The numbers for Long Valley are all up for JULY 2015:
The rolling 12 month sales volume increased modestly from the prior year by five (5) units or (3%) – Last year: July 2013 thru July 2014 (188) homes sold as compared to the current period: July 2014 thru July 2015 with (193) homes sold.
The July year-to-date numbers increased by thirteen (13) units or (13%) as compared to last year’s total of one hundred (100) homes sold to the current period with one-hundred thirteen (113) homes sold.
The monthly volume for the number of sales occurring in July increased by one (1) unit or (4%) as compared to last July.
The volume of Pending Sales (Under Contract) as of the last day of July 2015 increased dramatically by eleven (11) units or (85%) from thirteen (13) units in 2014 as compared to twenty-four (24) units for 2015.
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 rose modestly to 10.3 months or (20%), which is up from 8.6 months from this same time last year. The increase in the number of homes recently listed For Sale indicates that the local market has shifted from a balanced market to more of a buyer’s market with all of the excess inventory.
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 Long Valley NJ Real Estate market!
The volume of Closed Sales in Long Valley for JULY 2015 was up by (3%) for the rolling 12 month period. This is down slightly from the previous month but is still a good omen that the volume remained in positive territory after five prior consecutive months of decreases. It is interesting to note however that the higher end of the local market (homes selling at $850K or above) is substantially ahead of last year’s pace. In fact, at this time last year there was only one (1) sale recorded in this price range through July as compared to eight (8) sales for the first seven months of 2015.
The volume for Closed Sales YTD through JULY increased modestly by 13%, which represents the busiest YTD volume through June within the past five years. The monthly volume was up again by 4% while Pending Sales increased dramatically by eleven (11) units or (85%) going from thirteen (13) units in 2014 to twenty-four (24) in 2015. This volume is substantial and should help sustain whatever forward momentum the market is currently experiencing at least for the short term. Inventory went up by 20% to 10.3 months worth of supply, up from 8.6 months from this same time last year, pushing the market away from a balanced market to a buyer’s market. Part of this uptick is seasonal and part of it is due to the pent up demand from sellers who have been sitting on the fence for the past several years waiting for signs of the market getting better.
Despite this slowdown in the local market, prices are expected to remain lower and interest rates continue to remain at or near record low levels. There has rarely been a time where both prices AND interest rates were so low. The general state of the economy continues to improve in NJ (although the neighboring states are doing better) along with a high rate of foreclosures and distressed properties still having to wind their way through the process are expected to keep prices steady for the foreseeable future and hopefully continue to set the stage for a complete housing recovery in 2015 and beyond.
Look below to see the individual homes that sold in Long Valley NJ for the month of JULY in 2014. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JULY over the past (5) years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JULY through the same period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Updates
Sales from Prior Months
(Double click on spreadsheet for an enlarged view)
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.
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