Sellers of residential properties, including fixer upper homes for sale, are starting early in some New Jersey markets. Although spring is usually the time when home sellers and buyers come out in droves, the shoreline counties of the state have started earlier, with listings of for-sale properties slowly expanding since the third week of January.
For-sale non-foreclosed and foreclosed homes in Newark and in other regions of the state usually get listed by around April. In the shoreline areas of Ocean, Cape May, Atlantic and Monmouth, however, sellers have started listing their homes as early as the first month of the year. The number of listings in these markets is expected to peak by the time the month of April comes along.
Analysts have observed other unusual trends, particularly in terms of listing prices. Traditionally, both non-foreclosed and foreclosed homes in New Jersey that are located by the shore are listed for higher prices compared with inland properties. This time though, realtors reported that most homes in shoreline areas of counties are selling for a lower price than houses located in the inner part of counties.
Fixer upper homes for sale and even luxury townhouses located along the water have recorded a decline in prices in 2010. In the beach community of Belmar, for example, the median selling rate for homes last year posted a 4.3% drop from 2009 levels. The median price for a Belmar home was around $400,000 in 2010, while the median rate was $418,000 in 2009.
In comparison, homes foreclosure for sale and non-foreclosed dwellings located in the inland area of Monmouth County, the region that encompasses Belmar, were being sold in 2010 for a price that was around 2% higher than the median rate recorded the year before. In terms of average price, inland homes in Monmouth again posted an increase, while Belmar houses recorded a decline.
According to realtors, the average selling price of beachfront dwellings in Belmar declined by over 15% last year, while fixer upper homes for sale and other residential properties in Monmouth experienced an average selling rate increase of around 3%. Analysts stated that beachfront sellers are trying to keep up with the competition posed by lower priced houses.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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