The numbers for Bedminster are mostly down for JUNE 2015.
The rolling 12 month sales volume has decreased modestly by thirty-one (31) units or (15%) – Last year: June 2013 thru June 2014 (206) homes sold as compared to the current period: June 2014 thru June 2015 with (175) homes sold.
The June year-to-date numbers are down modestly by sixteen (16) units or (17%) when compared to last year’s year-to-date total of ninety-five (95) homes sold to the current period with seventy-nine (79) homes sold. This is the second lowest YTD volume for June in at least the past four (4) years.
The monthly volume for the number of sales occurring this June was twenty (20) units as compared to last year’s volume of twenty-five (25) units is down by five (5) units or (20%). This has been the second slowest June in at least the past four (4) years.
The volume of Pending Sales (Under Contract) as of the last day of June 2015 is running moderately lower by three (3) units or (14%) as compared to last year’s volume which was twenty-one (21) units versus the current year’s volume of eighteen (18) units.
The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the end of June is at 6.4 months, which is up significantly (52%) when compared to last year’s inventory at 4.2 months. Basically this indicates that the Bedminster market has shifted from a strong seller’s market towards a more balanced market where both buyers and sellers are on equal footing. As long as the inventory remains around 6.0 months prices should remain steady or slightly higher at least for the near term as compared to other surrounding towns where there is more inventory available.
Note: A “balanced” market is considered to have a 6 month supply. Anything below that amount would be considered a “low” inventory and thus less than balanced. This market condition typically favors Sellers. Anything above a 6 month supply would result in a “high” inventory of homes on the market and typically favors Buyers.
Read below to find out the very latest information on your local Bedminster NJ Real Estate market!
This was one of the slowest June’s in recent years and represents a reversal of four consecutive years of increased year over year sales volume. The rolling 12 month sales volume has dropped for the past twelve months in a row. It is clear by now that the local Bedminster market is beginning to cool off as the overall volume of closed sales (year-to-date and monthly volume) has decreased for the second time in at least five years. The number of homes Pending or Under Contract is also down at eighteen (18) units from last year at this time which was at twenty-one (21) units. The overall inventory is now above 6 months for the second time this year and is now at the level of a balanced market representing a clear shift. Interest rates are at near record lows with the general state of the economy slowly improving, however NJ is lagging behind it’s neighboring states and there is still a considerable volume of foreclosure properties winding their way through the process before we can safely say the market is on a solid footing for a complete recovery.
Look below to see the individual homes that sold in Bedminster NJ for the month of JUNE in 2015. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in the month of JUNE over the same five (5) year period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Updates
Sales from Prior Months
(Double click on spreadsheet for an enlarged view)
There are many factors that make up the differences in local real estate markets, even from town to town and especially in a small state such as New Jersey. This is why it is important for both buyers and sellers to obtain the latest “local” market data before they make any real estate decisions.
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