Category Archives: Sales Stats

Time to raise home prices in Tenafly…and elsewhere in Bergen County

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Screen Shot 2013-10-07 at 1.21.06 PMFinally with a booming housing market, why aren’t realtors and homeowners adjusting their prices upward to take advantage of the huge dollar increases that we’re witnessing.  There should be no doubt that  we are in a full scale sellers market

Time and again, I come across listings of homers for sale in Tenafly and other towns, that are under-priced given our current market conditions.  And because of these miscalculations, homeowners miss out selling their homes for the highest price possible, as the market continues a full court press upward. With a vast majority of the price points skyrocketing, why wouldn’t homeowners…and agents take advantage of something that we have waited for, for many years.  Sellers and realtors should be dancing in the street!

The days of undervaluing homes to create sales is over.  A sellers market has finally arrived.

Here’s the facts to back it up:

  • More homes have been sold in Bergen County in 2013…at higher prices and with higher interest rates, than at any other time since the market crashed
  • Lower prices didn”t create more sales.  Higher prices created more home sales
  • Higher prices and an improving market and economy, enable people to buy with confidence…confidence creates demand and confidence creates higher prices

I know this is contrary to what realtors think…but selling homes isn’t all about price.  It’s time for realtors to stop using old sales data to calculate prices in a great market.  It’s no lomnger right to say…”this is what homes sold for in the past”.  It’s time to say…this is what your home should sell for now…because our market is the best it’s been in the past 5 years

Here’s why I’m excited for the Tenafly real estate market, and surrounding towns !!!

  • Home sales increased in Tenafly by an additional 9% y/y
  • More homes have been sold in Tenafly than in Alpine, Closter, Cresslill, Demarest, Englewood and Englewood Cliffs, Haworth and Norwood…and by a wide margin in most of the towns
  • The dollar sales volume for all Tenafly sales blows away the other towns by a huge margin…the closest town is Englewood, and their dollar sales volume is almost 50% less than Tenafly
  • Home sales in Tenafly represent 23% of all sales for the above mentioned towns
  • Of these towns Tenafly ranks #3 for the highest average sales price…but when you consider that the sales volume is much higher in Tenafly, this isn’t a negative
  • Sales increased 78% in Tenafly for homes priced between $1m-$1.5m
  • Home sales priced under $500k decreased by 59%…1/ because there’s only a few homes for sale in this price range, 2/ prices have increased in Tenafly at the lower end and what was $500k is now worth 20% more.  That’s great news!

I’ve been saying it for two years , and I’ll say it again:  It’s time for sellers and realtors to take advantage of the recovering market, and start raising  prices.  Sellers are still leaving way too much money on the table.  Buyers are out there, and the demand is high

Charts:

Tenafly

The Town Sales Comparison chart (green/white) shows insanely high increases in the dollar volume for home sales…which means increasing prices.  Percentage increases of 52%, 33%, 37%, 86%, 21%, 49%, and 29% were though to be impossible to attain are being reached.  The only town to lose on this is Demarest, where the dollar volume declined 25%.

Bergen County:

Bergen County sales are on a roll…skyrocketing sales and dollar volumes:

  • Single family home sales are up 19%…an increase of 712 home sales
  • Dollar volume for homes sold increased by 25%…a $524 million increase
  • Multi-family home sales increased by 24%…a 395 unit increase
  • And the multi-family dollar increased 29%…a $170 million increase

As per the blue table, the Bergen County housing market (both single and multi family home sales) may have its best year since our market crashed in 2007.  In some towns prices are back to where they were pre-crash (for homes prices below $1.5 million).

The proof is in the numbers…sellers in every town should be increasing their prices…EXCEPT…if your home is prices above $3.0 million.  This price point is a disaster all throughout Bergen County…but that’s a discussion for a future post.

Though we’re still far behind the sales pace of 2001-2006, we now have a healthy market.  This sales volume is the new norm, and that’s fine, so long as prices remain at a high level.

You no longer have to buy into the “price it right” mentality…it’s time to price it high!  It’s time to go for it!

But there’s a warning with this:

With a sever increase in new multi-family rental projects that are coming into the marketplace beginning now, AND with less new for sale homes being built, because builders are being cautious, north Jersey home sales will be greatly effected…downward.  Rental projects like those currently being built in Fort Lee (1,500+ rentals), will put a huge dent in future home sales.  This makes your time frame for selling at higher prices limited to the next 2 years.

