There appears to be about a 60% to 70% drop in week to week activity. Also, many of the properties that are selling are recently constructed condos where buyers had deposits.

“Some real estate agents say it is not clear what will happen.”

If you can look at the local real estate market, consider all factors like inventory, demand, price, interest rates, etc. and still believe that it is “not clear what will happen”. Then, perhaps Real Estate is not the right profession for you (or more likely you are being less than honest with yourself and your clients re: the health of the mkt).

right now the MLS for Long Branch has 106 condos priced $400K or more listed.

Dot Schultze mentions Grand Resorts, so I counted those up. I got 17 instead of 18, but I probably missed one. Oh yeah, she put the prices at between $600K and $1M.

One is listed at $539K (for a 1-BR!) and another is $559K

Ocean Villa, which is still under construction has to have 25-35 listings on the MLS.

I would imagine there are a few FSBOs in there as welland some new construction not on the MLS as well.

Along with all the new construction I would imagine there are a fair number of flippers caught holding the bag, as there are many high end townhouses and condos for sale (i.e. Grand Resorts).

I don’t have a good current count on the housing stock in the city, but I’d be willing to bet a lot of money that more than 5% of the total housing stock is currently for sale. If I had to put a number on it I might even be willing to double down all the way to 7%.

Buyers beware in the Home Pricing Slowdown !!!

This is typically the busy season – after the summer rental income has come in – but she states it’s the slowest in recent memory.

Also interesting is that condo conversion buildings and multiunit homes (selling as “condos”) are sitting – and many are for sale. If I recall 1990, those were the biggest droppers.

I am curious whether the drop will in fact bring them to a point where the rental will cover the costs – or even close.