the first of two such houses started going up in the cul-de-sac next to Harvey Leeds' tidy ranch-style colonial, he fumed.
"I wondered if other people were as disturbed by this as me," Leeds said.
So the music executive decided to take the community's pulse using a blog, an online forum where Internet users can post their thoughts... more
JAY
I lost a large portion of historical data that I was not able to recover. The oldest piece back using my methodology was last September..
9/1/2005 - 11405
grim
(GSMLS)
richinnorthnj-
No, I appreciate all of the work you, Grim and others do. It's amazing.
I think I saw on an another thread, article posting that national inventory has gone from, something like, 1.3 million to 2.3 million yr over yr for the same time period. Just guessing, I have to believe NJ is running somewhere around the same increase % from last year.
JM
So, GSMLS:
Sep 01, 2005 - 11,405
Jul 18, 2005 - 18,714
That 40% jump in inventory over 10 months looks like "market normalization" to me. Certainly not "running for the exits."
Suzanne was right after all.
Here is data from my inventory tracking since September '05. I also began tracking median asking prices in March. As you can see, median asking has dropped approx $15,000 from the May '06 high.
I have separate data on rentals which show median asking (rent) has increased from $1700 to $2000 p/month since April 7.
NJMLS, SFH and Condos.
BERGEN COUNTY
Date / # for Sale / Median Asking
19-Sep-05 3804
28-Nov-05 4107
2-Feb-06 4069
14-Feb-06 4142
15-Feb-06 4175
16-Feb-06 4168
18-Feb-06 4174
19-Feb-06 4181
24-Feb-06 4273
26-Feb-06 4294
2-Mar-06 4373
3-Mar-06 4372
5-Mar-06 4390
8-Mar-06 4498
10-Mar-06 4505
13-Mar-06 4538
15-Mar-06 4610
16-Mar-06 4616 589,000
22-Mar-06 4760
24-Mar-06 4800 589,000
30-Mar-06 4878 589,000
1-Apr-06 4878 589,000
5-Apr-06 4975 589,000
7-Apr-06 5011 589,000
9-Apr-06 5036 589,000
25-Apr-06 5313 589,900
1-May-06 5365 593,500
5-May-06 5519 595,000
8-May-06 5564 590,000
10-May-06 5640 589,900
11-May-06 5654 589,900
13-May-06 5673 589,000
15-May-06 5712 589,900
19-May-06 5832 588,000
23-May-06 5884 589,000
25-May-06 5934 589,000
31-May-06 5974 589,000
1-Jun-06 5964 589,900
7-Jun-06 6060
12-Jun-06 6128 589,000
13-Jun-06 6181 588,000
16-Jun-06 6177 588,400
28-Jun-06 6326 585,000
3-Jul-06 6240 584,300
8-Jul-06 6312 579,900
11-Jul-06 6357 579,960
19-Jul-06 6385 579,000
JAY
Good article:
"Six months to housing hell"
http://moneyweek.com/file/10891/six-months-to-housing-hell.html
Shorter link:
"Six months to housing hell"
http://tinyurl.com/m5zm2
I was just scouting the NJMLS.
These sellers are really being stubborn with some of those prices that they want.
Most of these sellers are in still in Neverland. They are in for a rude awakening.
Inventory is going up and up, when was the last time there was a significant decrease in inventory? I imagine it had to be some time ago.
I predict, come Labor Day, you will see the velocity of inventory buildup and then we will start to see some real price corrections.
Yee...its going to be alot of fun. Can't wait to see some sap wondering what hit em....
If someone bought last summer, better wipe that smile off your face, because you are about to lose everything.
Remember cash is king. Raise cash, reduce your lifestyle, get out of debt, don't buy into the hype, and be patient. Perhaps, even consider a secondary income to help get out of debt or raise cash.
SAS
Check out this line from a 1 bedroom condo listing in Hoboken listed at $417K. Guess this is the new realtor lingo for price reduction:
"This unit's price has recently been adjusted for the market changes."
So what? Inventory is up, but no mentionable drop in prices. Will it really go down, or are we at a plateua? Is this just a blip on the screen, or a crack in the cement?
There are many foreigners buying condos in Miami--something will save the day, it always does.
Look face it .
Their's alot of money here in
NNJ.
Many have staying power so we will
not see the prices drop like many
of you think.
Buy while you can , because it
will reverse as soon as this
inventory clears up.
Yee...that Grim must have alot pateience for all these new comers with the same old lines....
SAS
There is alot of borrowed money and debt in NNJ.
Big Difference.
SAS
"So what? Inventory is up, but no mentionable drop in prices."
I don't know where you're looking, but prices are dropping all over the place. Are they still too high, yes, after 4-5 years of insane appreciation. But prices are already heading in the right direction: down.
Q3 is going to be the most important quarter for New Jersey this year.
because?
Anonymous said...
Shorter link:
"Six months to housing hell"
http://tinyurl.com/m5zm2
7/19/2006 05:16:01 PM
Fantastic article, thank you.
because?
Based on how the median and average price have been trending, Q3 is likely going to be the first quarter with widespread year-over-year price declines in Northern NJ.
grim
Unrealtor-
I'm a pretty literal person so please forgive me if your comment about market normalization was sarcasm.
To me, a 40% increase in supply and a slight down tick in demand equals the beginning of a price shift.
Check out this link:
http://en.wikipedia.org/wiki/Supply_and_demand
Just reverse the shift for demand and move the supply curve over...
JM
"please forgive me if your comment about market normalization was sarcasm. "
You are forgiven. :)
I was channeling David Liarah.
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