With the month of August concluded, it's good to take a look at the current market and to take a look at what's ahead as we move to the fall. Despite a number of hopeful predictions that we are reaching a market bottom, the sales and inventory figures for single family homes in Monmouth county indicate that is not the case. Statistics from the Monmouth MLS indicate that, as off today, reported closed sales in August were off by more than 30% when compared to August of 2007 and new contracts for August were about 20% figures for the same period last year. Couple the declining sales figures with about 5% more homes for sale than a year ago, and it is clear that we are still in a full blown Buyer's Market.
What does that mean for the Fall? There is going to be continued pressure for lower prices. By the turn of the year, no doubt the prices in the market will be lower than today. If you are a seller, you will get a better price for your house if you find a buyer today than at some point later this year, regardless of how you may feel about that price. If you are a buyer, the opportunity for outstanding value is the best it has been in the past five years.
Got a question? Feel free to write. Hopefully my 30 years of productive experience in the real estate business will help you make the right decisions when it comes to your real estate needs.