From the Daily Record:
Real estate professionals around Morris County agree: If the next 11 months are anything like the last few months, 2010 could be a pretty good year.
Overall, 2009 will go into the books as another tough one for real estate in Morris, New Jersey and most of the United States. But a close look at last year’s residential real estate statistics in Morris County shows there was a measurable turnaround from the second to the third quarter, followed by more improvement in the fourth quarter.
“The second half of the year was much better than the first, and the end of the year was even better,” said Jacqueline “Jackie” Scura of Re/Max First Choice Realtors in Parsippany. “This year is starting off a little slow. There’s not a lot of inventory out there right now. But we expect more people will be listing their homes soon and, if they are priced right for the market, they should sell in a reasonable amount of time.”
Adding to the perceived January market chill, Scura said, is that the reduced inventory includes “a lot of homes that have been sitting there for a long time.”
While the number of homes for sale hasn’t dropped to the level of the boom years in the early 2000s, when homes were often claiming multiple bids within days of their listing, the recent reduction of inventory could be good news for some home-sellers.
“But make no mistake, this is not a seller’s market by any means,” said Lyle Wolf, Realtor associate and co-owner of Exit Realty Gold Service in Mountain Lakes.
With the recession and credit crunch still weighing down the market in 2009, it’s no surprise that nearly all municipalities in Morris County, echoing the national trend, experienced further annual drops in average home-sale price. The average number of days on the market per home increased.
From the Press of Atlantic City:
The widespread belief that real estate had a terrible 2009 is being disproved by the data for the southern New Jersey market released this week.
Compared with the prior year, sales were almost even in Atlantic and Cape May counties, and significantly higher in Cumberland County. Prices fell, but by single digits, and the time it took to sell homes remained about the same.
Real estate offices said the second half of 2009 in particular was strong, and the momentum is continuing into this year.
Prudential Fox & Roach’s HomExpert Market Report this week showed 551 home sales in Cumberland County in 2009, 21 percent more than the year before. The median price fell 8.3 percent to $154,000, and the average days a house spent on the market increased from 104 to 113.
In Atlantic County, home sales fell 1 percent to 2,602 last year, according to the market report. The median price dropped 9.6 percent and days on the market inched up from 115 in 2008 to 119 in 2009.
In Cape May County, which isn’t covered by the market report, the county Association of Realtors reported this week that 2009 sales dropped 1 percent to 1,879. The median price fell 8.1 percent to $296,000 and average time on the market was unchanged at 221 days.
For all of southern New Jersey, the report said sales were down 1.4 percent in 2009 and the median price declined 8.3 percent to $199,000 from the prior year.