Market clearly in a slump

From the Courier Post Online:

Prices rise despite sales slowdown

The overall real estate market in New Jersey and South Jersey hasn’t differed much from the shore market.

The number of homes sold in both New Jersey and South Jersey has dropped each year from 2004 through the third quarter of this year. Not unexpectedly, interest rates have risen in that time. So have the median and average price for a home.

Roger Argarabc, a senior loan officer with Westmont-based Best Interest Rate Mortgage Co., said the market is clearly in a slump compared with a year ago.

“Houses that took a week to sell, now take 30, 60 or 90 days,” he said.

A year ago, the seller would get whatever price was asked for. Now buyers can negotiate.
…
The escalation of prices has softened if not disappeared.

“Sellers still hope to get more. And buyers who hear the negative press sit on the sidelines and wait. When they come together with the sellers, we’ll be fine,” Snyder said.