Single-family home unit sales in Monmouth County, NJ, were up 50% in June relative to the year before (650 homes sold vs 435) - a remarkable increase and hopefully a promising indicator of market improvement. Interestingly, June's figures were an even bigger increase from May - 94%!
Upon seeing this I thought, "Well of course it means that the prices must have been really low..." but the median sale price actually went up by 6%! (from $385,000 to $408,500)... also good news.
And while current inventory is slightly higher than this time last year, the absorption rate is way down due to the number of homes sold... currently there is only about 7.5 months of available inventory. That means that at the current rate of home sales, if no additional homes came on the market, it would take 7.5 months to sell out everything. You may think that sounds like a long time but that's the lowest it has been in at least four years! (Our MLS only provides stats for previous four years so I can't confirm the last time it was that low.)
The next question is "why"? Was it due to the expiration of the First-time Homebuyer Tax Credit (which also provided tax credits for some non-first timers as well)? The original expiration date of June 30 was extended by Congress in the 11th hour for those already under contract because there were so many transactions that needed to be closed and not enough time to get it all done. Banks, title companies, attorneys... many were backed up and couldn't get things closed by the deadline.
So the sales jump was certainly due at least in part to this incentive but many agents I've spoken with reported very little if any impact from the tax credit. I had one client who qualified and was able to close in time but the incentive was not the overriding factor in making an offer (but welcome nonetheless). Similarly, I have other clients who would have qualified but they were not interested in making an offer on something simply to get the credit... they still had to find the "right" house. And haven't. Yet. (Hope springs eternal for us realtors...)
In re-examining last year's sales, the trend was an increase in sales that began in May and really kicked in in June - October. I'm hopeful that we may see a similar trend this year as prices remain attractive (relatively flat overall for the past 24 months) and the mortgage interest rates are great.
So if prices aren't going down and money is cheap... isn't NOW a great time to buy?
Stay tuned...
Resources Real Estate is proud to participate in New Jersey's Open House Weekend this weekend Sunday, April 11th.
There's a lovely paver patio with covered dining area and a detached two car garage. Many additional updates include newer windows, central air, updated baths, french drain, bilco doors for easy outside access, and more.
First-time buyers remember time is running out on the Federal Tax Credit! Come visit this home today!
You'll love the kitchen with its light cabinets, granite countertops and new appliances. And the renovated bath with oversized shower, new vanity and tile floor. The basement offers plenty of storage and a workshop plus a finished room that can be used for a home office. The one car garage and driveway provide off street parking.
This is a great choice for first-time buyers or empty-nesters. Remember the Federal Tax Credit (for both qualified First-Time Buyers and Buyers who have owned a home previously) is scheduled to expire soon (must be in contract no later than April) so come now!
When you purchase your admission bracelet, you will also receive a map/passport. The admission bracelet and map/passport will entitle you to samplings of food, drinks, cocktails, door prize drawings, and incredible free giveaways at all the different stops on the map -- and unlimited rides on the trolley and buses during the event.
The Victorian character of its past is evident in the rich moldings, 8' solid wood doors, antique hardware, claw foot bathtubs, porcelain kitchen sink, bedroom built-ins & stained glass windows. 
Perhaps best of all, the extensive renovation which included new Pella windows, updated electric, great appliances and more, means you can move right in. 
Call Thomas McCormack, Sales Associate with Resources Real Estate, at 732-241-5695 (mobile) or 732-212-0440 x212 (office) for more information or to schedule a private showing. You can also visit www.ThomasMcCormack.com for additional photos & information of this listing and to search other homes including those that may not be listed on Realtor.com.
Every year since 2003 I have been proud to receive the New Jersey Association of Realtors Circle of Excellence Award and I'm am pleased to announce 
It is expected to bring thousands of athletes and visitors to the area.
The Dad Vail is named after Harry Emerson "Dad" Vail, a longtime University of Wisconsin rowing coach who died in 1928. The first regatta was held on the Schuylkill River in Philadelphia in 1934 and the location rotated until 1953, when it moved to the city near the famed Boathouse Row.