Chester NJ Real Estate Market Update JULY 2014

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 2014:

  • The rolling 12 month sales volume decreased slightly by eight (8) units or (7%) – Last year: July 2012 thru July 2013  (110) homes sold as compared to the current period: July 2013 thru July 2014 with (102) homes sold.

  • The July year-to-date numbers increased modestly by three (3) units or (5%) as compared to last year’s total of (62) homes sold to the current period with (59) homes sold.

  • The monthly volume for the number of sales occurring last July remained unchanged from last year at eleven (11) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is up dramatically by nine (9) units or (225%). There were four (4) homes Pending this time last year as compared to thirteen (13) homes this year.

  • 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 11.0 months, which is up modestly from 9.4 months from this same time last year.  Basically this indicates that the local market has a significant amount of excess 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 2014.  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 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Township NJ YTD through JULY 2010 to 2014

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Township NJ for JULY 2010 through 2014

 

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Chester_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)

 


 

The numbers for CHESTER BOROUGH are somewhat of a mixed bag for JULY 2014:

  • The rolling 12 month sales volume increased modestly by three (3) units or (14%) – Last year: July 2012 thru July 2013  there were (21) homes sold as compared to the current period: July 2013 thru July 2014 with (24) homes sold.

  • The July year-to-date numbers are down sharply by six (6) units or (40%) as compared to last year’s total of (15) homes sold to the current period with (9) homes sold.

  • The monthly volume for the number of sales occurring in July has remained flat at one (1) unit for the second year in a row.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is at three (3) units which is down by three (3) units or (50%) less than last year at this time when there were six (6) 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 July is at 8.0 months,  which is down modestly from 10.2 months at this same time last year.  It should be noted that  the supply of inventory for the Borough has remained very steady over the past five (5) years. Basically this indicates that the local market has a modest amount of excess inventory giving a slight 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 JULY in 2014.  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 5 year period.

 

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Borough NJ YTD through JULY 2010 to 2014

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Chester Borough NJ for JULY 2010 through 2014

 

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Chester_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)

 


 

Activity in the Township continues to be strong especially over the past two years.  Both of the YTD categories for the Township are very close to where they were last year at this time, which was good. The only potential damper was a small increase in inventory over the past 12 months.  Offsetting any negatives for the Township is the huge increase in the amount of Pending or homes Under Contract, which went from 4 homes last year at this same time to 13 homes as of this July. This will no doubt bode well for the short term. The Borough is holding steady for the 12 month period but is down YTD through JULY. Hopefully the steady amount of inventory will keep things in check for 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.

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