Monday, August 30, 2010

How's the Market in Brick, NJ, this week (Aug 27, 2010)?

How's the real estate market in Brick, NJ, for the week of August 27th, 2010? As the saying goes, "All real estate is LOCAL" and despite the dismal headlines last week, sales of Single Family Homes in Brick appear to be stabilizing. It is still a phenomenal "Buyer's Market" with an abundance of inventory, low home prices and record low mortgage rates but sales outpaced new listings in Brick last week. Let's take a look:

Unfortunately, the Condo Market in Brick was not as fortunate this week, 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, we are experiencing a steep 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 expected and prices are expected to continue to diminish as we enter the last third of the year:

Landscape 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, this week.

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