Wednesday, February 14, 2007

3928 Houses on the MLS

Inventories are probably going to hit the 4000 mark in a week or two. Anecdotally, it sounds like houses are moving faster now than they were a few months ago. I would attribute this to sellers finally lowering their prices. I've seen some meaningful price reductions since the start of the year and I'm getting more "price change" notifications in my e-mail.


Anonymous Anonymous said...

I read your blog all the time and just wanted to thank you for all your hard work. The information is very helpful in my planning to purchase a house. Thanks

Wednesday, February 14, 2007 10:06:00 PM  
Anonymous Anonymous said...

I think it would be helpful if anyone could provide sales info on price reductions. Maybe one could list original asking price vs. actual sales price and time on market. This could help get a pulse of the market and further proof that the bubble is bursting.

Thursday, February 15, 2007 9:24:00 AM  
Anonymous Anonymous said...

I agree, I also find the information is this blog helpful. As someone on the development side of real estate I have found some the article and links you have posted to be invaluable. Thank you.

P.S. One poster used to post asking v. actual pricing information, whatever happened to him/her?

Thursday, February 15, 2007 12:16:00 PM  
Anonymous Anonymous said...

Thursday February 15, 11:25 AM EST

WASHINGTON (AP) — The slump in housing deepened in the final three months of last year with sales falling in 40 states and median home prices declining in nearly half of the metropolitan areas surveyed

Where is Sally??? She said things turned around. Sure sounds like it.

Thursday, February 15, 2007 2:44:00 PM  
Anonymous Anonymous said...


It's been awhile. I wouldn't read too much into the slight pick-up in sales, I would guess it's more seasonal than anything else, and I would bet the pace of sales is still behind last year.

I think inventory is going to be a big issue in Monmouth County this year.

We're a good 30 percent over last year's inventory at this time and I think there are some factors that have changed in the county that don't bode well for RE.

Please note that at the end of 2002 there were about 3K SFH/Condos for sale in Monmouth County. At the end of 2006 there were 5,500.

Obviously prices are much higher now than they were 4 or 5 years ago (median price in MC in 2002: $217K median price in the 3Q of 2006: $445K) so I think affordability is now a big issue in the county where it really wasn't nearly as significant in 02.

Also, keep in mind that the lenders continue to pull the reins in. Subprime (which includes low-doc/no-doc) is basically dead in the water and that has been a substantial part of the market.

A starter home (even a condo) basically is asking $300K. Considering that people don't put any money down anymore (because they have no savings) That means a PITI somewhere north of $2K in the best circumstances. (Throw in another $200 for maintenance fees.)

An apartment, even for $1,200 a month, starts to look pretty good. Renting a condo in the same place your looking to buy for $1,500 is a no-brainer.

The median ask on a condo right now in EMon is $345K. By the end of March I suspect it will be $325K and below $300K by the fall. I don't think you'll really see sales pick up on condos until sales prices get around $250K and I might be too optimistic.


Thursday, February 15, 2007 3:03:00 PM  
Anonymous Anonymous said...

And as a point of reference, a quick archive seach on this blog will reveal that the number one year ago was 3189.

Thursday, February 15, 2007 11:01:00 PM  
Anonymous Anonymous said...

Does anyone know where you can find the online record of property transfers for Southern Ocean County (LBI)??? Can't seem to find this info in the Asbury Park Press or Ocean County's website. THX

Friday, February 16, 2007 8:29:00 AM  
Anonymous Anonymous said...

NEW YORK ( -- Housing starts plunged in January to the slowest pace in more than nine years as the latest government reading on the battered housing market seemed to suggest it is not stabilizing as some had hoped.

New homes started in January fell 14.3 percent to an annual rate of 1.41 million from the 1.64 million pace in December, the Census Bureau reported Friday. Economists surveyed by had forecast a 1.6 million rate for January.

Housing starts fell to the lowest pace since August 1997 in January.

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The last time starts fell to a pace this slow was August 1997.

The number is not only well below the December pace, but it is 22 percent below the average for all of 2006, when housing was already slowing down, and about 32 percent below the record building pace through all of 2005.

Friday, February 16, 2007 8:23:00 PM  
Anonymous Anonymous said...

Where did we peak last fall? I think around 4701 homes was the highest I saw.


Sunday, February 18, 2007 9:33:00 PM  
Anonymous Anonymous said...

As of this morning (3/9/07), 4317 houses for sale on the Ocean County MLS. This is getting ugly.

Friday, March 09, 2007 9:40:00 AM  

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