Home Sales Northern New Jersey (for sale, real estate market, neighborhood)

[Aerialifts]

We have a home for sale in Connecticut and I am wondering how home sales are in Northern New Jersey? How would you rate the market?

Thanks for your thoughts

[JamesBoyer]

It really depends on the town you are looking at. Some downs here in New Jersey have 14 or more months supply of homes for sale. (Months supply of homes is calculated buy taking the number of homes currently avalible and dividing it by the average number that is selling for the past 6 months.) Other towns have a little as 6 or 7 months supply.

The towns with 8 or less months supply of homes on the market currently, tend to be those that are the most desireable towns, and also tend to be the towns where home prices hold up the best, and when the market is going up, also tend to be the towns that have the best appreciation.

Just like most states, New Jersey is not one real estate market, it is more like 1000 real estate markets, and there can be very large variances in performance accross just 10 or 15 miles, which is why it is very important to understand an area very well, or hire someone as a Realtor, who understands an area very well, before you buy.

James Boyer

[ottomobeale]

Also houses near the trains sell well.

I have a friend who sold in 2 weeks by looking at the comps and pricing 5K below the lowest, nice-ish house, nothing special, just priced smart.

[EANJ]

I can't speak to every town, and every market, but I think overall -- and I hate speaking in the abstract, generic, etc. -- the market has slowed, become stagnant and declined (in very many areas and price points). I haven't see the declines that most people are speaking of, but that's neither here nor there.

I also haven't seen it everywhere. In the $1.5m and up category (maybe more in certain areas), I haven't seen much in the way of declines, and have more see the holding steady -- however, the houses are not selling anywhere near as fast as they were; they are selling slower and slower, although the declining prices are not obvious and apparent.

I've had my eye on several investment properties -- residential -- in the past year or more. A few, I've seen the price come down -- but a max of 10%, that's all. Others, less, and a few no price drop at all. A house in my neighborhood as been on the market for 6 months. No price drop at all. Another house, about $100k more, sold and closed in less than 60 days.

The so called "market" -- I always say -- "which one" -- ???

LOL.