Why Buyers Should Get Off The Fence In Toms River, NJ!

April, by the numbers, in real estate, in Toms River, NJ

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

April by the numbers:

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

• $373,465 Average LIST price for April*

• $344,655 Average SALES price for the month*

• 95 Average DAYS ON the MARKET for April

• 92.24% The SALES price to LIST price RATIO for the month

• 755 Number of Single Family Homes ACTIVE on the market in April

• 18.41 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.

April, 2009, saw 41 Single Family Homes CLOSE in Toms River, as compared with 64 in April of 2008. Of those 41 homes, 10 were in the price range of $200,000 to $250,000 (24%). Combined with the CLOSINGS from the First Quarter of 2009, this represents an increase in SALES of 31%, in this particular price range, over the same time last year!

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On Location in Toms River, NJ

Welcome to On Location with Coldwell Banker Flanagan Realty:

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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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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Beware the "Ides of March" in New Jersey!

(Photo: Vincenzo Camuccini, Mort de César, 1798, courtesy of Wikipedia)

To a joint session of the New Jersey Legislature, Governor Jon Corzine proposed the state's spending plan for the upcoming year. This year's budget proposal was an attack on property owners. Property owners took a major hit when he declared his goal to eliminate the property tax deduction next year on state income taxes for everyone but seniors.

If all the experts agree that "Housing" led us into recession and ONLY "Housing" can lead us OUT of recession, then our government is sabotaging the economic engine of recovery:

First, President Obama considers eliminating the tax deduction on mortgage interest for those with annual incomes greater than $500,000!

Now, Governor Corzine plans on eliminating the property tax deduction for everyone but seniors!

Could we possibly discourage the American Dream of Home Ownership any further?

Could we possibly delay the housing recovery even longer?

Could we possibly take any more from the few that still have?

Et Tu Brute?

Ratio of "Distressed" Sales for February 2009, in Toms River, NJ

February 2009 ECHOED January 2009 when it came to the number of "distressed" sales CLOSED between $200,000 and $250,000:

8 Single Family Homes CLOSED in February between $200,000&$250,000

3 were "Short Sales"
2 were "REO's" or Bank Owned
3 were "Traditional" Sales

So, once again in 2009, over half the CLOSINGS between $200,000 and $250,000, in February 2009, were "Distressed Sales"!

As we get into the "Spring Selling Season", it will be interesting to see if this trend continues or diminishes. Remember; the homes that CLOSED in January and February, went UNDER CONTRACT in November, December and January!

Stay tuned...