From the Home News Tribune:
Slow home sales aid buyers
By KEN TARBOUS
With sales of existing homes falling last month for the eighth time in the past 10 months and home prices nationwide edging up at the slowest pace in more than a decade, Central Jersey homeowners are feeling the trend.
Merry Lee and Wayne Winkler’s home at 310 N. Third St. in Highland Park is one of 40 homes for sale in the borough.
The couple — they’re in a “nonmarital committed relationship, Law said — expected the three-bedroom, one-bath traditional Colonial to sell quickly, based on the research they had done. They’ve dropped the asking price from $369,000 to $359,000 since the house was put up for sale on July 5.
“We knew that the market had slowed down a little,” said Lee, who has owned the home for 24 years. “Certainly houses in Highland Park were selling in two-to-three weeks six months ago.”
The number of homes for sale in Central Jersey is up 20-to-25 percent from a year ago, said Marc W. Laurano of Preferred Properties LLC in Highland Park.
Bill Hanley, president-elect of the New Jersey Association of Realtors and the manager of Weichert Realtors’ Metuchen office, said the ratio of homes available changed from 10 buyers for every house a year ago to 20 houses for every buyer this summer. That has lessened the pressure on buyers to make a decision on a purchase, he said.
“A year ago it would have sold in a day,” Laurano said. “It’s definitely a buyer’s market.”
Laurano said he has seen asking prices in Central Jersey drop 12-14 percent from a year ago, but Davis said sale prices in the larger Central Jersey area remain stable, at about year-ago levels.
Don’t be fooled by the “Buyers Market” call, we’re not in a anything resembling a buyers market yet.