Bernardsville NJ Real Estate Market Update MAY 2014

The numbers for Bernardsville are down significantly for MAY 2014:

  • The rolling 12 month sales volume has decreased slightly down by 3 units (3%) – Last year: MAY 2012 thru MAY 2013  (109 homes sold) as compared to the current period: MAY 2013 thru May 2014 with (106 homes sold).

  • The May year-to-date numbers are down dramatically by 65% or (28) units when you compare it last year’s year-to-date total (43 homes sold) to the current period with (15 homes sold).

  • The monthly volume for the number of sales occurring last May (6 homes sold), as compared  to this May (2 homes sold) is down by 67% or (4) units.

The volume of Pending Sales (Under Contract) as of the last day of May 2014 is also running significantly lower (9) units as compared to last year at this same time at (16) units, which is down by 44% or (7) units.

 

Read below to find out the very latest information on your local Bernardsville NJ Real Estate market!

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power. The Bernardsville market has been struggling as of late with back to back months of significantly decreased sales as compared to last year.  Inventory is up, which gives buyers the edge in terms of selection and lower prices.  In addition, the amount of homes Under Contract at this time as compared to last year is down as well, indicating a slowdown from the recent years past, which doesn’t seem to be improving.

Most experts are anticipating a longer, more robust selling season mainly due to the harsh winter, which delayed a lot of buyers from starting their search as well as sellers who planned on getting their homes ready for the market. While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the “good old days” are back, which could not be further from the truth. Buyers are still in control of this market.

Interest rates remain at or near historic lows and prices are still relatively low.  Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as older inventory eventually gets cleared out.

Look below to see the individual homes that sold in Bernardsville NJ for the month of MAY in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through MAY through the same period.

Bernardsville_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2014_Bar_Graph

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

 

Year to Year Comparison of Homes SOLD in Bernardsville NJ  2010 through 2014Bernardsville_NJ_Real_Estate_-_Closed_Sales_for_May_2014_Bar_Graph

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

 

 


 

Sales from Current Month

 

Bernardsville_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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

(D

ouble 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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