: All Housing Market Trend Reports Are Not Equal!

All Housing Market Trend Reports Are Not Equal!


All Housing Market Trend Reports Are Not Equal! 


The Jersey Shore means many places to many people.  It could be a family vacation home on Long Beach Island or a bungalow in Ocean Gate.

Welcome to the Jersey ShoreAsk anyone who lives here, they won’t tell you I’m from north or south Jersey.  They’ll tell you they live ‘down the shore’.

This presents a problem when examining housing market trends in New Jersey.  Ocean County (my part of the Jersey Shore) is poorly represented in the data.

The National Association of Realtors (NAR®) uses local market trend reports, but how accurate are they?

Well consider NAR® reports only four categories for NJ housing market trends.  

·        The Atlantic City region, covering Atlantic County.  

·        The Newark-Union region which includes Essex, Hunterdon, Morris, Sussex, and Union counties. 

·        The Trenton Ewing Region which covers only Mercer County.  

·        The Edison Region, which in addition to covering Ocean County, includes Middlesex, Monmouth, and Somerset counties.

Count them…only 11 counties.  Problem is that New Jersey has 21 counties.  Basing a housing market trend analysis on these mismatched groups is misleading.

That is the basic problem with national and regional housing market trend reports.  Ocean County at the Jersey Shore isn’t anything like Somerset County.  Everything from home prices, income and employment (or unemployment) is different.

The median home price in Somerset County in December, 2011 was $325,200 while it was $226,000 here in Ocean County. 

If you further magnify the housing reports to focus on Little Egg Harbor at the Jersey Shore, the median home price was $157,200 at the end of 2011.

Little Egg Harbor 2011 Home Sale Prices

Little Egg Harbor NJ 2011 Housing Market

So if you’re thinking about moving to southern Ocean County at the Jersey Shore, call Little Egg Harbor REALTOR® Laura Giannotta at 609-384-6121.

Let’s look at the individual towns; Barnegat, Little Egg Harbor, Manahawkin or Tuckerton.  We’ll examine recent home sales, the homes for sale and determine the LOCAL housing market trends at the Jersey Shore.  

When we do, I think you’ll find this is a great time to purchase a home at the Jersey Shore!

Jersey Shore Housing Info



Subscribe to this blog, I’ll be examining market trends in Little Egg Harbor and other southern Ocean County communities!

 
 
 
  

     
Comment balloon 13 commentsLaura Giannotta • February 26 2012 03:38AM

Comments

Great bog Laura, very interesting.  Thank you for sharing your views.

Posted by Captain Wayne - Rowlett Real Estate School, Rowlett Real Estate School / Owner and Instructor (REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida) over 6 years ago

Knowing a local market and not a generality about an area is soooo important to both buyers and sellers....Jersey Shore Buyers and Sellers recognize your value to them in choosing you  as their "designated realtor."  All the best...

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 6 years ago

Great blog and great job. Keep up the good work and good luck to you this year. Thanks

Posted by JOSH EVANS *JoshEvansHomes 516-655-5000 (Village Properties of Mineola, LLC) over 6 years ago

I like that you generated your own graph representing the data - lots of market reports are just general info repeated from somewhere else, but yours goes the extra distance.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) over 6 years ago

Good morning, Laura..... real estate is local and Little Egg Harbor is a healthy real estate market according to you chart.... lorraine kuney is a Jersey girl and says wonderful things about Little Egg Harbor....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 6 years ago

Capitan Wayne-Thanks for stopping by!

Sally & David-Hope things are going well in Wisconsin!  All real estate is local, and it's tiring repeating that!

Josh-Thanks!

Wayne & Jean Marie-I won't tell you how long that graph took!!  I've never worked in Excel before, so it was a struggle.  Thanks for noticing!!

Barbara-The Little Egg Harbor housing market seems to be stablizing...Bless Lorraine, not all in southern Ocean County share her views (mine too)!!

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) over 6 years ago

It can be confusing for a buyer who looks at the national stats and assumes it is the facts for the area they are looking in. Great post!

Posted by Sylvie Stuart, Home Buying, Home Selling and Investment - Flagsta (Realty One Group Mountain Desert 928-600-2765) over 6 years ago

Laura, Good job! it is so true how easy it is to use a broad brush to paint a picture but in some markets it miss applies the facts to niche areas. 

Posted by Scott Whitwam, APREP, ABR, SFR, ASD,CDPD ,Designated Broker Mesa AZ (Allison James Estates & Homes) over 6 years ago

Sylvie-I feel like a recording sometimes, explaining that real estate is local!

Scott-I like that, I live in a niche area (sounds expensive LOL!)  

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) over 6 years ago

Laura - You've done a great job in showing us why real estate is a very local market!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 6 years ago

Laura, this is very interesting information...how did you determine what areas NAR used.  Better put...where do I go to find what areas in Alabama NAR uses for it's market trends?  Is it something different that the areas that our local board services?

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL) over 6 years ago

Laura- NJ is tough, northeast we're New York, southwest we're Philly.  We're confused!

Hi Nick, I sent you an email explaining where you can find the reports on realtor.org.

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) over 6 years ago

Laura  -  local stats that aren't local leave something to be desired ..... it's up to us as the local agents to gather and report on the local activity

Posted by Kathy Clulow, Trusted For Experience - Respected For Results (RE/MAX All-Stars Realty Inc. Brokerage) over 6 years ago

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