Chester NJ Real Estate Market Update APRIL 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 APRIL 2015:

  • The rolling 12 month sales volume rose modestly by thirteen (13) units or (14%) – Last year: April 2013 thru April 2014 there were (96) homes sold as compared to the current period: April 2014 thru April 2015 with (109) homes sold.

  • The April year-to-date numbers decreased by four (4) units or (17%) as compared to last year’s total of twenty-four (24) homes sold to the current period with twenty (20) homes sold.

  • The volume for the month of April is up by one (1) unit or (17%) as compared to last year’s total of six (6) homes sold to the current period with seven (7) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of April 2015 is at eleven (11) units, which is down by four (4) units or (27%) less than last year at this time when there were fifteen (15) 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 April is at 10.5 months, which is up from this same time last year when it was at 9.5 months.  Basically this indicates that the local market is nearly 5 months above what is considered to be a balanced market with more inventory giving a 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 APRIL in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through APRIL over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of APRIL over the same 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_April_2015_Bar_Graph

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

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_April_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 Update

 

Chester NJ Real Estate Market Update MARCH 2015

 

Chester NJ Real Estate Market Update FEBRUARY 2015

 

Chester NJ Real Estate Market Update JANUARY 2015

 


 

The numbers for CHESTER BOROUGH are mostly up for APRIL 2015:

  • The rolling 12 month sales volume decreased moderately by three (3) units or (12%) – Last year: April 2013 thru April 2014  there were (26) homes sold as compared to the current period: April 2014 thru April 2015 with (23) homes sold.

  • The April year-to-date numbers are up by two (2) units as compared to last year’s total of five (5) homes sold to the current period with seven (7) homes sold.  This is the second busiest YTD period through April in at least the last 5 years.

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

  • The volume of Pending Sales (Under Contract) as of the last day of April 2015 is at four (4) units, which is up by two (2) units as compared to last year at this same.

  • 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 April is at 6.8 months, which is up slightly from 6.4 months or 6% from this same time last year. The local Chester Borough market is now considered to be “in balance” which puts buyers and sellers on equal footings.

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 APRIL in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through APRIL over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of APRIL over the same five (5) year period.

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_April_2015_Bar_Graph

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

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_April_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 Update

 

Chester NJ Real Estate Market Update MARCH 2015

 

Chester NJ Real Estate Market Update FEBRUARY 2015

 

Chester NJ Real Estate Market Update JANUARY 2015

 

 


 

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 four consecutive months, however the year-to-date volume dropped by 4 units or 17%. On a monthly basis, it was a decent April with 7 homes sold, which is one better than last year at this same time. Inventory has increased by 11% or one month of additional supply from what there was last year at this same time. .It now stands at 10.5 months which will give a distinct advantage to buyers. The volume of Pending sales or homes Under Contract declined again by four (4) units or (27%), which is not good for at least the short term.

The Borough remains lower than last year’s pace for the 12 month rolling sales volume category by 12% for the third month in a row, however this gap has shrunk nearly half from what it was last month. The year-to-date volume through April increased by (40%), with the monthly volume also up at one (1) unit sold for the month. In addition, the number of homes Pending or Under Contract increased by two (2) units or (100%), with inventory increasing modestly over the past 12 months by 6%, to a 6.8 month supply (up from 6.4 months) from last year at this same time.

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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