Chester NJ Real Estate Market Update OCTOBER 2014

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

 

The numbers for CHESTER TOWNSHIP mostly up in several key categories for OCTOBER 2014:

  • The rolling 12 month sales volume remained virtually unchanged decreasing by only one (1) unit or (1%) – Last year: October 2012 thru October 2013  there were (111) homes sold as compared to the current period: October 2013 thru October 2014 with (110) homes sold.

  • The October year-to-date numbers increased slightly by four (4) units or (4%) as compared to last year’s total of (92) homes sold to the current period with (96) homes sold. This is the highest volume for the month of October YTD in at least the past five (5) years.

  • The volume for the month of October is up slightly by one (1) unit or (9%) as compared to last year’s total of eleven (11) homes sold to the current period with twelve (12) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of October 2014 is at nine (9) units, which is up sharply by three (3) units or (50%) more 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 October is at 10.7 months, which is up modestly from 8.7 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 OCTOBER in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through OCTOBER over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of OCTOBER over the same 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_October_2014_Bar_Graph

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

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_October_2014_Bar_Graph

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

 

 


 

Sales from Current Month

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

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 mostly down with the exception of Pending Sales for OCTOBER 2014:

  • The rolling 12 month sales volume decreased dramatically by fifteen (15) units or (48%) – Last year: October 2012 thru October 2013  there were (31) homes sold as compared to the current period: October 2013 thru October 2014 with (16) homes sold.

  • The October year-to-date numbers are down sharply by thirteen (13) units or (46%) as compared to last year’s total of (28) homes sold to the current period with (15) homes sold.

  • The monthly volume for the month of October is up slightly by one (1) unit or (50%) as compared to last year’s total of (2) homes sold to the current period with (3) homes sold.  It should be noted that this was the best October in at least the past five (5) years.

  • The volume of Pending Sales (Under Contract) as of the last day of October 2014 is at four (4) units, which is up by two (2) units or (100%) more than last year at this time when there were two (2) 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 October is at 10.5 months, which is up significantly from 4.0 months at this same time last year. This level of inventory will give an 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 OCTOBER in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through OCTOBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of OCTOBER over the same five (5) year period.

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_October_2014_Bar_Graph

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

 

Chester_Borough_NJ_Real_Estate_-_Closed_Sales_for_October_2014_Bar_Graph

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

 

 


 

Sales from Current Month

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

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 is good indicator. 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 6 homes last year at this same time to 9 homes as of this OCTOBER. This will no doubt bode well for the short term. The Borough has dropped off of last year’s pace and is down significantly in both YTD categories as compared to last year. In addition, there is no significant backlog of homes Pending, which is not a solid indicator for at least 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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