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Old 05-15-2008, 07:00 AM
 
Location: Martinsville, NJ
604 posts, read 2,501,898 times
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Acccording to NJ 101.5 radio. Statistics show in the first quarter of 2008 prices on NJ resale homes increased 4%.

I find that hard to believe but I heard it on the radio so it must be true.

Anybody out there sold their house for 4% more than last years asking price?

E
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Old 05-15-2008, 07:18 AM
 
Location: NJ
12,284 posts, read 29,572,161 times
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I bet the areas that haven't been hard hit (towns along public transport to NYC, for instance) are making up for the rest of the state.

Also, I'm sure the year over year sales have plummeted, which they probably DIDN'T mention.

I don't know if my house could sell for 4% more than last year - I don't know what I could've gotten last year, nor this year!
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Old 05-15-2008, 07:22 AM
 
Location: Stewartsville, NJ
7,577 posts, read 19,252,699 times
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Quote:
Originally Posted by emanon View Post
Acccording to NJ 101.5 radio. Statistics show in the first quarter of 2008 prices on NJ resale homes increased 4%.

I find that hard to believe but I heard it on the radio so it must be true.

Anybody out there sold their house for 4% more than last years asking price?

E
Most homes that are selling are foreclosures or preforclosures..short sales, etc. and they typically get multiples offers which increases the sale price vs. the asking prices.
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Old 05-15-2008, 07:46 AM
 
Location: Cape Coral Fl /Randolph NJ
12,427 posts, read 22,628,221 times
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I don't know about that
Kids just but a bid in on a house that was listed at $299500..last July it had been listed at $356000 (way over priced) it's a 2 bedroom 1 bath starter home, excellent condition but not worth 356000..so no offers , seller took off and relisted at the 299500
Kids bid was 287000 and it was accepted
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Old 05-15-2008, 07:47 AM
 
786 posts, read 2,179,958 times
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I believe this was on the star ledger...NJ was only one of THREE states in the nation where sales VOLUME increased year over year in March (4% only though, and probably a lot of those were pre and foreclosures)...CA and other hard hit states fell by nearly 40%!!!!!


Nationally:

The median price for a single-family home fell 7.7 percent, to $196,300, in the first quarter, compared with the same period last year -- the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.

I guess you could say some parts of NJ are lucky, but then again we have the highest property taxes in the nation, so maybe we're due some "luck"
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Old 05-15-2008, 07:49 AM
 
510 posts, read 1,485,725 times
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What were the other 2 states that the Star Ledger listed?
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Old 05-15-2008, 07:59 AM
 
Location: Cape Coral Fl /Randolph NJ
12,427 posts, read 22,628,221 times
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Quote:
Originally Posted by kalim2008 View Post
I believe this was on the star ledger...NJ was only one of THREE states in the nation where sales VOLUME increased year over year in March (4% only though, and probably a lot of those were pre and foreclosures)...CA and other hard hit states fell by nearly 40%!!!!!


Nationally:

The median price for a single-family home fell 7.7 percent, to $196,300, in the first quarter, compared with the same period last year -- the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.

I guess you could say some parts of NJ are lucky, but then again we have the highest property taxes in the nation, so maybe we're due some "luck"
Ok that makes sense... 4% volumeversus 4% sale price are two entirely different things
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Old 05-15-2008, 08:02 AM
 
1,983 posts, read 6,318,772 times
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4% increase in sales over last year suggests NJ is bottoming. But I am sure prices are still down statewide. There are pockets bucking the trend. Around me, prices in Moorestown are flat to slightly up over last year. But there's very little short selling or foreclosures going on so that helps. And there's lots of investors in town buying and trying to flip.
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Old 05-15-2008, 08:03 AM
 
786 posts, read 2,179,958 times
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Quote:
Originally Posted by familymom View Post
What were the other 2 states that the Star Ledger listed?
Alaska and Illinois.

Here's the article:

Bucking - NJ.com

However, in New Jersey, the sales volume rose 4 percent. The other two states that posted increases in home sales for the quarter were Alaska and Illinois.
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Old 05-15-2008, 09:29 AM
 
Location: Pennsylvania & New Jersey
1,419 posts, read 3,068,647 times
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Either you or 101.5 misunderstood the article.
Sales volume is up 4% but prices are still heading lower.
From the same article (emphasis mine):


In New Jersey, existing home prices in the Newark-Union area, which includes Essex, Hunterdon, Morris, Sussex and Union counties, fell 3.4 percent, to $409,300. In the New York-northern New Jersey area, the median price fell 3.9 percent, to $445,4000. And in the Edison area, which includes Middlesex, Monmouth, Ocean and Somerset counties, the median home price fell 0.6 percent, to $361,200.
But even in those parts of the state where prices fell, the declines were modest compared with most of the rest of the country.


I like that last sentence best. There are many places where we could be worse-off than in New Jersey.
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