The numbers for Bedminster are somewhat mixed for JULY 2015.
The rolling 12 month sales volume has decreased sharply by thirty-five (35) units or (17%) – Last year: July 2013 thru July 2014 (211) homes sold as compared to the current period: July 2014 thru July 2015 with (176) homes sold.
The July year-to-date numbers are down modestly by twelve (12) units or (10%) when compared to last year’s year-to-date total of (116) homes sold to the current period with (104) homes sold.
The monthly volume for the number of sales occurring this July was twenty-four (24) units as compared to last year’s volume of twenty-one (21) units is up by three (3) units or (14%). This was the busiest July in at least the past five (5) years.
The volume of Pending Sales (Under Contract) as of the last day of July 2015 is running at fifteen (15) units, which is exactly the same as this same time in 2014.
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 July is at 6.2 months, which is up dramatically (77%) when compared to last year’s inventory at 3.5 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!
Despite (24) homes being Sold in July (the busiest July in at least five years) both the year-to-date and the rolling 12 month volume are both down by (10%) and (17%) respectively. The rolling 12 month sales volume has been in negative territory for the past thirteen months in a row. It is clear by now that the local Bedminster market is in a “cooling” period. The number of homes Pending or Under Contract is flat for this month at (15) units as compared to this same period from last year. The overall inventory is now slightly above 6 months for the third 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 JULY in 2015. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in the month of JULY 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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