The numbers for Bernardsville are mostly up for AUGUST 2015:
The rolling 12 month sales volume increased by seventeen (17) units or (19%) – Last year: August 2013 thru August 2014 with (89) homes sold as compared to the current period: August 2014 thru August 2015 with (106) homes sold.
The August year-to-date numbers are up by sixteen (16) units or (31%). Last year the volume was at fifty-one (51) units as compared to the current period with sixty-seven (67) units.
The monthly volume for the number of sales occurring last August was twelve (12) homes sold, as compared to this August with fourteen (14) homes sold is up by two (2) units.
The volume of Pending Sales (Under Contract) as of the last day of August 2015 is down by six (6) units or (54%) and is running lower at five (5) 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 August is at 12.2 months, which is down (8%) when compared to last year’s inventory at 13.3 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 August in Bernardsville are relatively solid following a decent June and July. The rolling 12 month sales volume has maintained it’s positive position and is up even further by seventeen (17) units or (19%) from last year. The year-to-date numbers through August were also very strong, up by sixteen (16) units or (31%) with the monthly volume following suit, up by two (2) units or (17%). The only negative for Bernardsville was a sharp dip in the amount of homes Pending or Under Contract which fell by six (6) units or (54%), which may indicate this recent rally may soon run out of gas.
The inventory was down modestly from 13.3 months worth of supply last August to 12.2 months for this August, 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 AUGUST in 2015. Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST through the same period followed by another graph showing the year to year comparison for homes SOLD in the month of AUGUST 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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