ResalesNew Jersey Commuter Towns Slow Down In Sales
Only a train ride away to Manhattan, some New Jersey, including Berkeley Heights, Summit, Short Hills, Warren Township and Watchung, are showing declines in home sales, says a local Realtor.
"Our 1st Quarter 2003 study of New Jersey real estate trends indicates that contract sales are off by 8 percent as compared to the same period last year," say Realtors Paul Stillwagon and Pat Cornish. "While this drop in sales activity is significant, it can be largely attributed to the combined effects of a harsh winter, the war in Iraq and a weak economy. Now that the war seems to have ended, with consumer confidence improving and warm weather ahead, sales should rebound in the months ahead."
They caution, "Of more concern, however, is that the inventory of unsold homes on the market has increased by 26 percent as compared to last year at this time. This suggests a substantial shift in the market whereby competition has increased and pricing strategies will become increasingly important."
The Realtors remain optimistic. "Warren Township is considered one of the "hottest" addresses in New Jersey," they say. "The attractions include the train to Manhattan, top rated schools, beautiful large homes on large lots and convenience to major highways. And Summit is a strong, desirable area with excellent schools and also close to transportation."
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