New Jersey Association Of Realtors First Quarter Statistics

Posted on May 24, 2006 by grim

New Jersey 2006 Q1 Statistics are available on the NJAR website:



Caveat Emptor!
Grim

This entry was posted in General. Bookmark the permalink.

35 Responses to New Jersey Association Of Realtors First Quarter Statistics

  1. StonePearl says:
    May 24, 2006 at 6:26 pm

    http://newjersey.craigslist.org/rfs/164312250.html

    369000 – Open house tonight! One bed + den, on Washington st

    6-8pm Wednesday, May 24th!

    Wednesday night open house in Hoboken.

    And I thought all the realtors I know in town said the market is doing great. LOL

  2. Anonymous says:
    May 24, 2006 at 6:44 pm

    I might stop by after the Memorial Day parade!

  3. Anonymous says:
    May 24, 2006 at 7:22 pm

    This is interesting data. I thought price would “plateau” in 2006. Then it would go down in 07…..I guess it is earlier than I think.

    I spoke to a co-worker of mine. He agreed NNJ is overpriced and 2006 price has gone down a little. But he said there is no way there is a RE bubble in NNJ. NNJ will only go up and go up. I said that NNJ went down 35% in the last bubble. And he said “it is different this time.”

    hahhahahhahahhahahahah

  4. Anonymous says:
    May 24, 2006 at 7:35 pm

    all I have to say is….

    SERVES YOU RIGHT FLIPPY!!!!!!

    Bleed out those bagholders. Let them pay those wonderful NNJ taxes and high mortgages. Drain Drain Drain your pockets on you never lived in condo w/out parking.

    hahahahahhaahaaaa

    -frustrated in Hudson County like you have no idea!

  5. Anonymous says:
    May 24, 2006 at 7:36 pm

    all I have to say is….

    SERVES YOU RIGHT FLIPPY!!!!!!

    Bleed out those bagholders. Let them pay those wonderful NNJ taxes and high mortgages. Drain Drain Drain your pockets on you never lived in condo w/out parking.

    hahahahahhaahaaaa

    -frustrated in Hudson County like you have no idea!

  6. grim says:
    May 24, 2006 at 8:15 pm

    Came across the NAHB Press Release on the April New Home Sales Numbers. It was mostly spin-free and relatively straight forward. Kudos..

    Sales Of New Homes Increase In April

    Sales of new single-family homes were up 4.9 percent in April to a seasonally adjusted annual rate of 1.198 million units, following a substantial downward revision to sales for the first quarter of the year, the U.S. Commerce Department reported today. Year-to-date, new-home sales for the first four months of the year were down 11.2 percent from the same period last year.

    “The rebound in sales in April, as reported by the government, was somewhat surprising but not that unrealistic considering the downward revisions that accompanied it,” said National Association of Home Builders (NAHB) President David Pressly, a home builder from Statesville, N.C. “Indeed, builders are seeing a tapering off of demand and NAHB’s Housing Market Index survey of builders fell to a level of 45 in May, the lowest reading since mid-1995.”

    “The reported rebound in new-home sales for April certainly is welcome news, although the substantial downward revisions for the first quarter of the year left the sales pace well below 2005 on a year-to-date basis,” said NAHB Chief Economist David Seiders. “We continue to believe that the housing market is cooling down in an orderly fashion from the record pace last year, largely because of a pullback by investors/speculators. NAHB’s current forecast shows about a 13 percent decline in new-home sales for 2006 as a whole.”

  7. Anonymous says:
    May 24, 2006 at 9:22 pm

    It is always amazing how a realtor can spin things. Buyer be very ware!

  8. grim says:
    May 24, 2006 at 9:25 pm

    Another great analysis of the New Home Sales Numbers.. Hat tip goes out to Calculated Risk for bringing this to our attention.

    New Home Sales – Headline Is Deceptive, Momentum Is Weak

    It’s worth the look.

    grim

  9. Anonymous says:
    May 24, 2006 at 9:33 pm

    I asked a realtor in Maplewood if they noticed an increase in the number of listings after the molestation incident in their school system, the reply, “Maplewood is such a lovely town, there are many people waiting to buy.”

    Now, there are over 120 active homes on the market, the molestation incident, and the increase in gang activity–lay off the alcohol sweet pea!

  10. Anonymous says:
    May 24, 2006 at 9:40 pm

    Bleed out those bagholders. Let them pay those wonderful NNJ taxes and high mortgages. Drain Drain Drain your pockets on you never lived in condo w/out parking.

    DO NOT BUY on Washington–it’s like an 18 hour party, especially on weekends. If you are 20 something, and enjoy lots of noise–buy today!

  11. Richard says:
    May 24, 2006 at 10:19 pm

    >>Now, there are over 120 active homes on the market, the molestation incident, and the increase in gang activity–lay off the alcohol sweet pea!

    i call it maplehood. now don’t get me wrong, much of it is still beautiful and lots of well-off people still live and frequent the town, but most of it is running on fumes. related to the gang activity, an ordinance was recently passed that said the cops have a right to disperse a crowd if someone part of the crowd has been convicted of 2 or more felons. i can only assume the cops pretty much know who the troublemakers and to top it off, why not 1 convicted felony? LOL. no one should buy in maplehood. it’s on the way down down down.

  12. Anonymous says:
    May 24, 2006 at 10:20 pm

    grim @ 9:25

    Great article … It answers many of the confusing questions that cropped up after April housing data was released.

