Far Hills NJ Real Estate Market October 2011

Below you you will find the latest information for the Far Hills NJ Real Estate Market October 2011. Current trends indicate a substantial increase in the amount of homes listed For Sale over the past two years during the month of October. There are currently (14) homes For Sale, as compared to (22) homes for this same period last year, (5) in October of 2009 and just (2) in the same month of 2008. Currently there is only (1) Pending Sale as compared to (3) at this same time last year. There were (0) Closed Sales this month as compared to (2) last year, (2) in 2009 and (0) in 2008. The Average Sales Price is somewhat skewed because of the low amount of closed transactions for the current period.

Far Hill’s current supply of available inventory (Absorption Rate) has dropped 52% from last year at this same time down from 15.8 to 7.5 months. While this should be viewed as a positive sign, Far Hills still has an excess of inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose. Interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with a weak economy.

Residential Single Family Properties

  • Number of ACTIVE listings (homes For Sale) on the market:                       14
  • Number of CLOSED transactions (homes Sold) in October:                           0
  • Number of PENDING sales (homes Under Contract) in October:                    1
  • Average Sales Price (Sold):                                                                   $0
  • Average List Price (For Sale):                                                    $2,268,100
  • Sales to List Price Ratio:                                                                       0%
  • Average Days on Market:                                                                        0
  • Absorption Rate* (Months of Supply):                                        7.5 months

 *This figure represents the number months it will take to sell off all of the inventory at the present rate of sales:

    • 4 months or less is considered to be a Seller’s market with limited inventory for buyers to choose from.
    • 5 to 6 months is considered to be a “normal or balanced” market.
    • 7 months or more is considered to be a Buyer’s market with excess inventory and plenty of homes for buyers to choose from.

 

Far Hills NJ – Rolling 13 Month Listing & Sales Activity thru October 2011

Far Hills NJ – Homes Listed For Sale – Ocotber

Far Hills NJ – Pending Sales (Under Contract) – October

Far Hills NJ – Closed Sales (Sold) – October

Far Hills NJ – Average Sales Price – October

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/far-hills-nj-real-estate-market-october/trackback/