Wednesday, May 03, 2006

Eastern Monmouth MLS at 3,900

Last there were 3822 houses listed for sale. Looking at the inventories on the MLS over the past week I thought that we might be reaching a peak, since the daily additions were pretty small. However, today’s number is a pretty decent jump over last week and it looks like the inventory build is as strong as ever. The Northern NJ blog is also reporting strong increases in inventory in the areas it covers. If I have not pointed it out before its worth remembering that most new construction and FSBO inventory is not on the MLS, therefore, there are probably a few hundred more homes for sale in eastern Monmouth County than what the MLS is showing.


Anonymous Anonymous said...

"most new construction and FSBO inventory is not on the MLS"

Sales for new single-family and townhomes/condos are very, very slow statewide. Active adults/over 55's are faring better right now, traffic for those has slowed but remains steady.

Many proposed new projects throughout Mon. Co. have been shelved. Many others are being drastically scaled back as pre-sales are dwindling down to nothing. Material costs & shortages as well as labor issues are stalling existing projects as well. For especially large projects, the cost overruns will be massive as builders race to complete unsold homes that will end up sitting for an unknown period. But besides just bailing or finding another sap to unload the whole mess on, there isn't really any other option other than to just eat it now & scale back for the duration. If you can.

The number will continue to rise this summer in my opinon. Although I don't think panic has set in, there is no question that the steep drop in demand has been very noticable, some will convince themselves they still have time and will rush to sell asap. The mcmansion set is about to discover they're not quite as shrewd as they first thought themselves to be when they learn how much they overpaid, particulary those who bought within the last 2 years or so.

A wise old comptroller once said to me, "this is NJ, every home cannot be worth a million dollars".

Wednesday, May 03, 2006 7:04:00 PM  
Anonymous Anonymous said...

I tend to look at the Hudson county numbers from that site. I've noticed that after steady relentless increases through March, things have turned erratic. It would go up, then down, then up a little, up a lot, then we'd see three days of down, and so on. But it basically doesn't go anywhere outside a range.

Don't know if this is a statistical thing (a fight between expirations and new/relistings) or a bad database.

Wednesday, May 03, 2006 9:52:00 PM  

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