As I drove around this weekend, it seemed there was an open house on every block.  I had the impression that listings must be going through the roof.  It turns out that that there are a lot of new listings but the market is absorbing them at a faster rate than they are coming on. 

 Most counties an towns saw the number of properties on the market about flat but there were some significant reductions in absorption rates, particuarly in Essex County towns and some towns in Morris County.

I think that we have formed a firm bottom and that we are going to see an uptick rather soon.

See the detailed numbers here.