Monday, September 13, 2010

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.

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