I recently compiled the Hainesport Market Conditions report for 2005. Hainesport is one of the towns that took a down turn in median sales price in 2005. The median sales price is the midway point; it represents the figure that is halfway between the least expensive and most expensive home that is sold. An increase or decrease in the median sales price reflects where the buying activity in a market is taking place. It should be used as a refrence and not to determine appreciation or depreciation of house values in any market. With that being said, we are going to take a look at the market activity so you can see where the buyers are. The information I’m providing is from TrendMLS and includes listings and sales of all brokers that service the area.

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Lately I’ve had quite a few new home buyers state that they thought it was a Buyer’s Market in South Jersey. They put in an offer hoping to be able to get the house they wanted at a much lower cost and lost their house because they were outbid. The sellers ended up receiving close to or full asking price for their homes. One of my clients, who did win their bidding war, had to go $10,000 over asking price. The situations I’m describing are not typical of a “Buyer’s Market”, in fact just the opposite.

We’ve had plenty of news lately about house sales slowing down and house inventory accumulating. We’ve heard about prices being reduced and listings expiring. Why then are home buyers still faced with bidding wars in this area?? It all depends on the price range you are looking to purchase within. Affordable homes in good condition are still moving quickly AND with multiple offers. No, they are not receiving the 10 -12 offer bidding wars as seen over the last couple of years, instead they are receiving 2 -5 offers on the property.
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