Friday, April 17, 2009

Ratio of "Distressed" Sales in Toms River, in March 2009

Interesting observation:

Out of the 35 CLOSINGS in March, 14 were in the $200,000 to $300,000 price range. Out of those 14, ONLY 1 was a "Short Sale"!

What does that mean?

It is my professional opinion that we are in the "trough" between "waves" of foreclosures. The CLOSINGS in March were the result of CONTRACTS signed in December and January. With the new, Obama Administration, the "freeze" on foreclosures, "loan modifications" and "Housing Recovery Legislation", we are experiencing a "stall" or "delay" in DISTRESSED SALES.

I applaud the optimism of the current administration but, when over half of the previous "loan modifications" resulted in default within 6 months, I have a difficult time believing, "things will be different this time around."

"Time will tell", as they say. We shall see if April, May and June (traditionally the peak selling season) bring CHANGE or more of the same?

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Monday, April 6, 2009

March Madness, in real estate, in Toms River, NJ

Monthly Real Estate Market Report for Toms River, NJ – March 2009

March by the numbers:

• 35 The number of Single Family Homes CLOSED during the month

• $372,063 Average LIST price for March*

• $348,028 Average SALES price for the month*

• 116 Average DAYS ON the MARKET for March

• 93.54% The SALES price to LIST price RATIO for the month

• 722 Number of Single Family Homes ACTIVE on the market in March

• 20.62 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

March, 2009, saw 35 Single Family Homes CLOSE in Toms River, as compared with 58 in March of 2008. Of those 35 homes, 14 were in the price range of $200,000 to $250,000 (17%). Combined with the CLOSINGS from January and February 2009, this represents an increase in SALES of 37%, in this particular price range, over the same time last year!

Tomorrow, I will post the same breakdown as last month; as to what percentage of these SALES were “distressed” properties (bank owned and/or short sales).

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