Home Selling in New Jersey>Question Details

Bill Turano,  in Select Mortgage 1715...

Are the starter homes in your area closing faster than homes in the higher price ranges?

Asked by Bill Turano, Select Mortgage 1715 Rte 88 Brick, NJ Fri Oct 19, 2007

If not, what price range is selling the fastest?

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BEST ANSWER
Hi Bill,

Here's how Monmouth stacks up YTD Closed current year over last per Monmouth/Ocean MLS:

$0 - $99,999 -26%
$100,000 - $149,999 36%
$150,000 - $199,999 -15%
$200,000 - $249,999 -4%
$250,000 - $299,999 3%
$300,000 - $349,999 3%
$350,000 - $399,999 -15%
$400,000 - $449,999 0%
$450,000 - $499,999 -15%
$500,000 - $549,999 2%
$550,000 - $599,999 -5%
$600,000 - $699,999 -10%
$700,000 - $799,999 0%
$800,000 - $899,999 -16%
$900,000 - $999,999 2%
$1,000,000 - $1,499,999 -7%
$1,500,000 - $1,999,999 -4%
$2,000,000 - Above 0%

Ocean County -
Volume is up in the following price points:
$100,000 - $149,999 39%
$150,000 - $199,999 70%
$200,000 - $249,999 4%
- - - - - - - -
$300,000 - $349,999 1%
- - - - - - - -
$450,000 - $499,999 3%
- - - - - - -
$700,000 - $799,999 3%
- - - - - - -
$1,500,000 - $1,999,999 12%


What is interesting is when one takes a look at it town by town. It really speaks to just how local real estate is.

For Example:

Rumson (looking only at price points at or above 600K):
$600,000 - $699,999 75%
$700,000 - $799,999 0%
$800,000 - $899,999 0%
$900,000 - $999,999 300%
$1,000,000 - $1,499,999 27%
$1,500,000 - $1,999,999 17%
$2,000,000 - Above 10%

Sea Girt and Spring Lake both show overall increases YTD.

Brick shows us this for YTD this year over last: Noticeable decline in units sold in the price point of $350,000- $599,999. Brick shows definite increases in units sold in price points $600,000 - $1,999,999, as well as Brick reports increases in price points under $350,000. Overall, Brick is up 1% over last year.

Stafford shows a decrease in volume at all price points over 400K, but overall, Stafford is up almost 30% over last year in volume of units. If you asked your question about Stafford, the answer would be 'Yes!" Stafford is doing well in the entry and lower price points (relative to Jersey Shore pricing.)

Matawan and Middletown are performing very close to last year in terms of volume of units and the detail shows increases in one price point break out, decrease in the next, and increase again without an overwhelming pattern striking out as starter homes over other price points.

I chose random towns for no rhyme or reason within Monmouth and Ocean Counties. It really does go to show that real estate is a very local business! The information is deemed reliable, and provided through Monmouth/Ocean MLS, but the data is not warranted. Please verify all data prior to basing any purchase or sale decisions. Please consult w/ your local Realtor for advice and assistance.

Regards,
Deborah Madey - Broker
Peninsula Realty Group, Inc.
732 530-7755 Main
732 530-6695 Direct
4 votes Thank Flag Link Fri Oct 19, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
In the Lamorinda (Lafayette, Moraga, Orinda) area of Northern California, the homes selling the fastest are $1.2 million and up. Starter homes at 8-900k are doing less well.
1 vote Thank Flag Link Fri Oct 19, 2007
No, just the opposite. Of course, in my area "starter homes" are between 300 and 400,000.
0 votes Thank Flag Link Fri Oct 19, 2007
The prices between $100 to $150 are selling the fastest...in our area these are the starter homes / smaller condos.

It really depends on where you are in the country, the school districts, the neighbourhoods and such issues that directly impact the local area versus national trends.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Fri Oct 19, 2007
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