Northern NJ Weekly Residential Inventory Update

Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
3/15 – 13,418
3/22 – 13,779 (2.7% Weekly Increase)

Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
3/15 – 6,581
3/22 – 6,822 (3.7% Weekly Increase)

Single Family Homes, Condo, Coop
(Hudson County)
3/15 – 2,139
3/22 – 2,169 (1.4% Weekly Increase)

GSMLS and NJMLS saw their biggest weekly jumps for the year this week. Not only are listings hitting new records, the pace at which new listings are hitting the market is increasing as well.

This entry was posted in General. Bookmark the permalink.

22 Responses to Northern NJ Weekly Residential Inventory Update

  1. Rich In NorthNJ says:

    For those curious about Bergen County NJMLS:

    March 3: 3,132
    March 10: 3,230
    March 17: 3,337
    As of today, 3/22: 3,424

    Use the word, spread the word: Bubble.
    To paraphrase Robert Shiller, perception alone can cause the market to turn.

  2. grim says:

    Almost a 10% increase so far this month, and still a week to go.


  3. Anonymous says:

    Thought you all may enjoy this one. MLS#: 2258848 in Montclair. It was listed in early January for $1.695 million. Now relisted at a reduced price of $995,000. Yes, that’s right…a $700g reduction! Let’s hope this greedy seller twists in the wind….

  4. Anonymous says:

    $1.669 to $995k.

    WOW! INSANITY!!!!!


  5. grim says:

    That house on Midland ave was purchased in January of 2005 for about $550k (MLS# 2023132).

    Judging from the pictures, it was underwent a pretty dramatic remodel. It was relisted on the MLS in January of 2006 for $1,695,000. Stayed on market for about 70 days before being reduced to $995,000 and then withdrawn (MLS# 2233936).

    The owner is a licensed RE agent..


  6. Anonymous says:

    Thanks Grim (I originally posted on this house). It is like a microcosm for EVERYTHING that is wrong with this market.

    I also heard the original lot was subdivided, and another similar house going up RIGHT next door (very close in proximity). And no backyard. And also a very busy intersection. Such a joke.

  7. WickedQuiver:

    I’ll make you a bet [no pun intended] that while great in theory, it will be cost prohibitive, making it effectively useless except under extreme circumstances.

    The reason? The market makers at the CME will not have a clean position to hold [long or short] to lay off their risk to exposures, as a result, without a pure hedge, they will have to create theoretical “charge” for the insurance. Think of it like a mathematically based cost of good sold. Throw a margin and top, and this insurance becomes pretty gosh-darned expensive.


  8. grim says:

    I see the subdivision now, wouldn’t have noticed if you didn’t mention.

  9. Anonymous says:

    That house on midland was originally listed as a multi-family, probaly converted from One family, and now converted back. Making it even more economically feasible


  10. Anonymous says:

    I meant NOT FEASIBLE


  11. Anonymous says:

    Could you provide these details for Middlesex Mercer and Somerset Counties as well?
    Appreciate your help

  12. Anonymous says:

    I’m from Brooklyn and thinking of moving to Teaneck New Jersey. Anything interesting I should know about happening over there?

  13. Anonymous says:

    Teaneck is a nice town if you are not planing sending your kids to the public scools. Taxes are little bit on the high side, has vibrant downtown with lot of trendy shops and places to eat


  14. Politely says:

    It’ll be great when housing gets affordable again, but I’m not so sure we should be rooting so hard for a total bust – other than sheer resentment at the house “haves”. During times of falling prices, it’s harder to pick a time to buy – you don’t want to be underwater as soon as you buy. And if the market really crashes, it’s a fair bet that the economy is going to painful too.

    Looking at the graph in the “Home Prices Do Fall” link, it seems that prices declined for 9 years in a row after the peak bubble year. Are people willing to buy in the first year after this bubble bursts – hoping that the just purchased house won’t steadily decline in value over the next 8 years?

    Ideally, the house I want will reduce in price to an easy monthly payment for me and then get caught up in the next housing bubble which will last until just after I sell….

    Just wishing,

  15. Anonymous says:

    Politely, for me it’s looking like a purchase is at least two years away.

    I have a nice chunk in the bank, make good money, but these prices are just insane.

    It seems like the only way out of this madness, is to move to another state.

    I had a thought about Delaware today, or perhaps North Carolina…

  16. Richard says:

    got a new listing today in madison. let me get this right, a cape cod for $679k? hahahaha. ridiculous asking prices by sellers will kill this market faster than a mouse scurrying for cheese. i’m seeing at least a few of these come on the market a day since early march, all with ridiculous asking prices with maybe 5% of them selling.

    the snowball is starting to gain size and momentum folks. sit back and watch the carnage.

  17. Anonymous says:

    Take a look at this POS in Millburn– a “totally renovated Victorian” for $799K:

    What hutzpah– LMAO

  18. Anonymous says:

    What If…Visit Our Web Site at If You are Looking forr advice on unique house plans.

Comments are closed.