The numbers for Bernardsville are mostly up for MAY 2015:
The rolling 12 month sales volume has decreased slightly by four (4) units or (4%) – Last year: May 2013 thru May 2014 with (106) homes sold as compared to the current period: May 2014 thru May 2015 with (102) homes sold.
The May year-to-date numbers are up sharply by twelve (12) units or (80%). Last year the volume was fifteen (15) units as compared to the current period with twenty-seven (27) units.
The monthly volume for the number of sales occurring last May was two (2) homes sold, as compared to this May with six (6) homes sold is up dramatically by four (4) units.
The volume of Pending Sales (Under Contract) as of the last day of May 2015 is up significantly from last year’s volume which was at nine (9) units.
The volume of Pending Sales (Under Contract) as of the last day of May 2015 is running significantly higher at eleven (11) units as compared to last year at this same time with nine (9) units, which is up by two (2) units or (22%).
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 May is at 13.4 months, which is up moderately (14%) when compared to last year’s inventory at 11.8 months. Basically this indicates that the Bernardsville market has more inventory for Buyers to choose from and is even less “balanced” now than in prior months. 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 May in Bernardsville are a bit misleading primarily due to the extremely poor showing last May, making comparisons appear more contrasting than reality. The rolling 12 month sales volume has been dropping steadily and significantly for the past twelve months with January and February down by 34% each, March coming in at a decrease of 29% and April showing some progress with a smaller decline at 14% and now May with an even smaller decline of 4% in this category. The year-to-date numbers through May were very strong up by twelve (12) units or 80% and the monthly volume rebounding sharply from last year’s dismal showing was up by four (4) units as compared to last May when only two (2) homes were sold. The number of of homes Pending or Under Contract increased by two (2) units or (22%), which will keep the forward momentum going for the short term at least.
The inventory increased modestly from 11.8 months worth of supply last May to 13.4 months for this May, 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 MAY in 2015. Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through MAY through the same period followed by another graph showing the year to year comparison for homes SOLD in the month of MAY over the past five (5) years.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
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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