    I must warn some of you might lose sleep after reading this article :)

  13. Anonymous says:
    May 24, 2006 at 11:06 pm

    Can’t understand why Hunterdon County is the worst decline. Wouldn’t you think Bergen, Morris, Somerset’ or others would have price adjustments just as high?

  14. Anonymous says:
    May 24, 2006 at 11:26 pm

    I read a CNN ranking that showed median household net worth (excluding primary residence) in Bergen, Morris, and Somerset are the highest in the country.

    FYI, Somerset was the highest.

  15. Anonymous says:
    May 24, 2006 at 11:38 pm

    So what does that mean? Somerset County buyers are ignorant of the decline or can afford to waste their money?

  16. Anonymous says:
    May 25, 2006 at 12:07 am

    Bubble in Summit??

    I have been following this listing for some time. It is a 3 bed 1.5 bath in a “ok” but not nice part of Summit. It is listed for 565k with 6,614 tax/year. It just listed for 2,500 monthly rent today.

    With 20% down and 6.25% 30 fixed, it would cost 3,334.21 excluding maintenance.

    Those listings are listd on the same page of the realtor’s website!!!

    why would anyone want to but it now???

    Sales link

    Rental Link

  17. grim says:
    May 25, 2006 at 7:36 am

    Anon @ 11:26,

    You have a link to that?

    grim

  18. Shailesh Gala says:
    May 25, 2006 at 7:50 am

    This is bit old from 2000 census. In this one Somerset county comes 7th in nation. But I have read in news in past, Somerset being #1, but not sure when.

    Highest-income counties in the United States

  19. delford says:
    May 25, 2006 at 9:22 am

    The smart money left Maplewood years ago, as it started to decline.It was and may continue to be a popular spot for some lower level Wall St types, because of the mid-town direct train service. They also appear to like the small ton so called sophidicated shopping.

    However,these ex NY’ers are clueless, about the town, and the realtors of course just push the wonderful old houses line.

    I know native NJ’ers who joke all the time about stupid NY’ers buying there, and then how many are shocked when they find out how bad the schools are etc.

    It makes no sense to pay 12k to 15K a year or more in property taxes, and then have to send your kids to public school. These peorpl would have been better off staying in NY, or moving elsewhere in teh suburbs.

  20. NjGal says:
    May 25, 2006 at 10:25 am

    “Now, there are over 120 active homes on the market, the molestation incident, and the increase in gang activity–lay off the alcohol sweet pea!”

    What molestation incident? That’s horrible. And actually, if you check on Burgdorff, there are now 130 homes for sale in Maplewood and it just keeps rising – guess that must be because of all those buyers just waiting:) When I was looking, it was something like 45 total.

  21. Mr. Oliver says:
    May 25, 2006 at 11:49 am

    I don’t see how an isolated incident in one pre-school would cause a mad rush of people out of the town.

  22. fkerm says:
    May 26, 2006 at 10:11 am

    maplewood inispires many “feelings” on this board, even grim admits he doesn’t “get” maplewood. I like maplewood and am looking there.

    I see many parallels with the downtown Brooklyn (Smith, 5th Ave, Red Hook, Carroll Gardens; fine you can’t walk home over a bridge, even if it is a 3 hour walk.) in the sense that a lot of people are spending a lot of money (and faith) into this neighborhood,i don’t think they are just going to get out.

    Springfield Ave., the outer badlands of M-wood, is undergoing quite the reno. (brick sidewalks, etc.)

    Are people sending their kids to private schools? There are a lot of kids in this area. Are we to believe that everyone buying in M-wood (300-700K for an avg) could actually afford to live in Short Hills or Toms River? (if you account for 20K/yr for school/care)

    I think maplewood will be a craggy outpost as far as valuations go. Will it be an oasis as far as quality of life goes?

    With newarks new mayor (with reportedly blommbergian connections) and a seemingly re-inveigorated South Orange, is Maplewood really a gamble? a fools gold?

    how long to wait, fall? never?
    is there hope? Jersey City, West New York, Hoboken? it happened there no?

    I mean this isn’t Freehold, it is less than an hour on the train.

    grim – i think a site to host gloves off discussions of the nj communities would be of interest.

    bob – i am pretty much resigned to getting (another) mortgage at some point, but only 1 at a time i hope

  23. NJGal says:
    May 26, 2006 at 3:13 pm

    fkerm, if you like Maplewood, you have 130 homes to choose from…when I started looking there I had about 2 per month to choose from. That should give you some idea of the direction Maplewood is going.

    And I have a good friend there. There’s no way she’s keeping her nice little family there forever. Maplewood will never replace Millburn and better towns as the place to be.

  24. fkerm says:
    May 26, 2006 at 4:07 pm

    njgal:

    but the majority of these 130 homes are in the 500k+ range…wtf? do a search for 3BR bet 300 and 400K and you get less than 20 listings (via Realtor)

    So are Millburns and toms river going to drop to 500K range? Arent we looking at REAL corrections in places like Middlesex or Lake Hoptacong (sp?)

    Believe me this issue has caused some tensions, I am ready to forget M-wood, large thanks to this board, but have a hard time getting my head around the reality of the gloom. I mean Bed-Stuy is commanding 600K for rather questionable inventory. That leaves maplewood for the williamsburg hpsters who want to settle in NYC, doesn’t it?

  25. Pingback: Anonymous

  26. Pingback: Anonymous

Comments are closed.