Chester NJ Real Estate Market Update SEPTEMBER 2015

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

 

The numbers for CHESTER TOWNSHIP are mostly down for SEPTEMBER 2015:

  • The rolling 12 month sales volume remained unchanged – Last year: September 2013 thru September 2014 there were (107) homes sold as compared to the current period: September 2014 thru September 2015 with (107) homes sold.

  • The September year-to-date numbers decreased by six (6) units or (7%) as compared to last year’s total of eighty-four (84) homes sold to the current period with seventy-eight (78) homes sold.

  • The volume for the month of September fell by five (5) units or (33%) as compared to last year’s total of fifteen (15) homes sold to the current period with ten (10) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of September 2015 was down from last year at this same time by four (4) units or forty-four (44%) going from nine (9) units pending in 2014 to just five (5) units pending in 2015.

  • 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 September is at 12.6 months, which is up slightly from this same time last year when it was at 11.5 months. Basically this indicates that the local market is more than  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 SEPTEMBER in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of SEPTEMBER over the same 5 year period.

Chester_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_September_2015_Bar_Graph

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

 

Chester_Township_NJ_Real_Estate_-_Closed_Sales_for_September_2015_Bar_Graph

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

 


Sales from Current Month

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015

Chester_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

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 somewhat of a mixed bag for SEPTEMBER 2015:

  • The rolling 12 month sales volume increased by seventeen (17) units or (113%) – Last year: September 2013 thru September 2014  there were (15) homes sold as compared to the current period: September 2014 thru September 2015 with (32) homes sold.

  • The September year-to-date numbers were up by ten (10) units or (83%) as compared to last year’s total of twelve (12) homes sold to the current period with twenty-two (22) homes sold.

  • The monthly volume for September rose by fell by two (2) units as compared to the total from last September of two (2) homes sold to the current period with zero (0) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of September 2015 is at two (2) units, which is unchanged 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 September is at 5.6 months, which is down from 13.7 months or (59%) 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 SEPTEMBER in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of SEPTEMBER over the same five (5) year period.

 

Chester_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_September_2015_Bar_Graph

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

 

Chester Borough NJ Real Estate Market - Closed Sales YTD through AUGUST 2015

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

 


Sales from Current Month

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2015

(Double click on spreadsheet for an enlarged view)

 


Sales from Prior Months

 

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015

Chester_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

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 continues to be mixed. The 12 month rolling sales volume category has been in positive territory every month so far this year but it fell flat in September. The year-to-date volume decreased modestly by six (6) units or (7%). On a monthly basis, the Chester market was a;so down by five (5) units or (33%), and thus ending the positive trend over the past several months for this category. The volume of Pending sales or homes Under Contract was down by four (4) units or (44%) from last year at this same time at five (5) units. Inventory increased modestly by (10%) or 1.1 months worth of additional supply from what there was last year at this same time. It now stands at 12.6 months which gives a distinct advantage to buyers.

The Borough continues to surge for the past several months with the 12 month rolling sales volume category up dramatically by 113%, which is good news. The year-to-date volume through September is also up sharply by ten (10) units or (83%) as compared to this same period last year. On a negative note, the monthly volume was at zero (0) fir the first time in at least the past five years. The volume of homes Pending or Under Contract rose sharply from fifteen (15) units at this time in 2014 to thirty-two (32) units for the current period for an impressive increase of (113%). This will have a positive effect going forward for the local Chester Borough market.  Inventory decreased sharply over the past 12 months by (59%), to a 5.6 month supply, down from 13.7 months from last year at this same time. This will give an advantage to sellers as buyers have less homes from which to choose.

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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