The numbers for Bernardsville are mostly up for JULY 2015:
The rolling 12 month sales volume has increased modestly by eight (8) units or (8%) – Last year: July 2013 thru July 2014 with (95) homes sold as compared to the current period: July 2014 thru July 2015 with (103) homes sold.
The July year-to-date numbers are up sharply again by twelve (12) units or (31%). Last year the volume was thirty-nine (39) units as compared to the current period with fifty-one (51) units.
The monthly volume for the number of sales occurring last July was fifteen (15) homes sold, as compared to this July with sixteen (16) homes sold is up slightly by one (1) unit.
The volume of Pending Sales (Under Contract) as of the last day of July 2015 has reversed trends and is down by three (3) units or (27%) and is running lower at eight (8) units as compared to last year at this same time with eleven (11) 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 July is at 13.1 months, which is down moderately (7%) when compared to last year’s inventory at 14.1 months. Basically this indicates that the Bernardsville market still has more inventory for Buyers from which to choose. The result of this condition will no doubt keep downward pressure on the prices of homes in Bernardsville at least for the near term.
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 Bernardsville NJ Real Estate market!
The numbers for July in Bernardsville are relatively solid following a decent June. The rolling 12 month sales volume has maintained it’s positive position and is up by eight (8) units or (8%) from last year. The year-to-date numbers through July were very strong, up by twelve (12) units or (31%) and the monthly volume remained nearly unchanged, up by one (1) unit or (2%). It should be noted that this was the second busiest July (in this category) for at least the past five (5) years. The only negative for Bernardsville was a dip in the amount of homes Pending or Under Contract which fell by three (3) units or (27%), which may indicate this recent rally is only temporary.
The inventory remained fairly static, down slightly from 14.1 months worth of supply last July to 13.1 months for this July, keeping the advantage in favor of buyers at this time. On a positive note, interest rates remain at or 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.
Another point worth mentioning regarding inventory are those sellers pricing their homes as if we are back in the boom days of the early 2000’s, which is certainly not the case. This tactic only serves to slow the market down and clutter it up with overpriced homes that will take a long time to sell. Unfortunately, the agents who take these listings are more to blame than the their seller clients, as they do this for a living and should know better. As a result of all of this excess inventory, the buyers are definitely in control and will stay that way until things start moving again. With that said however, it is not an uncommon occurrence for homes to sell for close to or even above the List Price, sometimes with multiple bids, when sellers price their homes correctly from the very beginning. By pricing too high in the beginning only means less money for the seller in the end.
Look below to see the individual homes that sold in Bernardsville NJ for the month of JULY in 2015. Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through JULY through the same period followed by another graph showing the year to year comparison for homes SOLD in the month of JULY over the past five (5) years.
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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