Actually the Otteau Report (independent and respected appraisal firm) shows that the market swing for New Jersey for the 12 month period 1/07 - 12/07 was a modest decline of 5%. Of course, it varied by county within the state, for Somerset County which is my area of emphasis, the decline was an even more modest 2%.

The national trend is bleaker than the reality here in New Jersey. If you read through the referenced Star Ledger article, the point is made that that the mortgage issue and buyers overall hesitancy has resulted in pent up demand. It just makes sense that that the market will pick up as that demand is realized in increased sales.

Let's be balanced - surely the news is not all good, but it also is not all bad.

Take a look at the Otteau Report - it is a statistical view of the market that is considered an independent and respected source.

I've got some "months to sell" stats on my websitehttp:// www.feenick.com for Somerset County communities - just click on Local Market Commentary. I'm updating the info weekly.

Best,
Jeannie Feenick
Weichert Realtors
Warren, New Jersey
Search and connect athttp:// www.feenick.com

Fri May 16 2008, 07:39

Victor - Do you really put a lot of weight into studies done by the NAR?? Seems to me like they might be a bit biased - after all, they want everybody out trying to buy now.

Fri May 16 2008, 06:06

This is great news, and you will see the 2nd quarter of 2008 will be even stronger.

If your farming area has not yet picked up, all you need to do is start providing Open Market Analysis@ like Mary did at Westgate Edison http://msx.mlxchange.com/Pub/EmailView.asp?r=335238131&s=MSX&t=MSX

All you need to do is to provide this CMA Grid of all units in your condo/townhouse community with A,AR,U and C for past 12 months to the public. (e.g. your website, forum, email list ...etc) wherever you see fit and related to the community.

That way, hundreds of first time buyers in the Prospective Buyer Communities@ would be able to learn the market faster so that they can be well educated to buy their condo/townhouse, close and move within that 60 days when they received the scary rent hike renewal notice from apartment.

And, of course, when many condo/townhouses sold, their seller looking to move up to bigger home will become buyers, so you would help both first time buyers and move up buyers to buy their dream home at the best mortgage rate ever!

Another very powerful communication link is 8-picture link like this one http://msx.mlxchange.com/Pub/EmailView.asp?r=1764720975&s=MS… for all condo/townhouse with status A,AR,U and C for the condo/townhouse communities you specialized at mentioned above. That way, it will promote communitcation and help first time buyers looking buy to find their dream condo/townhouse much cost effectively.

In Computer Theory, in particular Combinatorics Theory, doing so will increase the efficiency an order of magnitude. that is to say, if it takes a first time buyer eventually to find their dream condo/townhouse in 11 months, it would not takes only one month. So, theoretically, the inventory of 11 months should be able to drop down to only one month...

Thu May 15 2008, 14:56

This covers NJ as a whole, sure there will be pocketed areas like south & north west NJ which more resembles the states markets which they neighbor.

Actually this article shouls also be on the NJAR.com site, that appears to be where the newspaper contact got it from.

I have many friends in other real estate offices and always talk shop with them, it's confirmed weeks ago that the offices have been picking up a lot more business (buyers) lately.

Note: New trend short sale wanna be investors and investor groups, be careful some of these guys are bottom feeders, remember to always look out for the best interest of your clients. These guys contacted me as a realtor asking to buy all of our short sale listing dogs which have been sitting under the condition they are given limited power of attorney to negotiate with the bank and that we take the listing OFF the market!!!! BE CAREFUL PEOPLE.... Following their conditions blindly can bring major consequences. He told me he has many other agents in the area he is working with him so I say use your common sense and review with your broker. This don't smell too Kosher!

http://www.RealRep.com

Wed May 14 2008, 16:05

Thanks Victor,

I agree, New Jersey is not as depressed as some parts of the country. Home sales in this area of South Jersey are doing just as well as the same time last year (2007) this time, based on information gathered from the Jerseyshore MLS (Ocean County). The market is steady and for some of us very busy! For those sellers that can adn will price the home competitively along with making the home easy to show and show the home in meticulous condition along with using an agent with prestine marketing skills, they will and are getting multiple offers!!

Wed May 14 2008, 15:43

For my part in northern NJ (Bergen County) things are picking up quite a bit. Offers are starting to come in, buyers are starting to increase at open houses, sellers are pricing more realistically, etc.

Wed May 14 2008, 13:28

Thanks for sharing this information. The Otteau Report is another good source of info taking the market swing and breaking it down by county.

Thank you -

Wed May 14 2008, 13:02

If you wish to read an article regarding the finding it was published in todays Star Ledger in the business section.

Wed May 14 2008, 12:51

depends what part of Jersey, North Jersey is Fine west Jersey is a little slower

Wed May 14 2008, 12:16