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Old 01-28-2010, 06:31 PM
 
532 posts, read 1,465,114 times
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This Real Estate decline is interesting.
In Bergen county many homes that sold in 07 for 800k are still selling within 5% of 07 prices.
On the other end homes that sold in the high 300's in 07 are now selling in the low 200's.
Homes in beach towns in Ocean County have not declined much at all.
My guess is because of the tightening of the mortgage money it is harder for the people at the lower end of the mkt to qualify so those prices are dropping.
I'm not sure but are the job losses spread over all incomes or mostly lower paying jobs ?
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Old 01-29-2010, 07:57 AM
 
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I think a lot of the higher end homes are just sitting, not actually selling.
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Old 01-29-2010, 10:15 AM
 
Location: Tri-State Area
2,942 posts, read 6,007,508 times
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Quote:
Originally Posted by GiantRutgersfan View Post
I think a lot of the higher end homes are just sitting, not actually selling.
I've heard homes priced above $600K are sitting on the market for an extraordinary amount of time - 9 months and longer. The ability for a large chunk of the home buying population to afford such a mortgage is slim. Therefore, it would make sense that they sit out longer while the seller comes to their senses - if they want to sell, they will have to compromise. In the meantime, government will continue to raise their taxes, which makes the ability to sell those homes even more difficult.
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Old 01-29-2010, 02:01 PM
 
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Not true. Example: Millburn Twp last 6 months. 98 homes listed $600,000 and above closed with median days on market of 46 days. Median price $1,159,100. Last year during the same period? 93 homes listed over $600,000 sold with median days on market of 32 days at a median price of $1,185,000.

So prices are not dropping much and days-on-market is up only slightly.

Westfield last year 49 DOM/$869,000. This year: 40 DOM/$815,000. Homes are selling slightly faster. Prices down slightly.

Just 2 quick towns that I ran. I'm sure other $600,000 towns are showing similar data.
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Old 01-30-2010, 07:11 AM
 
Location: Montgomery County, PA
2,771 posts, read 6,275,798 times
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Quote:
Originally Posted by Marc Paolella View Post
Not true. Example: Millburn Twp last 6 months. 98 homes listed $600,000 and above closed with median days on market of 46 days. Median price $1,159,100. Last year during the same period? 93 homes listed over $600,000 sold with median days on market of 32 days at a median price of $1,185,000.

So prices are not dropping much and days-on-market is up only slightly.

Westfield last year 49 DOM/$869,000. This year: 40 DOM/$815,000. Homes are selling slightly faster. Prices down slightly.

Just 2 quick towns that I ran. I'm sure other $600,000 towns are showing similar data.
Sales numbers have bottomed out but they were already low in Jan 2009 (that was post-Lehman after all)

The DOM data is consistent with what I've seen: places priced to sell move pretty quickly. But there are also a number of listings that simply aren't going to sell -- many sellers still want 2006 prices or within 5% or so of a 2006 price and that's not going to fly in this market. These listings don't count in your DOM numbers (because they never become sales)
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Old 01-30-2010, 07:15 AM
 
1,931 posts, read 3,413,883 times
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When did moderators gain the knowledge to know what is necessary or not? What class do I take to gain that type of knowledge? Sounds like I might find it in China or Cuba.
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