Chester NJ Real Estate Market Update NOVEMBER 2014

Note: There are two separate reports for CHESTER – one for the TOWNSHIP and one for the BOROUGH

 

The numbers for CHESTER TOWNSHIP mostly up in several key categories for NOVEMBER 2014:

  • The rolling 12 month sales volume remained virtually unchanged increasing by three (3) units or (3%) – Last year: November 2012 thru November 2013  there were (110) homes sold as compared to the current period: November 2013 thru November 2014 with (113) homes sold.

  • The November year-to-date numbers increased modestly by nine (9) units or (9%) as compared to last year’s total of (96) homes sold to the current period with (105) homes sold. This is the highest volume for the month of November YTD in at least the past five (5) years.

  • The volume for the month of November is up substantially by five (5) units or (125%) as compared to last year’s total of four (4) homes sold to the current period with nine (9) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of November 2014 is at seven (7) units, which is down sharply by seven (7) units or (50%) less than last year at this time when there were fourteen (14) homes Pending.

  • 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 November is at 8.0 months, which is up slightly from 7.5 months from this same time last year.  Basically this indicates that the local market has a moderate amount of excess inventory giving a slight advantage to Buyers.

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.

 

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

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_November_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Township NJ YTD through NOVEMBER 2010 to 2014

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_November_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Township NJ for NOVEMBER 2010 through 2014

 

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

The numbers for CHESTER BOROUGH are mostly down with the exception of the monthly volume for NOVEMBER 2014:

  • The rolling 12 month sales volume decreased substantially by eleven (11) units or (37%) – Last year: November 2012 thru November 2013  there were (30) homes sold as compared to the current period: November 2013 thru November 2014 with (19) homes sold.

  • The November year-to-date numbers are down sharply by ten (10) units or (34%) as compared to last year’s total of (29) homes sold to the current period with (19) homes sold.  Despite the drop, this was the second busiest YTD period through November in at least the last 5 years.

  • The monthly volume for the month of November is up sharply by three (3) units or (300%) as compared to last year’s total of only (1) home sold to the current period with (4) homes sold.  It should be noted that this was tied for the best November in at least the past five (5) years.

  • The volume of Pending Sales (Under Contract) as of the last day of November 2014 is at one (1) unit, which is up by one (1) unit or (100%) more than last year at this time when there were zero (0) homes Pending.

  • 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 November is at 10.7 months, which is up significantly from 4.0 months at this same time last year. This level of inventory will give a decided edge to Buyers.

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.

 

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

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_November_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Borough NJ YTD through NOVEMBER 2010 to 2014

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_November_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Borough NJ for NOVEMBER 2010 through 2014

 

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Activity in the Township continues to be strong especially over the past two years.  Both of the YTD categories for the Township are very close to where they were last year at this time, which is good indicator. The only potential damper was a small increase in inventory over the past 12 months.  Offsetting any positives for the Township is the huge decrease in the amount of Pending or homes Under Contract, which went from 14 homes last year at this same time to 7 homes as of this NOVEMBER. This will no doubt impact the numbers for the short term. The Borough has dropped off of last year’s pace and is down significantly in both YTD categories as compared to last year. In addition, there is no significant backlog of homes Pending, which is not a solid indicator for at least the short term.

Prices are expected to remain steady and interest rates continue to remain low.  There has rarely been a time where both prices AND interest rates were so 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 this inventory eventually gets cleared out.

 

All Listings Currently FOR SALE in Chester NJ

 

 

Other interesting articles on Chester 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 Chester NJ including the schools, follow this link:

 All you need to know about Chester NJ 

For more information on Chester 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 Chester NJ or any of the surrounding towns in  Morris County including MorristownMorris Township, Madison, the Chathams, the Mendhams and Long Valley, the Somerset County towns of Basking RidgeBedminster, Bernardsville, Peapack Gladstone and Far Hills, 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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