Monday, September 13, 2010

How's the Market this week in Toms River, NJ (Sept. 13th, 2010)?

How's the real estate market in Toms River, NJ, this week? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines over the last few weeks, sales of Single Family Homes in Toms River continue to surpass our neighbors! It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates. This week; new listings DID NOT outpace the number of homes absorbed (sold)! We will need to keep our eyes on this to see if a trend develops...otherwise, the market will continue to favor the buyer and this "Extreme Buyer's Market" will be here a while.

Let's take a look at ALL of the Toms River zip codes which includes South Toms River, Holiday City Berkeley and Pine Lake Park (Note; Altos Research does not distinguish between Single Family Homes and Adult Communities):



Fortunately, the Condo Market in Toms River was stable this week, with less homes coming on the market(5) than those selling off(11). Tighter lending requirements and competition from the Single Family Home Market will continue to weaken the Condo Market, in Toms River, for the foreseeable future:



As far as prices in Toms River go, we are experiencing a decline in prices due to the "Post Tax Credit Affect"; without the artificial demand created by the Tax Credit, the Law of Supply and Demand has resumed it's natural course of action and the result is diminishing home prices. This "affect" was not unexpected and prices are expected to continue to diminish as we enter the last third of the year:

Medium Chart

So, "How's the Market in Toms River, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, PRICE IT RIGHT now as prices WILL continue to fall. If you WANT to sell but don't HAVE TO sell, take your home OFF the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Toms River, NJ, this week!

How's the Market this week in Manchester, NJ (Sept. 13th, 2010)?

How's the real estate market in Manchester, NJ, for the week of September 13th, 2010? As the saying goes, "All real estate is LOCAL" and it is still a "Buyer's Market" with an abundance of inventory, lower home prices and record low mortgage rates. Let's take a look (Note; Altos Research does not differentiate between Single Family Homes and Adult Community Homes):



Unfortunately, the Condo Market in Manchester appears to be diminishing as 2 units sold in the last week and BUT 3 new units came on the market:



Home prices appear to be falling, across the board, in Manchester, over the last 90 days:

Landscape Chart

So, "How's the Market in Manchester, NJ"? If you are in the market to buy a home, IT JUST DOESN'T GET ANY BETTER THAN THIS! If you MUST sell your home, price it right now as prices are falling again. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Manchester, NJ, this week!

How's the Market this week in Island Heights, NJ (Sept.13th, 2010)?

How's the real estate market in Island Heights, NJ? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines over the last few weeks, sales of Single Family Homes in Island Heights appear to be stabilizing! It is still a "Buyer's Market" with an abundance of inventory (33 is an abundance in Island Heights), lower home prices and record low mortgage rates . Let's take a look:



Fortunately, the Condo Market in Island Heights is specific and stable; there is only one community. There are currently 3 units on the market with no new sales and no new listings:



As far as prices in Island Heights go, we are experiencing a steeper decline in the higher price points while the lower end (under $400,000) appears to be stabilizing:

Intermediate Chart

So, "How's the Market in Island Heights, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, price it right now as prices will continue to fall. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Island Heights, NJ, this week!

How's the Market in Brick, NJ, this week (Sept. 13th, 2010)?

How's the real estate market in Brick, NJ, for the week of September 13th, 2010? As the saying goes, "All real estate is LOCAL" and sales of Single Family Homes in Brick have slowed in the last 2 weeks. This may be the result of the late "Labor Day weekend/Back to School" affect? It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates and will continue to be as long as new listings outpace sales of existing inventory! Let's take a look:



Unfortunately, the Condo Market in Brick continues to suffer over the past 2 weeks, with more homes coming on the market than those selling off. Tighter lending requirements and competition from the Single Family Home Market will continue to "soften" the Condo Market in Brick for the foreseeable future:



As far as prices in Brick go, the overall median sales price of Single Family Homes continued it's decline due to the "Post Tax Credit Affect"; without the artificial demand created by the Tax Credit, the "Law of Supply and Demand" has resumed it's natural course of action and the result is diminishing home prices. This "affect" was expected and prices are expected to continue to diminish as we enter the last third of the year. Surprisingly, the median sales price of condos in Brick has remained stable over the last 90 days despite the increase in inventory and decrease in sales! Take a look:

Medium Chart

So, "How's the Market in Brick, NJ"? If you are in the market to buy a home, "it just doesn't get much better than this!" If you MUST sell your home, price it right now as prices will continue to fall. If you WANT to sell but don't HAVE TO sell, take your home off the market and allow your neighbor to MOVE ON with their lives. That's how the market is in Brick, NJ, these past 2 weeks.