There have been an extrodinary number of price reductions this past week, well over 900 dated 9/22 to 9/29. If I waited until the end of day today, there will have been well over 1000 price reductions in Northern NJ this week. The price drops are visible on both the upper and lower ends of the market, I tried to select a few out of this list to illustrate that.
Note to all the prospective buyers in Northern New Jersey. Please practice restraint and have some patience. It makes no sense to jump into this falling market. Your agents will likely not share this information with you, they have a vested interest in you purchasing, information like this would likely scare you off. Heck, it has scared me off.
This industry is based on the buyers not having access to information. So here you are buyers, you have the information, now use your heads and don’t turn into the next set of fools.
Let’s take a look at some of the notable drops.
MLS ID# 2090635
Mendham, NJ
Listing Link
Org Price: $2995000
New Price: $2400000
Reduction $595000(19.97%)
MLS ID# 2086736
Hardyston, NJ
Listing Link
Org Price: $799000
New Price: $699000
Reduction $100000(12.52%)
MLS ID# 2081881
Montclair, NJ
Listing Link
Org Price: $1990000
New Price: $1750000
Reduction $240000(12.06%)
MLS ID# 2111832
Millburn, NJ
Listing Link
Org Price: $3400000
New Price: $2990000
Reduction $410000(12.06%)
MLS ID# 2205614
Verona, NJ
Listing Link
Org Price: $679000
New Price: $599000
Reduction $80000(11.78%)
MLS ID# 2110202
Hopatcong, NJ
Listing Link
Org Price: $289000
New Price: $255000
Reduction $34000(11.76%)
MLS ID# 2095721
Bernardsville, NJ
Listing Link
Org Price: $3950000
New Price: $3495000
Reduction $455000(11.52%)
MLS ID# 2106915
Denville, NJ
Listing Link
Org Price: $349000
New Price: $309900
Reduction $39100(11.20%)
MLS ID# 2107647
Morris Plains, NJ
Listing Link
Org Price: $589000
New Price: $524900
Reduction $64100(10.88%)
MLS ID# 2202454
Maplewood, NJ
Listing Link
Org Price: $799000
New Price: $729000
Reduction $72000(9.01%)
With that, I’ll give you a parting thought. The total dollar amount of this past weeks price reductions was $29,465,506, that represents an average price reduction of5.68%.
Caveat Emptor,
Grim
I would be interested in seeing some price reduction in Bergen County.
And a great job, Grim
actually that verona house seems like a decent deal, even in today’s declining market.
Now prices are going to Insane from Insane.
LOL!
Grim keep up the good work
Informing those gullible to the Real Estate spin.
Sellers are starting to Panic. But this is only the beginning.
Soon price drops of 10% at a clip going to hit. so a few of those and ytuo have 35%-40%.
35%-40% down will not take long.
Best guess less than 18 months.
35-40% down takes you back to about ONLY about 2002 prices. So we aren’t talking much here folks.
FRIGGEN CRASH!
I was at the Verona house last weekend. It’s not bad, on the border of Essex Fells. It has, however, no real back yard, no real garage, and shares a driveway in common with a house almost directly behind it.
They did a nice job on the remodel, except for painting the brick in front, I’d have liked to see it refaced with stone more fitting on a craftsman.
It’s still overpriced, I might have considered it at five.
-grim
The Morris Plains house is still obscenely overpriced. $529 K for a 3bed/ 1 bath house ? 400K would probably be more appropriate (that 1 bath is an absolute killer).
yl
This is by far the best RE blog for me, since I live in NNJ. Anyway just wanted to thank you again for all this work. I have email a link to this page to a bunch of my friends who are all looking for housing information. I tell everyone that in 18-36 months, you will be better off in this housing market. some of the homes out there are just insane.
Can anyone give us some statistics on Westchester county. Are prices falling also?
Nice job, Grim.
I don’t understand why realtors don’t like a quick price reduction. If price drop 50% in a short period of time, people like me will buy. Buy and sell activities should be more important to realtors than price. They make money out of transactions not high price.
The housing market is dead. prices dropping and desperation rising.
Good news buyers.
Don’t waste your time bidding. Sellers need to be pounded into submission first.
The $3 mil + seller is desperate for real. Watch this one. At about $70,000 a year in taxes and drying up income/assets. Panic.
Watch this one.
i got a fresh MLS listing today for the following towns with prices between $400k-$750k.
Maplewood, South Orange, Millburn/Short Hills, Summit, New Providence, Chatham, Madison, Morristown, Montclair, Verona and Westfield
Total listings are 158 and growing. 73 or 46% have been price reduced. I’ve also seen a number of properties withdrawn, probably to relist in the spring. Couple all those waiting for the spring to list and we could have a huge inventory. What’s unknown are what the buying pool will look like. I personally think it won’t be pretty. Houses are just to unafforable, and with rapid price appreciation levelling off, the interest will wane.
“$529 K for a 3bed/ 1 bath house ? 400K would probably be more appropriate (that 1 bath is an absolute killer). ”
———————————–
I totally agree.
call me old fashioned but…..for a 1/2 milliion or more, I would expect at a minimum to get 4 bdrms, 2 1/2 bathrooms, 2 car garage & at least a sliver of a backyard.
also, it should NOT be located on a double-yellow line street (I have 2 small kids).
I believe my patience will be rewarded with these personal necessities.
Excellent blog, I have averaged over $200,000 in income for 10 plus years, I am 41 y/o and have owned 1 condo and 2 houses, the last of which I sold in 2001. Obviously I sold too soon, no regrets…next. What just amazes me is who are these people who are paying these prices? The S&P 500 average is equivalent to 1998 prices, inflation is roaring, property taxes are rising, fuel costs are up significantly…I am by nature an optimist but seriously a lot of folks are gonna be broke. Am I wrong?
Grim – great job on this post. These numbers are incredibly helpful, not just in understanding what is actually going on, in real numbers, but seeing how these reductions are happening everywhere. Please keep up the good work!
Great site….I had seen a really nice home in the Saddle River/Upper Saddle River area (not sure which town line it straddled) that was listed for $9.95 MM in May. Got sold in late August for $8.95 MM. Taxes around $60K.
Seen other high-end homes that are still listed and unsold.
Hello
I have been searching for a house in Oakland. I like the minito hill section. Do you have any recent info on houses in that area.
Thanks for your time
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