Chester NJ Real Estate Market Update MAY 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 MAY 2014:

  • The rolling 12 month sales volume decreased slightly by (8) units or 7% – Last year: May 2012 thru May 2013  (108 homes sold) as compared to the current period: May 2013 thru May 2014 with (100 homes sold).

  • The May year-to-date numbers decreased modestly by (8) units or 18% as compared to last year’s year-to-date total (44 homes sold) to the current period with (36 homes sold).

  • The monthly volume for the number of sales occurring last May (11 homes sold) as compared  to this May (12 homes sold) is up slightly by 9% or (1) unit.

  • On a another positive note the volume of Pending Sales (Under Contract) as of the last day of May 2014 is at (18) units which is significantly ahead by (8) units or 80% as compared to last year at this same time which was (10) units.

 

Look below to see the individual homes that sold in Chester Township NJ for the month of MAY in 2014.  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 5 year period.

 

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2014_Bar_Graph

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

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_May_2014_Bar_Graph

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

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 MAY 2014:

  • The rolling 12 month sales volume increased slightly by (2) units or 9% – Last year: May 2012 thru May 2013  (23 homes sold) as compared to the current period: May 2013 thru May 2014 with (25 homes sold).

  • The May year-to-date numbers are down modestly by (4) units or 33% as compared to last year’s year-to-date total (12 homes sold) to the current period with (8 homes sold).

  • The monthly volume for the number of sales occurring last May (2 homes sold) as compared  to this May (3 homes sold) is up modestly by (1) unit or 33%.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2014 is at zero (0) units which is exactly the same point where we were last year at this time.

 

Look below to see the individual homes that sold in Chester Borough NJ for the month of MAY in 2014.  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 5 year period.

 

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2014_Bar_Graph

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

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_May_2014_Bar_Graph

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

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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)

 


 

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.

Most experts are anticipating a longer, more robust selling season mainly due to the harsh winter, which delayed a lot of buyers from starting their search as well as sellers who planned on getting their homes ready for the market. While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the “good old days” are back, which could not be further from the truth. Buyers are still in control of this market.

In addition to the harsh winter, there is also a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Activity in the Township continues to be strong (especially over the past two years) with a particular bright spot being the spike in Pending transactions, which will bode well for the volume of closed sales in the upcoming months. The Borough is also following suit with the Township but at a slightly slower, albeit healthy pace. Only time will tell if last year’s outstanding Spring market was an anomaly, or a harbinger of better things to come.

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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