Far Hills NJ Real Estate Market Update MAY 2015

 

The numbers for Far Hills are mostly flat for MAY 2015:

  • The rolling 12 month sales volume decreased slightly by one (1) unit or (7%) from the prior year – Last year: May 2013 thru May 2014 with (15) homes sold as compared to the current period: May 2014 thru May 2015 with (14) homes sold.

  • The May year-to-date numbers are down slightly by one (1) unit or (33%) when compared to last year’s year-to-date total of three (3) homes sold to the current period with two (2) homes sold.

  • The monthly volume of sales occurring in May was zero (0) units as compared to last year’s volume for this same period at zero (0) units for no change in this category.  May has been a slow month for Far Hills with only one (1) sale recorded in the past five years during this month.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 is at two (2) units, which is up from last year at this same time which was at one (1) unit.

  • 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 May is at 13.7 months, which is down by (10%) when compared to last year’s inventory at 15.2 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 May was virtually non-existent with no sales recorded for the month (this has occurred in four of the past five years), and decreases in the year-to-date and rolling 12 month volumes.  The volume of Pending Sales did increase slightly by one (1) unit, up from two (2) units last year at this same time. On a positive note, there was a decrease (albeit small at 10%) in the current supply of inventory, which went from 15.2 months last year to 13.7 months this year. This 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 is expected to increase as the Spring selling season is just around the corner. 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 get off to a robust start.

Look below to see the individual homes that sold in Far Hills 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.

Far_Hills_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

Comparison of Homes SOLD in Far Hills NJ YTD through MAY 2011 to 2015

 

Far_Hills_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Far Hills NJ MAY 2011 to 2015

 


 

Sales from Current Month

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Far Hills NJ Real Estate Market Update APRIL 2015

 

Far Hills NJ Real Estate Market Update MARCH 2015

 

Far Hills NJ Real Estate Market Update FEBRUARY 2015

 

Far Hills NJ Real Estate Market Update JANUARY 2015

 

 


 

Sales from Prior Months

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015
Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015
Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

 


 

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014
Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Far Hills NJ

 

Other interesting articles on Far Hills 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 Far Hills NJ including the schools, follow this link:

All you need to know about Far Hills NJ 

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.

 

How to find Listings on your own:

For listings or information on Far Hills NJ or any of the surrounding towns in  Somerset County including Basking RidgeBedminster, Bernardsville and Peapack Gladstone, the Morris County towns of Morristown, Morris Township, Madison, the Chathams, the Mendhams, the Chesters, and Long Valley, 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.

There are no comments yet. Be the first and leave a response!

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://newjerseyrealestatefinder.com/north-nj-real-estate-areas/far-hills/auto-draft-86/trackback/