In a recent post on Northjersey.com…NJ homebuilding up 39 percent over 2012 pace by Kathleen Lynn…Ms Lynnn points out:

Through August, builders took out 15,842 building permits, compared with 11,364 in the same period last year. Multifamily construction accounted for about 59 percent of the activity

Let’s not get confused with reality.  Multi-family construction is not the same as “homebuilding” ,when you’re talking sales and home construction figures.

  • Multi-family rentals are competition for single family home sales, because they take away from single family home sales
  • The industry considers “home building” to be single family fore sale homes
  • To combine the two types of “housing” creates misleading and inaccurate stats

“People are becoming renters by choice,” said BNE Executive Vice President Jonathan Schwartz. “People want to be closer to the city, nearer commuter areas.” And many households are wary of buying a single-family home after seeing property values plummet during the housing bust, he said

BNE should know this because their project in Fort Lee was originally slated to be a for sale building.  The only changed it over to rentals beacuse the for sale condo market still hasn’t recovered

As always. let us know what you think

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Home Sales Report: Closter, Cresskill, Demarest, Englewood, Englewood Cliffs, Haworth, Norwood, Tenafly

The numbers are in, and they are what they are…good, bad or indifferent

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Here’s the stats for the number of homes sold, and the dollar volume for the sales for the following towns in Bergen County, New Jersey:

  • Closter
  • Cresskill
  • Demarest
  • Englewood
  • Englewood Cliffs
  • Haworth
  • Norwood
  • Tenafly

Sorry, but for this post I’m only providing the cold hard facts.  Commentary will follow in a future post.

Just remember…in real estate, numbers can be misleading, and they often are.

Even though the number of homes of homes sold, and the dollar volume had dramatically decreased for this time period for Tenafly…should we really be concerned?

If you need a quick fix on the facts behind the numbers, you can email me at Snkonefsky@gmail and we can have a short chat.

Will New York Billionaires Save The New Jersey Luxury Home Market

Location is everything when it comes to real estate.  And nothing shows this more than the article in this Sunday’s New York Times titled…Billionaires’ Club Is Set To Grow…The demand for high-end homes is also expected to rise.

 “The buying seems to draw traction from the fact that there will be so many more newly minted rich people hunting for properties. Over the next 10 years, some 95,000 more people around the world are expected to see their wealth grow to at least $30 million, according to a forecast by Knight Frank, a London-based real estate company, which puts the current number of such people at 189,835.”

The article ties in an expected worldwide explosion of billionaires, to an already exploding ultra-luxury residential market in  key cities, like New York City.

With what is happening in NYC and other major cities, translate into the same trend for the Bergen County, New Jersey market, which is (used to be) tightly intertwined with what goes on in New York City?  Do the mega home sales that we’ve all heard about happening in Manhattan spill over into our market, as it used to.  Or are these sales, and the overall strength of the NYC residential market taking away sales from the neighboring suburbs, and hindering our recovery.

Their assumptions may be true for specific locations like Manhattan…but it’s not the case in Bergen County, New Jersey, where the number of luxury home sales, are down 60% from the peak, and the dollar volume has seen a 67% hit.

The numbers show that luxury home sales and ultra-luxury home sales are being clobbered in Bergen County.  And I would be willing to bet that some of this is attributed to the boom that’s happening in the city on the other side of the Hudson.

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Some Facts:

There are 94 luxury homes for sale in Bergen County (priced above $3 million):

  • 21 luxury homes are for sale in in Alpine
  • 12 are in Cresskill
  • 8…Englewood
  • 9…Franklin Lakes
  • 22 are located in Saddle River
  • 7 in Tenafly
  • The remainder are scattered throughout other towns in Bergen County

The Scary Part:

  • 94 homes for sale priced above $3 million
  • In 2012 only 25 homes were sold in this price range
  • Sales in 2012 decreased by 23% from 2011
  • From the peak year of luxury home sales in 2006 compared to 2012, sales of luxury homes decreased by a whopping 60%
  • The dollar volume of sales at the peak compared to 2012 decreased by 67%

And there’s no end in sight to this downturn. The demographics are working against the high-end market, and high taxes. And the ego to purchase one of these suburban monsters isn’t there in the volume that’s needed to turn things around.

