Far Hills NJ Real Estate Market Update DECEMBER 2014

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

  • The rolling 12 month sales volume decreased slightly by tw0 (2) units or (12%) – Last year: December 2012 thru December 2013  was at seventeen (17) homes sold as compared to the current period: December 2013 thru December 2014 with fifteen (15) homes sold.

  • The December year-to-date numbers were down similarly by two (2) units or (12%) when compared last year’s total of seventeen (17) homes sold to the current period with fifteen (15) homes sold. This marks the third month in a row of declining YTD sales volume.

  • The monthly volume for the number of sales in December remained flat at three (3) units matching last year’s volume.

  • The volume of Pending Sales (Under Contract) as of the last day of December 2014 is up by one (1) unit from December 2013, with current volume standing at only 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 December is at 6.0 months, which is down by (39%) when compared to last year’s inventory at 9.8 months. Basically this indicates that the Far Hills market has gone from an over supply of inventory to a “balanced” market creating a more even playing field for Buyers and Sellers.

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!

Overall, 2014 was a decent year for the Far Hills market – only off 12% from the prior year.  Actually it was in line with the sales volume in 4 out of the last 5 years. Inventory has dropped considerably and is now at a “balanced” level (6 months supply) for the first time in at least three years.

On a somewhat negative note, the volume of Pending Sales (Under Contract) through the end of December stands at only one (1) unit, which does not help the short term outlook.

It was interesting to note that November saw two significant sales in the upper end of the market at $1.9M+ and another for $2.3M+. When you include the two other sales from prior months of $2.9+M and $2.1+M, it was a solid year for the upscale market in Far Hills for 2014.

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

 

Far_Hills_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_December_2014_Bar_Graph

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

 

Far_Hills_NJ_Real_Estate_-_Closed_Sales_for_December_2014_Bar_Graph

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

 

 


 

Sales from Current Month

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

Far_Hills_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

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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