JoAnna and Gail's Real Estate Thoughts

I've got Big News!  REALLYNews!

of single family homes in Manalapan New Jersey in 2008!

I know... you probably don't believe me. 

Don't feel bad. 

I don't blame you. 

It's been tough for me, trying to challenge the doom and gloom that the media has been continuously feeding you guys for the past 2 years!

But I'm going to keep trying!

 

 

In 2008, homes closed in Manalapan Township. 

Granted, that is down about 30% from the number of homes that closed in 2007, but it still represents a huge number of families that were able to make a move!

 

 

 

 

 

 

• 108 Townhomes and Condominiums SOLD in 2008, down 28% from 2007.  Average price of a townhome or condo is down about 5% for the same time frame.

 

 

 

 

 

• 116 Adult Community Homes sold in 2008, representing a 10% increase... that means 11 more adult community homes were sold in 2008 than 2007!  Average selling price for an adult community home is down about 10%.

 

 

 

 

 

 

• Number of homes sold in Northern Manalapan are down about 36%, yet average home prices are only down about 1% for the year.  191 homes SOLD in Northern Manalapan!

 

 

 

 

 

 

• Number of homes sold in Southern Manalapan are down to 41 homes sold from 48 the year before!

 

 

 

 

 

 

• 24 homes closed in the Yorktowne Development.  That's 3 MORE homes than closed in 2007!  3 more families sold their home in 2008 than in 2007!  (Why didn't I hear about that on the local news?) Average home prices are down 8% and the median home price is down 6% when compared to 2007.

 

 

 

 

• Homes priced under $800,000 are down about 35% in number of homes sold, with average and median prices only down about 2% on the year

 

• Only 4 less homes sold in 2008 than 2007 when comparing homes priced above $800,000!  Average and median prices are down in this segment about 2%

 

Takeaway -

The bottom has not dropped out of the real estate market at least not in Manalapan Township. 

Homes are selling and selling quickly when priced competitively. 

 

 

Affordability restored to the marketplace and interest rates at record lows, creating a perfect storm of opportunity for today's homebuyers.  There has never been a better time to buy a home!

 

 

 

 

Manalapan Township is made up of many different individual neighborhoods.  Upon request, I will happily prepare statistics on any specific development in which you are interested.