  • In 2012 the most expensive home sale in Bergen County was a $20 million home located in Alpine…a 40% discount from the asking price
  • The next most expensive home sale in Saddle Rive was $6,000,000.  This home was for sale since 2005 and was listed in 2010 at $9,250,000.  It finally sold at a 35% discount…and this was a fairly new home in an incredible subdivision.

The most interesting fact with luxury home sales in Bergen County is that out of the 25 homes that were sold above $3 million, only 1 home was sold to a foreign buyer outside of the United States, and only 5 homes were sold to people outside of New Jersey, and 4 of those were from New York. So much for all the talk about international buyers purchasing homes in our backyard.  Yes, real estate is local!

“In the end, the global luxury property market is functioning in its own universe, seemingly removed from general real estate trends. It “remains relatively impervious to these trends and more closely follows the luxury goods market,” Christie’s International Real Estate said in a study released this week.”

Christie’s International…you missed what’s really happening in northern New Jersey…but why let the facts get in the way of hyping the market.  And don’t think that what is happening in Alpine, New Jersey is irrelevant, because for the past bunch of years, Alpine has been one of the most expensive zip codes in the Country.

National stats and reports, have noting to do with what’s really happening right in your own back yard

Remember, real estate is local!

Tenafly home sales breakdown report

So why are home sales in Tenafly on the decline compared to 2011.

Tenafly home sales by price range

From my perspective, sales “declines” in Tenafly are happening for two reasons:

  1. Tenafly has a property tax problem.  Taxes keep increasing because the government and school boards can’t stop spending money.  They don’t understand that most people don’t want to spend huge sums of money on real estate taxes…so sales of high priced homes, with high priced taxes take a hit.  And that’s what we’re now experiencing
  2. Homes at the high end of the market aren’t in huge demand anymore.  It’s a factor of price, taxes, demographics.  Today’s buyers are young and they’re buying in the suburbs because they have kids who are about to enter school.  Move up buyers are very few and those who are moving up aren’t buying the typical 6,000 to 7,000 sf in your face Tenafly ego homes (though there are about 9 of these mega homes that were started in 2011 and are being completed). The ultra luxury market in Tenafly was great in 2011, but it’s not happening this year.

As you can see from the chart, Tenafly is more than holding its own with sales priced below $1 million.  And let’s not forget that this is happening in every town…not just Tenafly.
Next post I’ll dive deeper into the data, and  provide a better picture of the market…without any of the industry spin

Tenafly home sales tumble in September

The big news in Tenafly, is that the real estate market hit a major road block in September.

Better put, it hit a brick wall!

Tenafly Home Sales Report 2012
  • Home sales decreased 7% in 2012
  • Home sales year to year for September decreased a whopping 65%
  • The sales volume for homes sold decreased 18%

For a town that has had the hottest market in the region for a long time, this is big news, and it couldn’t come at a worst time.  Going into the end of year market the market tends to dip off, and this may create even fewer sales going forward.

Stay tuned for more data and analysis.

I can’t wait to see what happened in the neighboring towns.  Care to guess?

Bergen County home sales have increased every month in 2012

For those of you who like to understand what’s really going on with the housing market in Bergen County, here’s some data for you to sink your teeth into.

For the 6th straight month in 2012 single family home sales has increased.  Yes increased.

It’s time for every homeowner and seller to finally celebrate.  The housing market is on a roll in Bergen County.  Though the increase is not a all price points in every town the market has turned for the better.  No, we’re not going back to anywhere near the pace of the high flying days, or to those lofty prices…but the market has stabilized (which it has been for several years, if anyone cared to look at the data).

Wi8th the exception of January 2012 for multi-family home sales, every month in all categories has seen an increase in home sales.

Tell me that’s not great!

In fact, in 2012 we have not seen one month where home sales have decreased.

  • The number of home sales in 2012 has increased by 11% over the same time period in 2011
  • The dollar volume for home sales also increased by 7% over 2011
  • The average price for the homes sold decreased by 4%, but that was all due to sluggish sales at the luxury end of the market, where for some bizarre reason 2011 was an incredible year for the luxury market…but now it’s cooled

Though home sales are way below the volume set during the peak years of 2011-2005, Bergen County has experienced a steady market for sales…given this new economy.

The market for multi-family home sales is equally impressive for 2012:

  • The number of units sold increased 14%
  • And the sales volume increased by 7%
  • The average sales price fell by 6%. but is due to a lack of inventory at the upper sales range, and we had in the past.  Over time these units will invr5ease in vale because they’re newer and priced at a point that is more desirable to today’s buyers…either first time buyers or move down buyers

This is the new market. This is our new reality

No matter what happens, the number of home sales will not increase…even if Realtors continue to push sellers to cut their prices. More buyers are not coming into the market.  And with the rise of new multi family construction, the rental market will take a huge bite out of future home sales.

