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!

No comments: