The numbers look REALLY bad (real estate market, homes, buying)

[kalim2008]

New Jersey Real Estate Report » North Jersey May 2008 Residential Sales

Look at this:
http://njrereport.com/images/may08_mon.gif

And this:
http://njrereport.com/images/may08_yoy.gif

[JERSEY MAN]

Yep, the real estate market sucks, like gas, stocks, interest rates for CDs and bonds. They all suck. Thats less I have to leave the kids. Their loss.

[Rapture]

I just spoke with a friend of mine that's a Realtor in Monmouth County and he said things have picked up a lot over the last month. When I moved to SC, I became a Realtor and on average I would get about five leads a month through my web site. This last month I received almost forty. I'm only mentioning this (not soliciting) because they keep saying it's so bad but the majority of agents I speak with say things have picked up.

[AnthonyB]

Originally Posted by Rapture

I just spoke with a friend of mine that's a Realtor in Monmouth County and he said things have picked up a lot over the last month. When I moved to SC, I became a Realtor and on average I would get about five leads a month through my web site. This last month I received almost forty. I'm only mentioning this (not soliciting) because they keep saying it's so bad but the majority of agents I speak with say things have picked up.

Doesn't it always pick up in the summer though? Outside of a couple of areas, this is peak buying season. The big question is how does the season compare with seasons past and will the higher inventory be cleared by the end of the summer?

[apvbguy]

Originally Posted by AnthonyB

Doesn't it always pick up in the summer though? Outside of a couple of areas, this is peak buying season. The big question is how does the season compare with seasons past and will the higher inventory be cleared by the end of the summer?

I can't speak for everywhere in NJ, but some segments of the market is doing fine, around here homes in the 400-600k range seem to be selling, the lower and higher priced homes are not moving and the ultra high priced homes seem to be in their own orbit, those homes have their own market that 99.9 percent of us can't begin to think about

[CuCullin]

Originally Posted by apvbguy

I can't speak for everywhere in NJ, but some segments of the market is doing fine, around here homes in the 400-600k range seem to be selling, the lower and higher priced homes are not moving and the ultra high priced homes seem to be in their own orbit, those homes have their own market that 99.9 percent of us can't begin to think about

A realtor friend of mine was telling me something similar, though the lower price homes are also moving... she said anything up to $500-$600k seems to be selling, up to about $900k along mass transit lines.

Its still all about location I guess

[apvbguy]

Originally Posted by CuCullin

A realtor friend of mine was telling me something similar, though the lower price homes are also moving... she said anything up to $500-$600k seems to be selling, up to about $900k along mass transit lines.

Its still all about location I guess

it always is, regardless of market conditions, location is always the difference, in great markets like we just came out of location played a less of part as people were in a buying frenzy, now that things are slow, location then condition of the home and then price are the key

[lookingout]

Middletown seems to be doing fine in the market. Don't know about the million dollar homes though.

[AnthonyB]

Originally Posted by apvbguy

I can't speak for everywhere in NJ, but some segments of the market is doing fine, around here homes in the 400-600k range seem to be selling, the lower and higher priced homes are not moving and the ultra high priced homes seem to be in their own orbit, those homes have their own market that 99.9 percent of us can't begin to think about

Any actual statistics rather than anecdotal? Just saw today that the 4% rise that NAR reported was actually wrong and market activity in NJ actually DROPPED 30%.

I'm beginning to think that I shouldn't believe anything without inspecting the raw data.

[apvbguy]

Originally Posted by AnthonyB

Any actual statistics rather than anecdotal? Just saw today that the 4% rise that NAR reported was actually wrong and market activity in NJ actually DROPPED 30%.

I'm beginning to think that I shouldn't believe anything without inspecting the raw data.

no real stats, just what real estate people tell me, and what I see for myself