Far Hills NJ Real Estate Market Update OCTOBER 2014

The numbers for Far Hills are mostly flat for OCTOBER 2014:

  • The rolling 12 month sales volume has decreased slightly by one (1) unit or (7%) – Last year: October 2012 thru October 2013  (15) homes sold as compared to the current period: October 2013 thru October 2014 with (14) homes sold.

  • The October year-to-date numbers are down moderately by three (3) units or (23%) when compared last year’s total of thirteen (13) homes sold to the current period with ten (10) homes sold.

  • The monthly volume for the number of sales occurring last October was two (2) homes sold, as compared to this October, also at two (2) homes sold was unchanged for the period.

  • The volume of Pending Sales (Under Contract) as of the last day of October 2014 is also unchanged at two (2) units from October 2013.

  • 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 October is at 10.3 months, which is down by (14%) 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!

October was a decent month for the local market in Far Hills. The rolling 12 month YTD sales volume is only off by 7% from what it was last year at this same time.  The YTD sales volume through October came in at a 23% deficit which is slightly better than it was in September. The monthly volume was static at two units sold.  Perhaps the biggest surprise was the 14% reduction in available inventory (10.3 months of inventory) which is down from 11.1 months worth of inventory from just last month.  Lastly, there is an average amount of backlog of  homes Pending or Under Contract, the same amount as last October.

While there has been an increase of newer 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 OCTOBER in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through OCTOBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of OCTOBER over the same 5 year period.

 

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

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

 

Far_Hills_NJ_Real_Estate_-_Closed_Sales_for_October_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Far Hills NJ OCTOBER 2010 to 2014

 

 

 


 

Sales from Current Month

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Far_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.

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