Booyah Bob – Circa 2006:
August 18, 2006 at 12:31 pm
Spin this one.
“I believe area home sellers are just going to have to get used to these new market conditions because it’s not likely to change for a long time. Speaking very generally, buyer’s and seller’s markets in our area seem to last about five to eight years. It’s a cycle that has repeated since the early 1980s. If it holds true, it is possible we won’t see another seller’s market until at least 2011.”
How about 2020!
Jeff Otteau – Circa 2012 (from NJBIZ):
Though the pace of sales activity in New Jersey’s residential real estate market has picked up dramatically over the past year, home prices across the state have barely nudged toward their prerecession levels, leading one local industry watcher to forecast their recovery will drag through 2020.
Analyzing that data, Otteau said median home prices in every county fell year-over-year through the second quarter of 2012, which caused the statewide median home price to drop from $339,000 in 2005 to $251,000 in 2011 — indicating homes throughout New Jersey were sold last year at prices nearly 75 percent of their 2005 levels.
But Otteau said the state’s median home price ticked up by one-third of 1 percent in the third quarter of 2012, which he said finally signals the start of a long road of recovery.
“Looking at the projections of continued job recovery in the private sector and rising personal income in New Jersey, coupled with buyers’ confidence that home prices won’t go any lower, I think we’re going to see much of the pent-up demand come out and purchase homes,” Otteau said. “If home prices continue to rise in small measures, I think by 2020, we can expect to get back to 2005 price levels.”