South Jersey Market Slows

Posted on July 18, 2006 by grim

From the Courier Post:

Region’s housing market softens

In the first solid sign the housing market has turned south, home sales in Philadelphia, South Jersey and Delaware fell in the first six months of 2006 compared with a year ago for the first time in about a decade, according to a report released Monday by a real estate firm.

The research division of Prudential Fox & Roach Realtors in Devon, Pa., said sales in the 12-county region fell by more than 4 percent from January to June, and the number of days it took to sell a home on average soared by 48 percent to 32 days.
…
“The market feels very slow right now,” said Steve Storti, senior vice president of marketing for Prudential. “I have every expectation that this will continue at least until the end of this year.”

He said the housing market started to falter last winter and the downturn accelerated beginning in April.

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3 Responses to South Jersey Market Slows

  1. Anonymous says:
    July 18, 2006 at 8:33 am

    Tale of 3 sellers

    The only thing the property doesn’t have is a buyer. Ms. Bronson put her home on the market more than a year ago at $4.9 million, then shaved the price by $1 million in April. “I’m really surprised it hasn’t sold,” she says. “I don’t think Vermont and New England is going with the same real-estate flow as the rest of the universe.”

    Melanie Eleftherio’s renovated five-bedroom home in Newport, R.I., has been on the market for almost a year at $1.3 million. Though the 1860s Victorian includes new bathrooms and a renovated kitchen, the property — sandwiched between the ocean and the Bellevue Avenue mansions — has failed to fetch a single serious offer. But the 46-year-old former advertising executive isn’t ready to cut the asking price. “The home is priced right for the market,” Ms. Eleftherio says. “Serious buyers will recognize that.”

    Andrew Heiblien has been trying to sell his four-bedroom home in Mystic, Conn., since January. As in many of the small towns that dot the Connecticut shore, the number of for-sale signs in tiny Mystic (pop. 4,001) has doubled since then, area brokers say. Mr. Heiblien, a 46-year-old private ferry operator, says he anticipated a slowing market when he listed the property for $515,000. But, he says, he “never dreamed” he’d need to cut the home’s asking price four times before finding a buyer. The property went under contract last week for $405,000. “I really thought the market was stronger when I put the home up for sale,” says Mr. Heiblien. “I had to adjust.”

    Prices cuts Grubbers will get the job done. 20-25% price cuts.

    if you wait it out maybe price cuts will be 30-40%.

    Your greedy grubbing choice!

    Babbababa

    BUST!

    Bob

  3. Anonymous says:
    July 18, 2006 at 9:43 am

    Interesting article… from a local perspective… seems like at least some of the realtors are being honest.

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