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)
8/23 - 18,720
8/30 - 18,743 (0.1% Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
8/23 - 9,165
8/30 - 9,170 (0.1% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
8/23 - 2,676
8/30 - 2,661 (0.6% Decrease)
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
8/23 - 18,720
8/30 - 18,743 (0.1% Increase)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
8/23 - 9,165
8/30 - 9,170 (0.1% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
8/23 - 2,676
8/30 - 2,661 (0.6% Decrease)
20 Comments:
Only if you consider a 40% YOY change normal..
grim
It's fascinating to watch the current inventory evolve as Greedy Grubber sellers drop prices.
I've been watching the same 30 houses for months, and many that had been at the top of the price range, are now in middle to bottom.
The houses that were my "top three" two months ago, are no longer my top three, because so many houses have dropped in prices.
Indeed, each passing week brings more surprises and good news, and we're only months into the downturn.
We'll see what 2007/2008 brings, but as this historic price chart indicates, prices have nowhere to go but down, and by A LOT:
http://tinyurl.com/e4so5
Now, who's the next seller to ask an Insulting Price?
My guess is that there are many of us who are interested in a particular community or handful of towns in NNJ and we are therefore following a set number of houses. Let's share what we have seen in between grim's price reduction updates. I will start. MLS 2314042 is now listed at 895k. Last week it was 919. Special note, they took down the original listing so this is now up with a completely different MLS #. How does grim follow those over the long run???
This is the first real estate bust where buyers and sellers have more data access (if not complete data) due to the internet. How do you all think this will affect the outcome of this downturn and the eventual return to normalcy?
-Seneca
could someone tell me what a listing showing A* as its status means? A =Active but what does the * indicate? This house has been on the market for a while.
An A* means the listing is in "Attorney Review."
The status will remain that way either a few days, or right up intil the house closes.
They have a new code "UC" which means "Under Contract," but some listings are never flagged as UC, and remain as "A*" until closing.
"How do you all think this will affect the outcome of this downturn and the eventual return to normalcy?"
A good bet is that it will speed the decline.
This is the first housing bust where the average consumer has access to source data, and 'information exchange' with people across the state, country, and world.
Got you by 16 seconds rich. :)
From Marketwatch:
Lacker says Fed 'not out of the woods yet' on inflation
The Fed's battle against inflation isn't over despite slightly better price data in July, said Richmond Fed president Jeffrey Lacker. Lacker was the sole dissenter in the FOMC's Aug. 8 vote to pause after 17 straight rate hikes. Lacker said he would make up his mind closer to the next FOMC meeting on Sept. 20 but added that no data since the meeting has changed his mind that another rate hike is needed. Lacker said he did not think that weaker growth "by itself" would bring inflation down. On one side, there is a view at the Fed that hopes flattening energy prices over the near term would reduce upward pressure on core inflation, he said. "I was in the camp of thinking we needed to raise rates to make sure inflation comes down," Lacker said in a television interview.
milld being sued.
oh, well
thatbigwindow said...
only a 1300 difference...seems like inventory is normalized for this time of year, no?
8/30/2006 01:20:52 PM
David is that you?
LEREAH! Hey!
Grim-
Has anyone ever taken a stab at the FSBO numbers? I don't know how exactly it could be done besides looking at a very specific area and following it religiously.
My guess is there are more FSBO's than in the past and we may be only seeing part of the picture.
JM
2086901 in Blairstown
OLP: $1,150,000 reduced to $989,500
Withdrawn and Relisted as 2306080 at $799,900.
That's a reduction of $350K --over a 30% haircut!
--dg
...and still overpriced. $1.15 million was a dream.
grim
Somerset : Franklin Township has seen significant drops.
From 350K dropped to 300K an some less than that.
Edison Middlesex : Droping slowly,gradually but surely.
KBR
Yeah, JM- I tried. Following FSBO data "religiously" isn't the word...it's more like following FSBO data "chaotically."
I checked Helpusell.com and a couple others, based on the company names on the FSBO signs, but it was difficult to pick up changes each week. Some sites keep all inventory on there, even sold.
Now, I just count the signs around town as I drive around, and look up the house pricing.
When the house doesn't sell after a few months, and they switch to mls (new sign), I note it on a file I keep.
Maybe somebody else knows how to pick up the switch.
Pat
So0me one wins some one losses in each transaction. Sellers will be losing more often in the future.
Who wants to buy a depreciating asset?
Hi Skeptic,
We are looking in westchester too; in eastchester/tuckahoe/bronxville/
scarsdale area.
Any thoughts on how much homes are overpriced in this area?
thanks
Anonymous 8/30/2006 08:30:10 PM said...
Hi Skeptic,
We are looking in westchester too; in eastchester/tuckahoe/bronxville/
scarsdale area.
Any thoughts on how much homes are overpriced in this area?
thanks
Hi Anon 8/30/2006 08:30:10 PM:
I was looking to buy Google stock.
Any thoughts on how much Google stock is overpriced?
thanks
Editor's Note: chicago being a wisenheimer - not a solicitation to buy/sell/regurgitate securities etc. :-P
Pat-
Interesting. I can't believe you are alone. What's probably happening is the people focused enough to keep track are looking at a small number of markets and just looking at things anecdotally.
Given that, what's your feel for FSBO. Are people shifting from that to MLS or vice versa? It will be interesting to see what happens when people have to drop their asking prices and still pay fees and commissions to realtors. On the other hand, many sellers trying FSBO have to start getting nervous when their houses sit for a long period with no offers.
Hmmm...would love to hear any other opinions, anecdotes, figures any shape/form on this...
JM
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