If the real estate market were like a game of golf (its U.S. Open this weekend) we would probably be on the back nine right now wondering if we were going to pull our game together or bogey our way to the clubhouse. If you are a Seller you are definitely wondering how your game fell apart so quickly after hitting the fairway with every drive and sinking every putt through the beginning of the season. The confusing part might be why the Buyers haven’t picked up their game as we finish out the season. The market has definitely started to slow down early for the summer and the jury is still out on whether the Sellers who sold in March hit the hole in one or if the Buyers grabbing properties during this quieter time will be the ultimate winner.
In the Freehold market new listings have eased off nearly 13% from last week down from 401 to 350 this week. Almost the entire decline in listings occurred in the central core where new listings declined from 196 to 148 which interestingly is on par with the new listings from the same week last year which were 147. Last year was not a year with an abundance of listings so it is interesting to note that we have not seen a flood of properties to the market. Sales also continued to decline down to 148 from 167 the previous week. The number of properties that sold over their advertised continued to decrease with 52% selling above the listed price.
The condo market saw an increase in new listings over last week with 367 new listings coming to market compared to the 332 that were listed the previous week. Like the freehold market, sales of condos are not keeping up with the pace of new listings allowing for more choice for buyers. Condo sales declined nearly 33% from the previous week down to 143 from 213. Condo bidding wars are also starting to become a thing of the past with only 44% of all sales going above their listed price.