Bernardsville NJ Real Estate Market Update JULY 2014

The numbers for Bernardsville are down significantly for JULY 2014 in 4 out of 4 categories. In fact, this was one of the slowest Julys in at least the past 5 years:

  • The rolling 12 month sales volume has decreased moderately by twenty-one (21) units or (18%) – Last year: July 2012 thru July 2013  (116) homes sold as compared to the current period: July 2013 thru July 2014 with (95) homes sold.

  • The July year-to-date numbers are down dramatically again for the third month in row, forty (40) units or (51%) when compared to last year’s total of (79) homes sold to the current period with (39) homes sold. This is the lowest YTD total through July in at least the past 5 years.

  • The monthly volume for the number of sales occurring last July (18) homes sold, as compared  to this July (15) homes sold is down by three (3) units or 17%.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running significantly lower at twelve (12) units as compared to last year at this same time at eighteen (18) units, which is down by six (6) units or 33%.  This is not very encouraging, since overall sales volume is down significantly so far in 2014 with less homes scheduled to close in the near term.

  • 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 14.1 months, which is up substantially (74%) when compared to last year’s inventory at 8.1 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!

The Bernardsville market has been struggling as of late with back to back months of significantly decreased sales as compared to last year.  Inventory has leveled off a bit from last month (133 homes listed For Sale as of 6/30/14 as compared to 99 homes as of 7/31/14), however the inventory level as compared to last year at this same time is up a staggering 74%. Compounding the situation is the 33% drop in the level of homes that are Pending or Under Contract from the same time last year indicating a continued low sales volume for at least the short term.

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 2014.  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 5 years.

 

Bernardsville_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

Year to Date Comparison of Homes SOLD in Bernardsville NJ YTD through JULY 2010 to 2014

 

Bernardsville_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Bernardsville NJ JULY 2010 through 2014

 


 

Sales from Current Month

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

 

Bernardsville_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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