Chester NJ Real Estate Market Update MAY 2015

 

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

 

The numbers for CHESTER TOWNSHIP are down for MAY 2015:

  • The rolling 12 month sales volume remained flat – Last year: May 2013 thru May 2014 there were (100) homes sold as compared to the current period: May 2014 thru May 2015 with (100) homes sold.

  • The May year-to-date numbers decreased by eleven (11) units or (31%) as compared to last year’s total of thirty-six (36) homes sold to the current period with twenty-five (25) homes sold.

  • The volume for the month of May is down by seven (7) units or (58%) as compared to last year’s total of twelve (12) homes sold to the current period with five (5) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 is at eleven (11) units, which is down by three (3) units or (21%) 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 May is at 13.6 months, which is up from this same time last year when it was at 10.4 months. Basically this indicates that the local market is over 6 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 MAY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

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

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

 

(Double click on spreadsheet for an enlarged view)

 

 


 

Sales from Prior Months

 

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 down for MAY 2015:

  • The rolling 12 month sales volume decreased moderately by four (4) units or (16%) – Last year: May 2013 thru May 2014  there were (25) homes sold as compared to the current period: May 2014 thru May 2015 with (21) homes sold.

  • The May year-to-date numbers were unchanged as compared to last year’s total of eight (8) homes sold to the current period with eight (8) homes sold.

  • The monthly volume for the month of May decreased by two (2) units as compared to last May’s total of three (3) homes sold to the current period with one (1) home sold.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 is at seven (7) units, which is up by seven (7) units as compared to last year at this same representing a significant jump in volume.

  • 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 May is at 6.9 months, which is down moderately from 9.1 months or 24% 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 MAY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same five (5) year period.

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

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

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

Comparison of Homes SOLD in Chester Borough NJ for MAY 2011 through  2015

 

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 has stalled in May, especially in the 12 month rolling sales volume category, which has increased for the past four consecutive months, but was flat for May. In addition, the year-to-date volume dropped by 11 units or 31%. On a monthly basis, the market was also down by 7 units or 58%. The volume of Pending sales or homes Under Contract declined again by three (3) units or (21%), which is not good for at least the short term. Inventory has increased by 31% or three months of additional supply from what there was last year at this same time. .It now stands at 13.6 months which will give a distinct advantage to buyers.

The Borough remains lower than last year’s pace for the 12 month rolling sales volume category by 16% for the fourth month in a row, and the gap has increased from what it was last month. The year-to-date volume through May remained flat at eight (8) units as compared to this same period last year. The monthly volume was down to it’s lowest level in four years at one (1) unit sold for the month. On a positive note, the number of homes Pending or Under Contract increased substantially by seven (7) units as compared to zero (0) units at this same time last year.  Inventory decreased modestly over the past 12 months by 24%, to a 6.9 month supply (down from 9.1 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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