Chester NJ Real Estate Market Update AUGUST 2015

 

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

 

The numbers for CHESTER TOWNSHIP are somewhat of a mixed bag for AUGUST 2015:

  • The rolling 12 month sales volume increased modestly – Last year: August 2013 thru August 2014 there were (103) homes sold as compared to the current period: August 2014 thru August 2015 with (110) homes sold for an increase of seven (7) units or (7%).

  • The August year-to-date numbers decreased slightly by one (1) unit or (1%) as compared to last year’s total of sixty-nine (69) homes sold to the current period with sixty-eight (68) homes sold.

  • The volume for the month of August rose by two (2) units or (20%) as compared to last year’s total of ten (10) homes sold to the current period with twelve (12) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of August 2015 was unchanged from last year at this same time which was nine (9) units.

  • 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 August is at 11.0 months, which is up slightly from this same time last year when it was at 10.6 months. Basically this indicates that the local market is more than  5 months above what is considered to be a balanced market with more inventory giving the 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 AUGUST in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of AUGUST over the same 5 year period.

 

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Township NJ YTD through AUGUST 2011 to 2015

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Township NJ for AUGUST 2011 through 2015

 


 

Sales from Current Month

_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Updates

 

Chester NJ Real Estate Market Updates

 


 

The numbers for CHESTER BOROUGH are mostly positive for AUGUST 2015:

  • The rolling 12 month sales volume increased by sixteen (16) units or (94%) – Last year: August 2013 thru August 2014  there were (17) homes sold as compared to the current period: August 2014 thru August 2015 with (33) homes sold.

  • The August year-to-date numbers were up by twelve (12) units or (120%) as compared to last year’s total of ten (10) homes sold to the current period with twenty-two (22) homes sold.

  • The monthly volume for August rose by three (3) units as compared to the total from last August of one (1) home sold to the current period with four (4) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of August 2015 is at zero (0) units, which is down by three (3) units as compared to last year at this same time.

  • 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 August is at (4) months, which is down from (6.3) months or (36%) from this same time last year. This change means that local Chester Borough market has shifted from a buyer’s market when there was an excess supply of homes available to choose from to a seller’s market with less of a choice for 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 AUGUST in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of AUGUST over the same five (5) year period.

 

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Borough NJ YTD through AUGUST 2011 to 2015

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_August_2015_Bar_Graph

Chester Borough NJ Real Estate Market – Closed Sales YTD through AUGUST 2015

 


 

Sales from Current Month

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014
Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Updates

 

Chester NJ Real Estate Market Updates

 


 

Activity in the Township continues to be mixed. The 12 month rolling sales volume category has been in positive territory every month so far this year and has remained so for August as well. The year-to-date volume was virtually unchanged falling by one (1) unit or (1%). On a monthly basis, the Chester market was up marginally by two (2) units or (20%), continuing the positive trend over the past several months for this category. The volume of Pending sales or homes Under Contract was unchanged from last year at this same time at nine (9) units. Inventory increased only slightly by (4%) or .4 of a month of additional supply from what there was last year at this same time. It now stands at 11.0 months which will give a distinct advantage to buyers.

The Borough continues to surge for the past several months with the 12 month rolling sales volume category up dramatically by 94%, which is good news. The year-to-date volume through August is also up sharply by twelve (12) units or (120%) as compared to this same period last year. The monthly volume was also up significantly to it’s second highest level in the past five years at four (4) units sold for the month. This is a 300% increase from last year at this same time. The only negative for August is a decrease in the volume of homes Pending or Under Contract which fell from three (3) units at this time in 2014 to zero (0) units for the current period. This will have a negative effect going forward for the local Chester Twp. market. Inventory decreased modestly over the past 12 months by (36%), to a (4) month supply, down from (6.3) months from last year at this same time. This will give an advantage to seller as buyers have less homes from which to choose.

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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