Chester NJ Real Estate Market Update FEBRUARY 2015

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

 

The numbers for CHESTER TOWNSHIP are mostly up for FEBRUARY 2015:

  • The rolling 12 month sales volume rose slightly by six (6) units or (6%) – Last year: February 2013 thru February 2014 there were (103) homes sold as compared to the current period: February 2014 thru February 2015 with (109) homes sold.

  • The February year-to-date numbers decreased modestly by two (2) units or (18%) as compared to last year’s total of eleven (11) homes sold to the current period with nine (9) homes sold.

  • The volume for the month of February is up slightly by one (1) unit or (20%) as compared to last year’s total of five (5) homes sold to the current period with six (6) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 is at ten (10) units, which is up by two (2) units or (25%) more than last year at this time when there were eight (8) 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 February is at 7.5 months, which is up slightly from 7.2 months from this same time last year.  Basically this indicates that the local market is very close to what is considered to be a balanced market with slightly more inventory giving a small 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 FEBRUARY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through FEBRUARY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of FEBRUARY over the same 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_February_2015_Bar_Graph

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

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_February_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

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_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)

 


Prior Months’ Market Update

 

Chester NJ Real Estate Market Update JANUARY 2015

 

Chester NJ Real Estate Market Update DECEMBER 2014

 


 

The numbers for CHESTER BOROUGH are mostly down for FEBRUARY 2015:

  • The rolling 12 month sales volume decreased substantially by seven (7) units or (23%) – Last year: February 2013 thru February 2014  there were (30) homes sold as compared to the current period: February 2014 thru February 2015 with (23) homes sold.

  • The February year-to-date numbers are up by one (1) unit as compared to last year’s total of two (2) homes sold to the current period with three (3) homes sold.  This was the second busiest YTD period through February in at least the last 5 years.

  • The monthly volume for the month of February is down by one (1) unit as compared to last February’s total of one (1) home sold to the current period with zero (0) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 is at zero (0) units, which is unchanged from 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 February is at 7.3 months, which is up dramatically from 3.3 months at this same time last year. This level of inventory will give an 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 FEBRUARY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through FEBRUARY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of FEBRUARY over the same five (5) year period.

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_February_2015_Bar_Graph

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

 

Year to Year Comparison of Homes SOLD in Chester Borough NJ for FEBRUARY 2011 through 2015

Year to Year Comparison of Homes SOLD in Chester Borough NJ for FEBRUARY 2011 through 2015

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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_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)

 


 

Prior Months’ Market Update

 

Chester NJ Real Estate Market Update JANUARY 2015

 

Chester NJ Real Estate Market Update DECEMBER 2014

 


 

Activity in the Township continues to move in the right direction especially in the 12 month rolling sales volume category, which has increased for the past two consecutive months. Inventory increased slightly to 7.5 months (up 4% from 7.2 months) giving a small edge to buyers, while the amount of Pending or homes Under Contract went from eight (8) homes last year at this same time to ten (10) homes as of this FEBRUARY. This is a positive sign for the Chester Township market, at least for the near term.

The Borough has dropped off of last year’s pace by 23% and is down in the 12 month rolling sales volume category, with a poor showing in February with zero sales recorded for the month. In addition, the number of homes Pending or Uder Contract remained flat at zero (0), and inventory increased dramatically over the past 12 months by 121%, to a 7.3 month supply (up from 3.3 months) 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.

There are no comments yet. Be the first and leave a response!

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://newjerseyrealestatefinder.com/north-nj-real-estate-areas/chester/auto-draft-27/trackback/