We can now look back and see what the the first half of 2008 was in terms of the real estate market. This post covers all of Monmouth County. To get the stats for your specific town, please contact me by visiting my agent website: NorthernMonmouthHomes.com.
First the good news: The number of home sales in Monmouth County has been steadily rising throughout the first half of 2008, but sales still lag behind those for the previous 6 months. Even so, this is still good news. We need sales to increase to reduce supply.
In addition, the Days on Market of houses that are selling has gone down slightly. This could be related to a number of factors including: more realistic pricing, and/or more buyers who are motivated to buy.
The bad news is that prices are still declining and inventory is still rising so the competition is increasing rapidly. Only the homes with the best value are selling. Buyers want more for their money (more features, more space, better condition). If you are a seller you need to price your house so it is giving the buyer more than the comparable houses, for the same money, or if both houses are equal, your price needs to be lower to get the buyer to see value and choose your home.
Current inventory is the highest since August 2006, a staggering 4900 single family homes on the market in Monmouth County as of June 30, 2008.
Buyers are in a market of opportunity, but it won’t last forever. With interest rates low and prices down, now is the time to buy. When rates go up, the window of opportunity will close for many buyers.
Remember, if you want a copy of my market report for your town or would like a printable copy of these charts contact me through my agent website (link above.)