Far Hills NJ Real Estate Market Update JULY 2014

The numbers for Far Hills are down in 3 out of 4 categories for JULY 2014:

  • The rolling 12 month sales volume has decreased modestly by six (6) units or (33%) – Last year: July 2012 thru July 2013  (18) homes sold as compared to the current period: July 2013 thru July 2014 with (12) homes sold.

  • The July year-to-date numbers are down moderately by three (3) units or (37%) when compared last year’s total of eight (8) homes sold to the current period with five (5) homes sold.

  • The monthly volume for the number of sales occurring last July (3) homes sold, as compared to this July decreased by one (1) unit or (33%) with a total of (2) homes sold this July.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running higher by four (4) units or (40%) as compared to last year at this same time which was at zero (0) units vs. four (4) units for this year.

  • 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 July is at 11.0 months, which is down slightly (8%) when compared to last year’s inventory at 12.0 months. Basically this indicates that the Far Hills market has an excess of inventory for Buyers to choose from. The result of this condition will no doubt keep prices down (at least for the near term) as compared to other surrounding towns where there is less inventory available.

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!

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.  Inventory is up, which gives buyers the edge in terms of selection and lower prices.  YTD sales volume is only two thirds as much as it was last year at this time. on the positive side, there is slight backlog of homes that are Pending or Under Contract, which bodes well for at least the short term.

While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the “good old days” are back, which could not be further from the truth. Buyers are still in control of this market.

Interest rates remain at or near historic lows and prices are still relatively 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 older inventory eventually gets cleared out.

Look below to see the individual homes that sold in Far Hills NJ for the month of JULY in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of JULY over the same 5 year period.



Year to Year Comparison of Homes SOLD in Far Hills NJ YTD through JULY 2010 to 2014



Year to Year Comparison of Homes SOLD in Far Hills NJ for JULY 2010 through 2014




Sales from Current Month




(Double click on spreadsheet for an enlarged view)



Sales from Prior Months








(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.

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