We have experienced 5 years of incredibly discounted prices, and historically low interest rates, and the data proves that lower prices have not increased the volume of home sales in Bergen County. And if you have been a reader of my blog, the data also points to the same facts for Tenafly, Cresskill, Closter or other towns.

Lower price do not create sales.

Check out my other posts to see what’s happening with home sales for Tenafly, Alpine, Cresskill and other towns.

Stay tuned…more to come.

The return of the $300k home sale in Bergen County? Not in the eastern part of the county

I added another post to my series about the State of the Housing Market in Bergen County, because of an article that was just released in The Record and on northjersey.com…The return of the under $300k house in Bergen, Passaic counties…by Kathleen Lynn, that focuses on the lower price range of the market (in specific towns), and once again on affordability.

  • is this really a return of lower priced homes?
  • is it a temporary return?
  • will this hurt sales of higher priced homes?
  • or is this article all about nothing…because the sales figures for homes priced under $1 million hasn’t really changed all that much going back to 2009?

And to dig even deeper, is this the future for Bergen County home sales, because the lower price range is all that today’s buyers can afford?

In fact, it’s pretty easy to find a home for less than $250,000

but not in the eastern part of the county!

This article seems more like a marketing piece for Realtors.  And again, they make it all about price.  But as the facts bare out, price doesn’t create more sales…it just makes it less expensive for people who are already in the market who probably would have bought a home at a higher price.

Sales of homes priced below $300k decreased in Tenafly by 88% in 2012…and that’s taking into consideration, all types of housing…not just single family homes…(8 houses sold in 2011 and only 1 house sold thus far in 2012).  And there was a 17% decrease in this price range from 2010-2011.

Real estate is local!

As I’ve stated in previous posts, it’s impossible to properly assess the market at any price point unless you use comparison from a multiple of past years and price ranges. The shift to something is be more important than the shift to something.  And this is the case for the articles in the above referenced publications.

The Record’s look at property records found that under-$300,000 homes were a majority of sales in many towns that have traditionally drawn first-time home buyers, such as Bogota, Bergenfield, Elmwood Park, Garfield, Hackensack, Lodi, Clifton, Wanaque, West Milford and Pompton Lakes. But properties under $300,000 also made up 42 percent of the sales in Fair Lawn, 27 percent of the sales in Mahwah and 23 percent of the sales in Waldwick.

I’m going out on a limb to say that a majority of the homes sold in Tenafly are also to first time buyer…but at higher prices than the towns mentioned above. Which means that the $300k price range is irrelevant, but for talking about an incredibly narrow price point.

Yes it’s true that the sales of homes priced below $500k (they use the weird figure of $300k…whereas I use more simplified figures in $500k-$1.0m increments, so it’s easier to understand) has increased by a whopping 31% in 2012…from 40% of all homes sold in Bergen County to 62% of home sales.

But what the articles failed to point out is that in 2011 the sales of homes priced below $500k, actually fell by an equally whopping 27% from 2010.  So the return to the $300k home may not be such a radical move after all (or could it be incredibly radical).

And also not mentioned were the sales figures for homes priced from $500k- $1 million:

  • sales of homes in this price ranged decreased by 36%…from 47% to 30% of all homes sold in Bergen County
  • however, sales in the same price range increased in 2011 by 28%

What this really tells us about the market is something that we all need to be concerned about…and that is the trend that this portrays.  Which is that if this is in fact the trend that the publications believe that it is, is that the market in Bergen County is going to be predominately positive only for lower priced homes.  Because as they point out, most of today’s buyers are first time buyers…not move up buyers.

And if this is in fact the case, which it could be, then the trend for homes priced well above these figures will suffer, because there isn’t enough of a supply of these homes for sale.  Which will then cause the price of the lower priced homes to increase in value.  Which will then cause less homes to sell…and push more people to rentals.

Another problem that isn’t addressed in the articles is…what does this mean for towns like Tenafly, Cresskill, Closter and others in the more expensive eastern part of the County where the prices are considerably more expensive than in other areas of the County.  Will the eastern towns get hurt if this remains the trend?

If there’s one thing to learn from this…it’s that real estate is very local.  And if facts aren’t compared to other towns a price ranges, then it has no baring on anything other than to create distracting noise.  But worse it misleads consumers into believing something that is broadly true, but locally not correct.

If I only read the headline…The return of the under $300k house in Bergen, Passaic counties…then I would believe that the $300k home sale was a trend everywhere in Bergen County.  But it’s not.

But I do think that this highlights a serious problem that will affect us in the future…throughout Bergen County.  If this is the price range that buyers can afford for the next few years, it creates a problem for sales and values everywhere in the county.

The article was great in that it brings to attention some potential future problems with our housing market, and by pointing out that some people are looking in specific areas for lower priced homes, but that has pretty much always been the case in Bergen County. But you didn’t know that.

Great News…Tenafly home sales increase 36% in July

The housing market in Tenafly regained its sparkle in July with a 36% jump in sales over July 2011

Monthly breakdown: Tenafly home sales

And what’s even better is that this happened one month after a heartbreaking 24% decline in home sales in Jen 2012

An 8% decrease in the dollar volume of  homes sold wasn’t unexpected, because for those of us who have been following the trends in Tenafly, the luxury home niche has tailed off in 2012.

Along with the decrease in dollar volume sales, the average sales price decreased by $99,514…a 10% to $888,079

Up next is a breakdown of Tenafly home sales at various price points.  You’ll be surprised at the stats.

Before you consider buying your dream home, or selling the home you put so muck. love and money into, tt’s important to understand all of the sales stats for the local markets. And the only place to get this valuable information is on EatingRealEstate.  It’s everything you need to know, minus the sales spin.  We let the real facts speak for themselves.

What’s really happening with home sales in Tenafly

2nd in a multi-part series on the State of the Bergen County housing market

Home prices coming down to earth in Bergen County, could signal a turnaround

As the article points out…

“If interest rates were any higher, there’s no way we would have been able to buy our house,” said Joshua Baris, a Coldwell Banker real-estate agent who bought a three-bedroom Dutch colonial in Tenafly last year. He and his wife, Hilary, locked in a rate just below 4 percent and a price — $660,000 — that was down dramatically from the earlier asking price above $800,000.

Contrary to what Realtors and the media believe, consumers have rejected the notion that low interest rates and decreased home prices, are what motivates them to purchase home.  The sales figures prove that point.

The reality is, if interest rates were higher, this buyer still could have bought a home…though probably a less expensive home.  But it wouldn’t have stopped them from buying a home…because their desire would have still been there to purchase. As we can see by the various charts in this series, we had a horrible market (or did it just return to normal) from 2006-200 (and some would consider that it’s lasted to the present)…yet thousands of homes and condos still sold in Bergen County.

There was a point a few years ago where you had to be pretty rich to afford a house in this area. Now, you don’t have to be so rich,” said David Blitzer, a housing economist at Standard & Poor’s.  

The door has always been open to middle class buyers…but now the door has closed quite a bit, because less of the middle class can meet the new lending criteria that is now in place…especially of you presently own a home, because chances are, their homes are worth considerably less than what they paid for it…or owe on the home.

The fact is, more homes sold when rates were considerably higher than they are today, and when prices were considerably higher as well.

Here’s some additional facts:
The following tables show (data from njmls) that year to date, Tenafly home sales are down by 9%…but that only equates to a 6 some decrease in overall sales…and that the average sales price is down by 3%.  In the article the reporter uses the median sales price as her control point.  But neither number by itself is an indication that prices are increasing or decreasing.

  • June sales were down 24% from June 2011…and that only equates to a decrease of 6 home sales
  • 50% of the first six months in 2012 showed a negative decrease in home sales in Tenafly. Only 2 months shined an increase in sales and one month was a break even

So what does this really mean?  Well it all depends what information you’re looking at.  Here’s an example:

This is where the data gets interesting…and where the  price decreases that are alluded to in the article become misleading: The following charts breakdown the various price points. And these breakdowns allow you to see exactly how each price point is performing in Tenafly, and how they pertain to one another, or work against each other when trying to ascertain what is really happening with home prices.

You’ll quickly notice that not every price point performs the same way. And that is why each price point has to be looked at by itself.

Every town is made of of numerous micro markets: some are doing incredibly well, while others are downright horrible…all in the same town at the same point in time. And not every town is performing to the same level (that discussion is for another post)

Table 2:

  • The top box in green shows the all sales for every price range combined in Tenafly
  • The next two boxes show the sales data broken down into 2 price points…below $1M and for more than $1M

Table 3:  shows  a further breakdown of the sales stats from chart 2

  • The table shows an increase in sales of 33% for homes priced under $500,000. Though it’s only a 4 home increase, it’s a still a 33% increase
  • the 2nd table shows an 11% decease of home sales from $500k-999k…but that’s still only a 4 home decrease in sales…but 31 homes have sold in this price range in 2012. That’s a big number!

Chart 4:

Where it starts getting funky for Tenafly is for sales priced above $1 million (the luxury home market)…where the percentages have “tanked” compared to 2011…which was not a surprise. 2011 was just a lucky year for this price range. And even though the differences are small in volume, it does show a down good trend.

The market gets a bit unsettling is for houses that are for sale priced above $2 million in Tenafly, because that’s where sales have been the weakest since this time in 2011.  And as you can see by the data, home sales sales from $1 million plus have decrease by roughly 40% in Tenafly.

Conclusions:

From the date provided in the northjersey.com article, no one can state for certain that house prices have decreased in Tenafly.  Nothing in the article was conclusive.  In fact…the numbers shown on my charts point almost to the opposite…that prices for homes priced below $1 million have remained the same, when you take out the loss of many sales at the upper price ranges.

You have to look at the individual sales to determine price increases or decreases. because the average and median price points are false indicators of value

And when you compare these numbers to sales in the towns surrounding Tenafly, it still shows that Tenafly is the hottest market in the region…by a wide margin…even though sales at various price points have decreased…as they have for all the other towns in the area.

I keep saying it…Tenafly is a sellers market no matter what price range…just follow my previous posts on Tenafly for the backup data.

From my POV (which differs from the local realtors) most homes that are for sale in Tenafly, priced below $1 million are under priced, and should be raised to compensate for this.

Raising prices accomplishes several things:

  • Creates stability
  • Increases the value of everyone’s homes
  • Forces realtors to push for higher prices
  • Growth attracts and entices buyers
  • Creates competition, and competition creates value

Tenafly has long bottomed out, and now is the time to climb our way out from the bottom.  The “price it right” sales mantra is irrelevant in a town where demand is higher than in other towns…there’s no need to push prices lower.

Know the real facts before you look to sell or buy a home.

Next…a detailed breakdown of home sales in Tenafly from 2001-2012

Did North Jersey home values really decrease?

A recent headline that appeared in northjersey.com  stated…NY metro area home prices continue to slide Something didn’t jive with the article compared to the research that I do on a continual basis.  So I started digging a little deeper.

It’s not so much that prices may have come down, but the research indicates that more people are purchasing lower priced homes than in the past…and this is what’s causing the casual eye to think that prices have dropped.

Purchasing lower priced homes has nothing to do with lower prices, as one would take from reading this article.

The median price which most reports use as the value of a home, is simply the middle price of all the homes that have sold in a particular time period.

It has nothing to do with an increase or decrease of pieces.

The fact is, the flight to lower priced homes in Bergen County , New Jersey, is something that has occurred since 2006.

People aren’t buying nearly as many higher priced homes in our area, as they used to.  And that’s going to be the way it is for a very long time…eventually homes in the higher price points will come down in value.  But until they do, all that we can say is that they are not selling.

We can’t specify for a fact , what these homes are now worth.

Furthermore,  to lump all housing types into one bundle and not break them down to indicate what they are also misinforms. Single family home sales:

  • This chart simply shows that more sold for under $1 million in 2012 than in 2011…a 207 home increase.
  • The remaining price ranges remained basically the same.

This simply skewed the median price downward…not the price of the homes Multi-family home sales:

  • The same thing has basically happened to the already anemic multi-family market…more people are purchasing lower priced units.

None of this is to say that prices haven’t dropped some, but the data being used doesn’t accurately portray the market.And again…to lump the region all together is inaccurate as well. Real estate is local, and within each town there are several micro markets that act differently from each other. I lay fault with all this market misinformation on the Realtors and their trade associations.

They have the informational…from homes for sale, sales prices, and a whole host of other facts and stats.  But they refuse to make it all available.  How can you trust someones information if they won’t make it transparent and verifiable?  You can’t.

This is my little attempt to make some sense out of something that’s made very confusing.

Let me know what you think.  And if you have some facts that will add to the story then please tell us.