The numbers for Bedminster are mostly down for APRIL 2015.
The rolling 12 month sales volume has decreased modestly by twenty-three (23) units or (11%) – Last year: April 2013 thru April 2014 (204) homes sold as compared to the current period: April 2014 thru April 2015 with (181) homes sold.
The April year-to-date numbers are down modestly by eight (8) units or (16%) when compared to last year’s year-to-date total of fifty (50) homes sold to the current period with forty-two (42) homes sold. This is the lowest YTD volume for April in at least the past (5) years.
The monthly volume for the number of sales occurring this April was nine (9) units as compared to last year’s volume of eighteen (18) units is down by nine (9) units or (50%). This has been the slowest April in at least the past five years.
The volume of Pending Sales (Under Contract) as of the last day of April 2015 is unchanged at nineteen (19) units as compared to last year’s volume which was also nineteen (19) 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 April is at 5.6 months, which is up significantly (51%) when compared to last year’s inventory at 3.7 months. Basically this indicates that the Bedminster market is shifting 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 below 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 the slowest April in at least the past five 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 ten 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 first time in at least five years. The number of homes Pending or Under Contract is flat at nineteen (19) units which is a fairly decent backlog. The overall inventory is below 6 months, so sellers still have an edge over buyers at this point in time, however the current inventory level has increased by 51% to 5.6 months, and is approaching 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 APRIL in 2015. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through APRIL over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in the month of APRIL over the same five (5) year period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Update
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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