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Old 02-25-2009, 03:10 PM
 
Location: Northern NJ
11,258 posts, read 9,712,500 times
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The median sale price of a home in Bernards Twp has risen from $501,000 during the 6 months ending 2/25/2008, to $550,000 during the 6 months ended today. An interesting anomaly.

Also, the observed absorption rate of 318 sales over the past year yields a 7.4 month inventory. Not too bad.

-Marc
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Old 02-25-2009, 03:32 PM
 
Location: Stewartsville, NJ
7,577 posts, read 21,377,399 times
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Quote:
Originally Posted by Marc Paolella View Post
The median sale price of a home in Bernards Twp has risen from $501,000 during the 6 months ending 2/25/2008, to $550,000 during the 6 months ended today. An interesting anomaly.

Also, the observed absorption rate of 318 sales over the past year yields a 7.4 month inventory. Not too bad.

-Marc
What? You mean that they don't expect the home values in Bernards to go down by 25% for 2009
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Old 02-25-2009, 03:40 PM
 
Location: Northern NJ
11,258 posts, read 9,712,500 times
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Quote:
Originally Posted by wileynj View Post
What? You mean that they don't expect the home values in Bernards to go down by 25% for 2009
Nobody expects the Spanish Inquisition!
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Old 02-25-2009, 03:42 PM
 
Location: Stewartsville, NJ
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Quote:
Originally Posted by Marc Paolella View Post
Nobody expects the Spanish Inquisition!
LOL..things will get better soon - hang in there! When people start selling their homes for twice what they paid, everyone will love their realtors again
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Old 02-25-2009, 03:52 PM
 
Location: NJ
386 posts, read 790,088 times
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Quote:
Originally Posted by Marc Paolella View Post
The median sale price of a home in Bernards Twp has risen from $501,000 during the 6 months ending 2/25/2008, to $550,000 during the 6 months ended today. An interesting anomaly.

Also, the observed absorption rate of 318 sales over the past year yields a 7.4 month inventory. Not too bad.

-Marc
BT must be in opposite world.

Seriously, in a low volume area like BT all you need is a few more sales on the higher end homes (at much reduced valuations) to sway the median figure.

If you have the details behind these numbers post them up and the bears will retort. If you can prove similar homes are going up in price between these two periods ...I'll buy you a beer.
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Old 02-25-2009, 03:55 PM
 
1,552 posts, read 4,372,932 times
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Quote:
Originally Posted by Marc Paolella View Post
The median sale price of a home in Bernards Twp has risen from $501,000 during the 6 months ending 2/25/2008, to $550,000 during the 6 months ended today. An interesting anomaly.
Maybe you can provide some data for that assertion? I just checked Trulia and ran the charts, and got this:

"The median sales price for homes in Basking Ridge NJ for Nov 08 to Jan 09 was $488,750. This represents a decline of 24.2%, or $156,250, compared to the prior quarter and a decrease of 9.2% compared to the prior year."

I find it hard to believe that Basking Ridge could have a decline in the median sales price of almost 25% since November 2008, and yet have risen during the 6 month period between August 2008 and February 2008.

Basking Ridge average and median listing prices - Trulia.com

Zillow's shows similiar data:

Basking Ridge Home Values, House Prices, and Property Values - Zillow Local Info

Not saying your data is wrong, but where are you getting your facts from?
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Old 02-25-2009, 04:01 PM
 
Location: NJ
386 posts, read 790,088 times
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In light of Lusitan's quick fact finding exercise, please ammend the title of this thread to reflect a ? at the end.


Quote:
Originally Posted by Lusitan View Post
Maybe you can provide some data for that assertion? I just checked Trulia and ran the charts, and got this:

"The median sales price for homes in Basking Ridge NJ for Nov 08 to Jan 09 was $488,750. This represents a decline of 24.2%, or $156,250, compared to the prior quarter and a decrease of 9.2% compared to the prior year."

I find it hard to believe that Basking Ridge could have a decline in the median sales price of almost 25% since November 2008, and yet have risen during the 6 month period between August 2008 and February 2008.

Basking Ridge average and median listing prices - Trulia.com

Zillow's shows similiar data:

Basking Ridge Home Values, House Prices, and Property Values - Zillow Local Info

Not saying your data is wrong, but where are you getting your facts from?
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Old 02-25-2009, 04:05 PM
 
Location: Stewartsville, NJ
7,577 posts, read 21,377,399 times
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Trulia? Zillow? They have been proven to be way off most of the time. If marc can post facts, I would take his word over both of those websites. He's in the business.
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Old 02-25-2009, 04:14 PM
 
Location: NJ
386 posts, read 790,088 times
Reputation: 187
Quote:
Originally Posted by wileynj View Post
Trulia? Zillow? They have been proven to be way off most of the time. If marc can post facts, I would take his word over both of those websites. He's in the business.
The devil is in the details and numbers are easily manipulated. One thing I'd like to see is the tax assessment info on the properties between the two periods.

If [avg SP/ avg Assessment Value] has gone up between the two periods...the beer is on it's way...
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Old 02-25-2009, 04:22 PM
 
Location: Northern NJ
11,258 posts, read 9,712,500 times
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My source is the Garden State MLS system. I ran into the data while abstracting statistics for a bank appraisal. From 8/25/2008 to today, the median sale price in Bernards Twp was $550,000 based on a volume of 121 sales. I pulled the median out of the list of sales myself - it is not MLS generated. From 8/25/2007-2/25/2008, the median sale price was $501,400 based on a volume of 163 sales. I like using statistics from similar time periods to eliminate seasonality.

Also, there were 318 sales through the MLS system for Bernards Twp for the last 12 months. And there are currently only 196 properties listed for sale. So this local market is absorbing inventory relatively well in view of the horrible economy. 7 months of inventory isn't exactly homes flying off the shelves so-to-speak, however it beats the 3 years! of inventory I'm observing in Newark and Paterson.

Also, The MLS reports median days-on-market for Bernards Twp at only 59 days. That is misleading due to re-lists. However if you double it, even a DOM figure of 118 days would be pretty good given the preponderance of falling skies being reported.

-Marc
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