state of Cranbury Housing Market?

[Guest]

Does it seems like sales are extremely slow?

In general it has been interesting watching the status of the local market relative to the national and state trend. Cranbury took longer to start falling than the broader market, not really until late 2006/early 2007. Then it initially fell more modestly. When it did start hurting, initially it seemed like most expensive, newer houses were the least impacted. Even as sales dropped substantially from peaks in key local mid-priced areas like Shadow Oaks and Cranbury Green, we still saw some record sales in areas like Shady Brook. But that was a couple years ago. Now the reverse seems true. While prices are down and sales are slower everywhere, inventory in Shadow Oaks seems to go quickly while all the million-dollar-plus houses on the market seem to not be moving at all. There are at least 5 on the market and all have been on since at least last Summer, some longer. Has there been any sale over a million in the last year, other than the relative fire sale of that super expensive mansion off of Petty? Some of these are asking clearly unrealistic prices but others are asking below their 2006 assessments. Even within the mid-price range the fringe neighborhoods, with more land, seem to be hurting. Look at the house for sale on Petty that is well below its assessed value and keeps dropping. It’s big, in good shape, has land, mature landscaping, a pool and is on a street with million-plus homes all around it and is down to $725,000.

Anyone who works with local sales have any perspective to add?