Market Conditions in Edison>Question Details

Sak, Both Buyer and Seller in 08830

Forecast for Edsion -12% in coming year. What you think ?

Asked by Sak, 08830 Tue Mar 31, 2009

Forecast for Edsion -12% in coming year...

http://money.cnn.com/magazines/moneymag/moneymag_realestate/…

Help the community by answering this question:

Answers

4
Blah, blah, blah as to "forecasts". This is only one source; I rarely bank one one source, but rather consult with multiple sources before drawing conclusions. My currently premonidate resource proclaims that Middlesexx County is least affecedt by market declines due to numerous factors. It's all speculation to which many will be kicking themselves in the butt over in the next few years.

Can anyone really predict with 100% certainty that Microsoft stock with triple in value in the next three years?

Go LOCAL, find an agent or two that knows the area well and base your decision on that input. Has anyone from money.com ever stepped foot in the township.

Sorry for the rant, I can go on and on about these wreckless speculations.
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Tue Mar 31, 2009
Edison, 08820 Summary from Trulia Stats:
The median sales price for homes in ZIP code 08820 for Dec 08 to Feb 09 was $390,000. This represents a decline of 10.3%, or $45,000, compared to the prior quarter and a decrease of 7.1% compared to the prior year. Sales prices have appreciated 12.5% over the last 5 years in 08820, Edison.

The median sales price of $390,000 for 08820 is 16.42% higher than the median sales price for Edison NJ. Average listing price for homes on Trulia in ZIP code 08820 was $570,052 for the week ending Mar 18, which represents an increase of 1.7%, or $9,584 compared to the prior week and an increase of 3.1%, or $17,183, compared to the week ending Feb 25. Average price per square foot for homes in 08820 was $286 in the most recent quarter, which is 2.72% lower than the average price per square foot for homes in Edison.
0 votes Thank Flag Link Tue Mar 31, 2009
Just FYI,

There was another post not too long ago using statistics obtained from Moody's (as does this "forecast"). I personally spoke to people at Moody's to find out where they get their information and was told that the "Edison" area encompasses several other locales, based on census areas, not just Edison alone.

In this case, as in the previous post, the article you posted shows the "Edison area" as having 2.3 MILLION people. Edison is slightly over 100,000 people, so the statistics are skewed dramatically because of the inclusion of other municipalities in the "Edison area".

Each individual location (and in Edison it's even different for North and South or by zip code) has it's own unique trends in sales and inventory and you should not rely on a generalized gathering of information and use that as fact.

Even the article has a caveat which reads: "metro areas are generally labeled by the largest city in that area." and " Price data are for single-family homes through the third quarter of 2008, the most recent data available." Third quarter of 2008 takes us only to September 2008. A Realtor can give you much more up to date information going right up till the end of February 2009.
0 votes Thank Flag Link Tue Mar 31, 2009
By the way. Yje link is not very obvious in the question hence posting again http://money.cnn.com/magazines/moneymag/moneymag_realestate/…
0 votes Thank Flag Link Tue Mar 31, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer