STRANDED AT THE SHORE
Sam Ali of the Star-Ledger business section checks in today on the slowdown in real estate sales at the Shore in recent months.
Just a year ago, homes in Jersey Shore communities spanning 45 miles from Sandy Hook Bay in Monmouth County to Long Beach Island in Ocean County were snapped up as soon as they hit the marketsometimes even before they hit the market.
Today, sales agents say homes in Monmouth and Ocean counties at all price points sit and sit, sometimes for weeks or months at a time with no offers.
One example given is that of a Spring Lake house, “a beautiful 1893 Queen Anne-style home.” Last August, the 7-bedroom house, which sits on a half-acre, was listed at $5.3 million. “It’s now priced at $4.9 million, but buyers are nowhere to be found,” Ali writes.
The story quotes a real estate broker as saying that Monmouth County has 5,317 active listings for single family homes, with an average asking price of $781,329. The average time on the market currently is 81 days.
No year-ago comparative figures are given. Maybe our friend LittleSilvered at The Jersey Shore Real Estate Bubble blog can help us out here?