As professionals, we are ever vigilant for subtleties that indicate a change in the market. Traditionally, the best sales season has been spring, but sales were slow to start this year.
One of the greatest challenges to the market was buyer and seller loss of confidence. Media reports created generalizations based on national sales statistics which did not apply in all markets.
Ocean county has been spared the worst of the slowdown and in many sectors, local sales and median sale prices are better than last year.
According to data obtained from the Mortgage Bankers Association, from January through May 25th, the 4 week average of applications for new mortgages was at its highest level since early 2006. According to a recent home owner survey, 69% plan renovations to improve the value of their home because they believe the market is turning around.
Tuesday, July 3, 2007
National Homeownership Month
Since 2002, June has been designated as National Homeownership Month. At the forefront of National Association of Realtors® thinking was the topic of promoting employer assisted housing. Crossroads agents are available to business managers to conduct a home buying workshop at your place of business or answer any questions on employer assisted housing benefits or grants. Affordable and stable housing encourages reliability in employees and minimizes the expense of turnover.
Solid Victory For Landowners
In another victory against an Eminent Domain claim, the State Supreme Court invalidated a redevelopment condemnation action by the township of Paulsboro, NJ which sought to seize private property because it was “underutilized”. In mid June, the Court unanimously ruled that the condemnation criteria was too vague and rejected the argument that municipal governments can take New Jersey homes simply because they believe the land could be put to better use and raise more taxes.
Monmouth/Ocean Sees Fewer Foreclosures
While the media has focused our attention on the sub prime mortgage foreclosure problem across the country and around the state, Ocean and Monmouth Counties are not seeing the same trend.
According to Jeff Otteau, President of Otteau Valuation Group, many of the sub prime foreclosures we are hearing about now, were closed in 2005. After 2 years, the interest rates are reset and people are unable to afford their mortgage payments.
Statewide, sub prime mortgages in 2005 were 23% of all mortgages, while Monmouth county was 17% and Ocean 19%. “Fewer homeowners in Monmouth and Ocean entered into these loans, so the fallout is far less than it has been across the state and the nation”, said Otteau. The FHA is working on alternative loan programs to sub prime.
According to Jeff Otteau, President of Otteau Valuation Group, many of the sub prime foreclosures we are hearing about now, were closed in 2005. After 2 years, the interest rates are reset and people are unable to afford their mortgage payments.
Statewide, sub prime mortgages in 2005 were 23% of all mortgages, while Monmouth county was 17% and Ocean 19%. “Fewer homeowners in Monmouth and Ocean entered into these loans, so the fallout is far less than it has been across the state and the nation”, said Otteau. The FHA is working on alternative loan programs to sub prime.
North Dover Luxury Mid Year Report
Our Mid-Year Report of Toms River North Dover Luxury Market will be ready for mailing by July 10th. MLS statistics show more single family and adult community homes closed in 2007 than in 2006. If you would like a copy of this report, please call our office— 732 244-2200.
Check Open House Scedule On-Line
It’s summer and most realtors take advantage of the fine weather to promote their listings through open houses. While we still advertise in local newspapers, it is becoming increasingly easier to choose which houses you would like to preview by searching on-line. Our site, wwwcrossroadsrealtynj.com has a page featuring all our open houses. Our Monmouth/Ocean MLS also now provides this service so buyers can check the open houses of all Realtor® members. Go to www.momls.com to see this new feature.
Out and About ~ Local July Festivities
Ocean County Fair-July 10-15 at Airport Fair grounds, Route 530 in Berkeley. Lots of fun things for the whole family. Info call 732 914-9466
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Keeping You Informed About the Housing Market!
June Market Activity-
Beachwood 21 New listings with an average price of $325,000, 10 under contact, 17 Closings at an average price of $300,000. List price to sale price ratio= 97.89%.
Brick 140 New listings with an average price of $399,900, 76 under contract, 50 closings at an average sale price of $357,750. List to sale price ratio= 95.67%.
Toms River 179 New listings with an average price of $439,000, 81 under contract, 72 closings at an average price of $369,160. List price to sale price ratio= 95.50%.
Island Heights 5 New listings with an average price of $1,075,000, 1 under contract, 1 closing at $325,000. List to sale price ratio= 92.86%.
Lakehurst 7 New listings with an average price of $269,900, 3 under contract, 1 closing at $258,000. List to sale price ratio= 99.71%.
