The numbers for Far Hills are mostly positive for AUGUST 2015:
The rolling 12 month sales volume increased by six (6) units or (55%) from the prior year – Last year: August 2013 thru August 2014 with (11) homes sold as compared to the current period: August 2014 thru August 2015 with (17) homes sold.
The August year-to-date numbers are also up by two (2) units or (40%) when compared to last year’s year-to-date total of five (5) homes sold to the current period with seven (7) homes sold.
The monthly volume of sales occurring in August was two (2) units as compared to last year’s volume for this same period at zero (0) units.
The volume of Pending Sales (Under Contract) as of the last day of August 2015 is at zero (0) units, which is unchanged 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 August is at 9.8 months, which is down by (31%) when compared to last year’s inventory at 14.1 months. This makes Far Hills a favorable market for buyers as inventory is excessive, offering buyers plenty of homes to choose from.
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.
Read below to find out the very latest information on your local Far Hills NJ Real Estate market!
Activity for August was better when compared to the prior month’s volume with increases in the rolling 12 month sales volume at (55%), Year-to-date sales up by (40%) and the monthly sales volume up by two (2) units as compared to zero (0) sales from last month. The only real negative was in the pending volume which remained unchanged at zero (0), which will impact the short term outlook in the months to come. Inventory fell sharply by 4.3 months or (31%), which is a good thing however it still leaves Far Hills with an over supply of available homes for sale giving the edge to buyers at this point in time.
Interest rates remain at or near historic lows and prices are still relatively low with the general state of the economy steadily improving, albeit more slowly in NJ as compared to neighboring states. Inventory has shrunk over the past several consecutive months, however the local market remains out of balance. In addition, pent up demand on the part of sellers who have been sitting on the fence waiting for signs of a housing recovery and wanting to move on should help 2015 to at a minimum, keep pace with the previous year’s volume.
Look below to see the individual homes that sold in Far Hills NJ for the month of AUGUST in 2014. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of AUGUST over the same 5 year period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Updates
Sales from Prior Months
(Double click on spreadsheet for an enlarged view)
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.
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For more information on Far Hills 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.
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