The numbers for Long Valley are all positive for AUGUST 2015:
The rolling 12 month sales volume increased from the prior year by thirty-three (33) units or (20%) – Last year: August 2013 thru August 2014 (164) homes sold as compared to the current period: August 2014 thru August 2015 with (197) homes sold.
The August year-to-date numbers increased by eighteen (18) units or (16%) as compared to last year’s total of one-hundred sixty-four (164) homes sold to the current period with one-hundred ninety-seven (197) homes sold.
The monthly volume for the number of sales occurring in August increased by five (5) units or (33%) as compared to last August.
The volume of Pending Sales (Under Contract) as of the last day of August 2015 increased by seven (7) units or (41%) from seventeen (17) 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 August rose to 9.3 months or (8%), which is up from 10.1 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 AUGUST 2015 was up significantly by (20%) for the rolling 12 month period. This marks the second month in a row that this volume was in positive territory after five prior consecutive months of being in the red. 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 AUGUST as compared to eight (8) sales for the first eight months of 2015.
The volume for Closed Sales YTD through AUGUST increased modestly by 16%, which represents the second busiest YTD volume through AUGUST within the past five years. The monthly volume was also up again by 33% while Pending Sales increased substantially by seven (7) units or (41%) going from seventeen (17) units in 2014 to twenty-four (24) in 2015. This volume is significant and should help sustain whatever forward momentum the market is currently experiencing at least for the short term. Inventory went down modestly by 8% to 9.3 months worth of supply, down from 10.1 months from this same time last year, pushing the market slightly closer from a buyer’s market to a balanced 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 AUGUST in 2014. Also shown below is a year to year comparison bar graph for homes SOLD in the month of AUGUST over the past (5) years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST 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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