Is Brigantine nj overpriced?

Is Brigantine nj overpriced?
Seems that Brigantine nj still has 2005 house pricing...700 properties for sale (population 12,500).......The realtor agreed........I'd like to make a bid on a $550,000 which has been on the market over 6 months about $80,000 lower.......Is this insulting? feel if i pay top dollars the house will never appreciate......
Source: www.trulia.com

D you expect Brigantine, NJ property values to come down in the upcoming Fall and Winter months?
The home that I am interested in has been on the market for about 80 days. It is currently priced at the assessed value which is approximately $50K more than what the seller paid for it in October 2004. A comparable property across the street is listed at the same price, but needs a little bit of work - it is a flip that was purchased in August 2007 at $37K below the current asking price. Is it realistic to think that the seller would sell below the assessed value or only at a $20 to 35K profit over a 3 year period?
Source: www.trulia.com