A member of the New Jersey Association of Realtors (NJAR) questioned recent stats released by the NAR regarding first quarter reports that home sales in the state rose by 4%. NJAR took the question to national. Upon further review, NAR found instead of a 4% boost in home sales from the 2007 first quarter to the 2008 first quarter, New Jersey actually experienced a 30% decline!!! WHAT????
In a statement NAR took full responsibility for the error, and has taken steps to ensure such errors don't occur in the future. NAR said there were no problems with data from other states.
The 30% decline should not be viewed as a continued slide, according to real estate experts. They say that April figures are only 9% below those of April of 2007, and further improvement is expected in May.
But as they say all real estate is local. Here in Ocean County home sales in April, 2008 actually rose 1% over the same month in 2007. Make it more local, and you'll find 30 homes sold in Manahawkin (Stafford Twp) in April 2008, the same number that sold in April 2007. In Barnegat Township, April 2008 sales were 25 residental units, compared to 26 the previous year.
Laura Giannotta
Keller Williams Realty - Atlantic Shore
REALTOR-Associate®
e-PRO®, ABR®
609-384-6121
Laura@JerseyShoreViews.com
Representing New Jersey home buyers and sellers in southern Ocean County; Homes in Waretown, Homes in Barnegat, Homes in Manahawkin, Homes in Eagleswood, Homes in Tuckerton, Homes in Little Egg Harbor and Homes on Long Beach Island. You can also contact me about homes in northern Atlantic County; Homes in Galloway, Homes in Absecon, Homes in Mullica, Homes in Egg Harbor, Homes in Mizpah and Homes in Mays Landing.
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Sounds like NAR is "spinning" the numbers so the market doesn't look so bad. Shame on them!
Wow, that's really bad that they didn't check those numbers. You would like to trust that what they put out there is accurate, garbage in garbage out. terrible.
NAR. . . .are they trying to help us. . or. . .
Dennis I hope it was just an oversight? I'm looking on the bright side!
Miriam That's why I tell my clients not to look at the numbers for the nation, the whole state, or even the whole county. You use the numbers you know!
Fernando It does make you wonder.
Thanks all for stopping by!
Laura, I too hope this was an oversight, but a 34% error. The good news is it looks like your market is improving.
Good Post!
Michael Yes, that is amazing! I also wonder why it took a NJAR member to bring it to the state association's attention. Though in defense, I guess its not the NJAR's job to check national's figures!!
I had no idea about it being so bad in parts of NJ. I am glad your market is good.
Gita The same article said that sales in the county just north of Ocean were off 10%!! Since the housing costs are a little lower here in ocean county, we're hanging in! I've done my May stats and they're not great! Thanks for stopping by!