Bernardsville NJ Real Estate Market Update FEBRUARY 2015

The numbers for Bernardsville are somewhat of a mixed bag for FEBRUARY 2015:

  • The rolling 12 month sales volume has decreased significantly by forty-seven (47) units or (34%) – Last year: February 2013 thru February 2014 with (138) homes sold as compared to the current period: February 2014 thru February 2015 with (91) homes sold.

  • The February year-to-date numbers are unchanged from this same period a year ago at nine (9) units.

  • The monthly volume for the number of sales occurring last February was three (3) homes sold, as compared to this February with five (5) homes sold is up by two (2) units or (67%). This was the second best February in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 is running significantly higher at eight (8) units as compared to last year at this same time with only one (1) unit, which is up by seven (7) units. This is a good sign for the short term at least.

  •  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 February is at 8.6 months, which is up substantially (62%) when compared to last year’s inventory at 5.3 months. Basically this indicates that the Bernardsville market has a lot more inventory for Buyers to choose from and is even less “balanced” now than in prior years. 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!

Closed sales volume for the Bernardsville market was down significantly (33%) in 2014, and that trend seems to be continuing into the first several month of 2015. The rolling 12 month sales volume has been dropping steadily and significantly for the past several months. January saw a 34% decline, with February seeing the same exact decline in this category.  The monthly YTD numbers were unchanged from last year at this time but the current month’s activity increased significantly by (67%) as compared to last February.  In addition, the number of of homes Pending or Under Contract completely reversed trends from last month and is up dramatically by seven (7) units as compared to last year at this same time, which is certainly some positive news, at least for the short term.

The inventory also spiked from 5.3 months worth of supply last February to 8.6 months for this February, giving buyers a distinct advantage over sellers 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 FEBRUARY in 2015.  Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through FEBRUARY through the same period followed by another graph showing the year to year comparison for homes SOLD in the month of FEBRUARY over the past five (5) years.

Bernardsville_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_February_2015_Bar_Graph

Year to Date Comparison of Homes SOLD in Bernardsville NJ YTD through FEBRUARY 2011 to 2015

 

Bernardsville_NJ_Real_Estate_-_Closed_Sales_for_February_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Bernardsville NJ FEBRUARY 2011 through 2015

 


 

Sales from Current Month

 

ernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Bernardsville NJ Real Estate Market Update JANUARY 2015

 

Bernardsville NJ Real Estate Market Update DECEMBER 2014

 

 


 

Sales from Prior Months

 

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Bernardsville NJ

 

Other interesting articles on Bernardsville NJ

 

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.

 

For more information on Basking Ridge NJ including the schools, follow this link:

All you need to know about Bernardsville NJ 

For more information on Basking Ridge NJ Real Estate, call me direct at (908) 267-2465, or email me at Bob@BobZorechakRealtor.com and I will be happy to discuss your specific real estate requirements.

 

How to find Listings on your own:

For listings or information on Bernardsville NJ or any of the surrounding towns in  Somerset County including, Basking Ridge, BedminsterFar Hills and Peapack Gladstone, the Morris County towns of Morristown, Morris Township, Madison, the Chathams, the Mendhams, the Chesters, and Long Valley, along with the Hunterdon County towns of Lebanon and Tewksbury Townships, simply use the search tool located on the right side of this page.

All listings are updated throughout the day so be sure to come back often for the most current information.  If you are unable to find what you are looking for using the search function on this website, or you are looking for a home that is unique with specific features, feel free to contact me direct and let me know exactly what they are.  My colleagues and I preview all kinds of properties each week and will be sure to identify just what you are looking for.  In addition, my office often features “exclusive” listings that are not released to the public that might be of interest to you as well.  I will be glad to answer all of your questions and arrange to show you the homes of your choice at a time convenient to your schedule.

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