Chester NJ Real Estate Market Update JULY 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 JULY 2015:

  • The rolling 12 month sales volume increased modestly – Last year: July 2013 thru July 2014 there were (102) homes sold as compared to the current period: July 2014 thru July 2015 with (110) homes sold for an increase of eight (8) units or (8%).

  • The July year-to-date numbers decreased modestly by three (3) units or (5%) as compared to last year’s total of fifty-nine (59) homes sold to the current period with fifty-six (56) homes sold.

  • The volume for the month of July rose substantially by five (5) units or (45%) as compared to last year’s total of eleven (11) homes sold to the current period with sixteen (16) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2015 is down by four (4) units or (29%) 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 July is at 11.6 months, which is up slightly from this same time last year when it was at 11.0 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 JULY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of JULY over the same 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2015_Bar_Graph

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

 

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_July_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 all up for JULY 2015:

  • The rolling 12 month sales volume increased by six (6) units or (25%) – Last year: July 2013 thru July 2014  there were (24) homes sold as compared to the current period: July 2014 thru July 2015 with (30) homes sold.

  • The July year-to-date numbers were up sharply by nine (9) units or (100%) as compared to last year’s total of nine (9) homes sold to the current period with eighteen (18) homes sold.

  • The monthly volume for July rose dramatically for the second month in a row by four (4) units as compared to last July’s total of one (1) home sold to the current period with five (5) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2015 is at two (2) units, which is down by one (1) unit or (33%) 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 July is at (4) months, which is down significantly from (8) months or (50%) 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 JULY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of JULY over the same five (5) year period.

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2015_Bar_Graph

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

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_July_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 has been mixed for the past few months. The 12 month rolling sales volume category has been in positive territory every month so far this year. In addition, the year-to-date volume has been down for the first five months of 2015, but the last two months saw positive volume, with July being up by (8) units or (8%). On a monthly basis, the Chester market was up sharply five (5) units or (45%), continuing last month’s positive trend. The volume of Pending sales or homes Under Contract fell by four (4) units or (29%), which is not the best news for the short term outlook.  Inventory increased only slightly by (5%) or .6 of a month of additional supply from what there was last year at this same time. It now stands at 11.6 months which will give a distinct advantage to buyers.

The Borough has surging for the past two months in a row with the 12 month rolling sales volume category up by a significant 25%, which is good news. The year-to-date volume through July is also up sharply by nine (9) units or (100%) as compared to this same period last year. The monthly volume was also up dramatically to it’s highest level by far in five years at five (5) units sold for the month. This is a 400% increase from last year at this same time. The volume for homes Pending or Under Contract decreased by one (1) unit or (33%). Inventory decreased substantially the past 12 months by (50%), to a (4) month supply, down from (8) 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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