Manchester 28 New listings with an average price of $322,500, 15 under contract, 9 closings at an average price of $285,000. List to sale price ratio= 96.79%.
Berkeley Township Adult Communities
Holiday City
Berkeley 102 listings, low $128,900/274,900 high
13 sales, low $117,000/230,000 high
91 Average days on the market
Carefree 50 listings, low $145,900/239,900 high
3 sales, low $135,000/149,900 high
269 avarage days on the market
Holiday Heights 45 listings, low $163,900/389,000 high
7 sales, low $172,000/290,000 high
154 average days on the market
South 71 listings, low $149,900/269,900 high
7 sales, low $165,000/180,000 high
121 average days on the market
West 58 listings, low $129,900/326,000 high
2 sales, low $177,500/205,000 high
61 average days on the market
Silver Ridge Park
East 16 listings, low $134,900/236,900 high
1 sale, low $187,000/187,000 high
3 avarage days on the market
North 12 listings, low $164,900/289,900 high
1 sale, $186,000
220 days on the market
West 31 listings, low $139,900/247,900 high
2 sales, low $117,500/205,000 high
109 average days on the market
Westerly 23 listings, low $143,900/269,900 high
2 sales, low $190,000/220,000 high
41 average days on the market
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market.
Beachwood 21 New listings with an average price of $325,000, 10 under contact, 17 Closings at an average price of $300,000. List price to sale price ratio= 97.89%.
Brick 140 New listings with an average price of $399,900, 76 under contract, 50 closings at an average sale price of $357,750. List to sale price ratio= 95.67%.
Toms River 179 New listings with an average price of $439,000, 81 under contract, 72 closings at an average price of $369,160. List price to sale price ratio= 95.50%.
Island Heights 5 New listings with an average price of $1,075,000, 1 under contract, 1 closing at $325,000. List to sale price ratio= 92.86%.
Lakehurst 7 New listings with an average price of $269,900, 3 under contract, 1 closing at $258,000. List to sale price ratio= 99.71%.
Manchester 28 New listings with an average price of $322,500, 15 under contract, 9 closings at an average price of $285,000. List to sale price ratio= 96.79%.
Berkeley Township Adult Communities
Holiday City
Berkeley 102 listings, low $128,900/274,900 high
13 sales, low $117,000/230,000 high
91 Average days on the market
Carefree 50 listings, low $145,900/239,900 high
3 sales, low $135,000/149,900 high
269 avarage days on the market
Holiday Heights 45 listings, low $163,900/389,000 high
7 sales, low $172,000/290,000 high
154 average days on the market
South 71 listings, low $149,900/269,900 high
7 sales, low $165,000/180,000 high
121 average days on the market
West 58 listings, low $129,900/326,000 high
2 sales, low $177,500/205,000 high
61 average days on the market
Silver Ridge Park
East 16 listings, low $134,900/236,900 high
1 sale, low $187,000/187,000 high
3 avarage days on the market
North 12 listings, low $164,900/289,900 high
1 sale, $186,000
220 days on the market
West 31 listings, low $139,900/247,900 high
2 sales, low $117,500/205,000 high
109 average days on the market
Westerly 23 listings, low $143,900/269,900 high
2 sales, low $190,000/220,000 high
41 average days on the market
Information from Monmouth/Ocean MLS– Deemed reliable but not guaranteed– May not reflect all real estate activity in market.
Out and About ~ Local July Festivities
Ocean County Fair-July 10-15 at Airport Fair grounds, Route 530 in Berkeley. Lots of fun things for the whole family. Info call 732 914-9466
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
Garden Tour of Brick-July 10th, 10-3PM Starts at Havens Homestead Museum, 521 Herbertsville Road. For information call 732 785-2500.
Lavallette Flea Market– July 14th, All Day. Street Fair, many vendors. Info call 732 793-3310.
Community Chorus of OC College– July 22, 2PM. A fun performance of Cole Porter and George Gershwin. Call for more info 732 255-0500.
Ocean County Library Summer Programs– Library services are more active than ever in the summer. Call any branch for more info and to find out other programs of interest for the whole family.
Toms River Branch– July 13, 7:30PM. Bring a chair for a free concert– TR Municipal Band.
Manchester Branch– July 18, 7PM. Meet WABC TV meteorologist Bill Evans and hear about his first novel, Category 7. Info 732 657-7600
All Seaside Beaches FREE Weds. and Thurs. ‘til Labor Day w/ Free movie on the beach Thurs PM
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