What Is Happening In The Local Real Estate Market

What are the real estate markets doing now that we have gone into this period of what the talking heads on CNBC call a credit crunch? 

Interested in what is going on locally?  

In this report you will be able to see the hard numbers for your local New Jersey Real Estate markets.  There have been two additional very popular towns added to the report, Summit NJ, & New Providence NJ.  We hope you find the information in this real estate report interesting and helpful.

Part 11 in the continuing series.

Our local real estate markets continue to be stronger than the national markets which are continually commented on the national news & business news shows.  One thing that has been commented on recently on news shows such as CNBC is that the North East, especially New York and Northern New Jersey went into the housing slow down earlier than the rest of the nation, and the North East seems to be coming out of the housing slow down ahead of the rest of the nation.

It will be interesting to see what effect the issues with Sub-Prime mortgage lenders will have on our local markets.  Those effects should start showing up quickly in the numbers, if there is going to be an effect on our local markets.

Why do we continue to see signs of strength in the local Morris County, Essex County, & Union County real estate markets?  The economy here in this tri-county area of New Jersey is doing very well.  People are also going on with their lives, if they need a different home they know that they can trade up or trade down at a fair market value and their financial lives will be fine. 

• One thing that is of note, even several of the talking heads they have had on CNBC have been commenting that is is a good time for home buyers in NYC and Northern New Jersey to go bargain hunting in the real estate markets.  Their comments were, there is a lot of confusion in the markets, and where there is confusion there are very good deals to be had.  I concur with that thought, but you have to be looking in order to find the good deals.

                                       The Media is asking

               "When will the Rebound Come"

 Inventory Numbers:

Statistical data from GSMLS, the MLS of Morris, Essex & Union Counties.

To see the previous report in this series please visit, How Are The Local NJ Real Estate Markets Doing?? , you will be able to compair the numbers and find other useful and interesting information.

• The numbers for Madison NJ 07940 have been affected this week by the 6 new construction luxury condos at 268 Main Street in Madison NJ.  They are 1 bedroom 1 bath condos priced from $345,000 to $430,000 and are still under construction.

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