According to the most recent report from the Otteau Group, one of New Jersey’s preeminent appraisal and real estate market analysts, Ocean County is experiencing a market transition wherein buyers have greater bargaining power than any time since 1991.
According to their report, contract sales thru July 2006 were down 19% and unsold inventory was up 62% compared to 2005. For homes priced under $600,000, there is a 9 month inventory supply; $600-$1 mil a 21 month supply; $1 mil-$2.5 mil a 17 month supply and over $2.5 a 60+ month supply. This indicates that moderate priced houses will see the first recovery from the current downswing.
With mortgage rates down, buyers have an many excellent choices for a home purchase now. We are still recommending seller incentives to attract a sale.
According to their report, contract sales thru July 2006 were down 19% and unsold inventory was up 62% compared to 2005. For homes priced under $600,000, there is a 9 month inventory supply; $600-$1 mil a 21 month supply; $1 mil-$2.5 mil a 17 month supply and over $2.5 a 60+ month supply. This indicates that moderate priced houses will see the first recovery from the current downswing.
With mortgage rates down, buyers have an many excellent choices for a home purchase now. We are still recommending seller incentives to attract a sale.
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