Monday, May 15, 2006

Over 4000 Homes for Sale

Over the weekend, the number of houses for sale in eastern Monmouth County jumped to over 4,000 for the first time since I started keeping track. Whether you are a believer in the real estate bubble or not, that is a lot of inventory and does not include houses that are not on the MLS system such as For Sale by Owner listings. Looking back at the data from last year, there were about 2,700 homes for sale in eastern Monmouth County in mid-June 2005.

I think there are more FSBO houses for sale now than there were six months ago. One of the reasons why there might be more now than a few months ago is because selling the house yourself is the only way for many people to get out with a profit or minimal loss.

Anecdotally, I heard someone, who is totally disinterested in real estate, remark that their seemed to be a lot of vacant houses with for sale signs in his subdivision in Jackson. I also heard, for the first time, a “third-hand” rumor that two houses in the area were specifically listed because the owner could not afford the recent reset on their ARM.


Blogger lindsey said...

We are indeed approaching the time when we have some firm knowledge of year-over-year numbers -- thank you for your good work.

Barring something spectacular I think you will be saying that we have seen a 50-60 percent increase in yoy inventory.

If the law of supply and demand exists, prices have to start heading south. Do you think there will be some piling into the market when that occurs?

I have seen the expected drop in prices in our area placed as high as 45 percent (CEPR*) and typically in the 30+ percent range. What do you expect and over what timeframe?

*The timeframe is not specified and I think they expect a lot of that adjustment to come through inflation.

Wednesday, May 17, 2006 5:04:00 PM  
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