NJAR Data for Q1 2006 is Out
The NJAR release housing stats each quarter and the data for the first quarter was just released. There is a lot to look at, so if you get a chance go visit the site here.
For the median price for the sector called "Jersey Shore MLS", here is some median sales price data.
Q1 2005 = $270,100
Q2 2005 = $292,900
Q3 2005 = $287,400
Q4 2005 = $306,700
Q1 2006 = $290,200
Although the median sales price is up year over year for the first quarter, prices seem to be coming down sequentially. I would not be surprised at all if prices for the second quarter 2006 come in lower on a year-over-year and sequential quarter basis.
For the median price for the sector called "Jersey Shore MLS", here is some median sales price data.
Q1 2005 = $270,100
Q2 2005 = $292,900
Q3 2005 = $287,400
Q4 2005 = $306,700
Q1 2006 = $290,200
Although the median sales price is up year over year for the first quarter, prices seem to be coming down sequentially. I would not be surprised at all if prices for the second quarter 2006 come in lower on a year-over-year and sequential quarter basis.
posted by Little_Silvered at 8:52 PM
13 Comments:
Is inventory increasing and are prices in Fair Haven dropping?
Husband and I live in NYC, and are considering NJ Shore area for future home. As part of our initial research into NJ we drove around in late February in Red Bank and Fair Haven. We didn't look at the inside of any houses, just the outsides. We saw some nice exteriors, but it still seemed like an awful lot of money for supersmall lots.
Since NNJ market is tanking we're going to wait a while before we buy. Anybody else's thoughts?
Can't understand why Hunterdon County is the worst decline. Wouldn't you think Bergen, Morris, Somerset' or others would have price adjustments just as high?
anon 9:26 - we are waiting to buy again too. The misleading reports from NAR are misleading. Living in NJ, I can see a ton of properties sitting and not selling, reducing after a few months. I certainly wouldn't be waiting if I thought prices would rise. We am waiting for the prices to come down just a bit more, inventory to build, then I will make low offers. If you can wait, I would and am!
jr
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Anon at 9:26
Fair Haven is a nice town, but the lot sizes are indeed very small.
If you are looking for nice neighborhoods, with bigger lots and NYC commutability, try the Chapel Hill, Navesink, Lincroft, and Oak Hill sections of Middletown. You'll get larger lot sizes with comparable prices to Fair Haven. Taxes are also comparable. These areas are a short drive to Red Bank night life.
You could also try Rumson, but that will come at a much higer price.
Some of us prefer smaller lots. In fact, I would rather pay for what is perceived to be a better town in order to get the smaller lot.
CF
I hear you, I am just the opposite. I would prefer a larger lot in a less "perceived better town". As I am not from Monmouth County,I am not really sure about local perceptions of certian areas.
to looking in Fair Haven...it is said when buying in Fair Haven your paying high Red Bank prices,whereas when buying in Little silver your buying Rumson on the cheap ...good luck
On the topic of towns in Monmouth County, I would like to hear some native opinions on Atlantic Highlands. We visted this town last weekend and found it to be a very nice and charming little town. It struck me as odd that this town wasn't a little more devleoped due the convenient NYC commute with the ferry. Is the ferry service unreliable, is the school system bad? It also seemed that there was very little in terms of nice 3-4 BR SFH's. There were many beautiful mansion/historical homes and then a bunch of clunkers, has it always been this way in AH?
I always thought of Fair Haven as the poor man's Rumson. Although you get to send your kids to the same high school as Rumson parents do, I always sensed that some FH residents have an inferiority complex.
The housing stock is more like Red Bank than Rumson. If schools were not part of the equation in buying a house, I would definately buy in east Red Bank instead of FH.
Atlantic Highlands is a great little town and only getting better. Restaurants are amazing and First Ave. is only going to get better...Phase II of the streetscape project on First Ave. is scheduled to commence later in the year.
As for homes, there are a number of nicely-sized 3-4 BR ranch's on the market ... some even with water views and cloe proximity to Frist ave. and the ferry. Thinking about moving there myself, as my commute to Wall St. shrinks by 15-20 min. each way.
I'd like to buy aq small secxond home on a decent lot inland South Jersey shore (North Cape May, Cape May Cort house, etc.,) They're still obscene. ANyone think they'll be coming down?
Looks like a drunk wrote the above comment. 'Twas I - with my stupid wrist braces on - so I apologize. Anyway, any SOUTH Jersey shore people here? Remember the Villas, that bayside community in which you could buy a house for a measley 60K? Now THEY'VE gone through the roof, and you can have it! I'm looking for comments on any of the off-island towns: what type of communities they comprise, etc., Thanks!
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