Sunday, October 01, 2006

Even a Dog Could Do It

From the Courier Post

[It's been two years since real estate customers competed furiously to buy houses, scribbling purchase offers and casting them like bouquets at sellers' feet.

Powered by low-interest mortgage rates and huge buyer demand, New Jersey's residential resale values exploded 85 percent over the last five years.

Camden County's statistics are typical. Here, a $110,600 home purchased in 2001 would bring $202,700 today -- an 83 percent increase.

"Two years ago, even my dog could have sold real estate," said Anthony Yula, manager of Budd Realty in Woodbury. "Hang a sign around his neck and get him to bark, and the house would have sold."]

Full article....

10 Comments:

Anonymous rbyzell said...

my usual respone; the "irrational exuberance" is ending. let the "soul" of the jersey shore return. the dancing, the fishing, the beach, the good people who live there year 'round, the bars... the fun!

Sunday, October 01, 2006 12:48:00 PM  
Blogger njcoast said...

Here are some Monmouth County Stats for September according to the MLS:

September 2004
New listings-1827
Under contract-1035
Closed-1094
Listing withdrawn-253
Listings expired-439
Median closed price-$332,000

September 2005
New listings-2351
Under contract-1091
Closed-1244
Listing withdrawn-329
Listing expired-499
Median closed price-$390,000

September 2006
New listings-2333
Under contract-718
Closed-683!!
Listing withdrawn-395
Listings expired-1132
Median closed price-$375,000

Sunday, October 01, 2006 7:57:00 PM  
Anonymous Anonymous said...

yeah and your point is?......


my point......


it's amazing how much it is the opposite today!

Ha Ha!

Sunday, October 01, 2006 7:58:00 PM  
Anonymous Anonymous said...

Thanks for the interesting post nj coast. There is a house in my neighborhood that has been on the market for about three months -the owners are very anxious to sell due to a job relocation. They have been reducing their asking price every week and holding open houses every Sunday. They are now $75,000 below where they started - didn't see any traffic at the open house today.

Sunday, October 01, 2006 9:43:00 PM  
Anonymous Anonymous said...

I enjoyed reading your blog very much. Thanks for taking the time to keep it going.
Shane
World Fitness

Sunday, October 01, 2006 11:20:00 PM  
Anonymous Anonymous said...

Excuse the ignorance, but what does listings expired mean? And are the closed figures actual closed deals or are the deals considered "closed" when the contract is signed by the buyer?

I'm told the NAR's sales stats are based on contracts signed, so the transaction is counted as a sale even when buyers pull out of the deal -- cancellations have been happening a lot more recently, builders have been saying, because buyers fear prices are going lower.

Great blog btw.

Monday, October 02, 2006 9:59:00 AM  
Anonymous Anonymous said...

Now my dog is shorting builder stocks and Home Depot futures.

Monday, October 02, 2006 10:52:00 AM  
Blogger njcoast said...

Anon 9:15
When a seller signs a contract with a realtor it is for a finite amount of time, when that time is up the listing expires. The seller can either extend the listing with the realtor, or take the home off the market,or assign the sale to a new realtor, or assign the house a new MLS number and put it back on the MLS as a new listing.

On the MLS under contract means just that, some come out of contract and back on the market but until they close or are cancelled they are "under contract". They are not considered sold until there is a closing. The closed stat is homes that have gone to closing and changed hands.

The stats I gave you are for single family homes only.

Monday, October 02, 2006 10:58:00 AM  
Blogger njcoast said...

Tell your dog to be careful, the hedgies and market makers are having a field day manipulating home builders stocks, taking all the sheeples money who think they have a sure thing!

Monday, October 02, 2006 11:04:00 AM  
Blogger xSparta said...

My dog said the Real Estate market is in for a ..........RUFF TIME

Friday, October 06, 2006 5:05:00 PM  

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