Monday, July 31, 2006

Where are the Open Houses?

I guess it’s too hot to hold open houses in July as there seem to be fewer and fewer each week. Since there is still a ton of inventory compared to last year, Realtors and Sellers must have decided to take a break from holding so many open houses over the past couple of weeks. Maybe open houses are just not very effective.

Much of the inventory at the Shore seems pretty stale. I see the same houses for sale week after week. One area that looks like there are a lot of houses for sale is in Long Branch, especially in some of the more marginal areas. I think that Long Branch has a lot of flippers that are starting to get worried and are listing their houses more quickly than they probably initially wanted to in order to try and get out without too much pain.

Also, here is a post from NJCoast. If anyone can refute these numbers, I would like to see the data, otherwise, the slowdown in sales is pretty remarkable.

said...

Closings so far for the month of July:
Rumson- 1
Spring Lake- 0
Monmouth Beach- 1
Little Silver- 2

25 Comments:

Blogger grim said...

The Otteau Report has been released for the second quarter.

http://www.otteau.com

Very interesting stats out of the shore areas.

grim

Monday, July 31, 2006 10:08:00 PM  
Anonymous Anonymous said...

You're right, Littlesilvered. I've been noticing the same listings in the APP every Sunday and in the local RE magazines for months now. And speaking of flippers, that overpriced tiny house in Bradley Beach from the June 11 APP article (posted on this blog) is still on the market at the same price- $849,000. The owner/agent/flipper was SO confident about it selling quickly and for the asking price.

Monday, July 31, 2006 10:15:00 PM  
Anonymous Anonymous said...

Perhaps the cost of advertising is starting to take it's toll. With fewer commission checks coming in, they have to watch their expenses. Maybe now that it's affecting them financially, they'll work on convincing sellers to reduce their asking prices.

Monday, July 31, 2006 10:35:00 PM  
Anonymous Anonymous said...

There were no less than three open houses within four blocks of my Middletown neighborhood this weekend. Drove by a one several times and there didn't seem to be any traffic.

Tuesday, August 01, 2006 11:15:00 AM  
Blogger njcoast said...

Seems there was a flurry of activity the last 3 days of July for closings. Here are the numbers for the 4 towns I quoted last week-according to the Monmouth County MLS for the month of July:

Rumson-4
141 active listings as of today

Spring Lake- 1
82 active listings as of today

Monmouth Beach-4
44 active listings as of today

Little Silver-2
63 active listings as of today

Tuesday, August 01, 2006 11:56:00 AM  
Anonymous Anonymous said...

does anyone know anything about the Stone Harbor and Avalon markets. i am looking for an accurate view.
Thanks,

Tuesday, August 01, 2006 12:02:00 PM  
Blogger njcoast said...

According to the Monmouth county MLS:
# homes closed for the county:
July 2003- 1251
July 2004- 1434
July 2005- 1263
July 2006- 796

Fasten your seatbelts!

Tuesday, August 01, 2006 12:25:00 PM  
Anonymous Anonymous said...

Re: Stone Harbor and Avalon - It's the same everywhere...no bids, no asking price drops, no sales.

Tuesday, August 01, 2006 7:01:00 PM  
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Tuesday, August 01, 2006 9:30:00 PM  
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Tuesday, August 01, 2006 9:31:00 PM  
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Tuesday, August 01, 2006 9:36:00 PM  
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Anonymous Anonymous said...

I too would like info on Avalon & Stone Harbor. I'm sure they're lots of us waiting (hoping, pipe dreaming) for some serious price reductions.

Thursday, August 03, 2006 8:06:00 PM  
Anonymous Anonymous said...

is the stone harbor, avalon area still strong? i don't think there will be a huge decline in price but i don't know how soft that market is. any info from someone would be helpful.

Friday, August 04, 2006 11:38:00 AM  
Anonymous Anonymous said...

How strong can the shore points be? Everywhere else in NJ is tanking. Who's going to pay $1.5m for 1/2 house at the beach when there's no appreciation anymore???

Sunday, August 06, 2006 1:19:00 PM  
Anonymous Anonymous said...

You're right. The "hot" markets of north Jersey, NYC, and Philly are really cooling off. Where are the shore buyers coming from? Hmmm.I guess those $1.5 mil shoeboxes aren't going to be moving anytime soon.

Sunday, August 06, 2006 9:36:00 PM  

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