The numbers for Long Valley are all positive for SEPTEMBER 2015:
The rolling 12 month sales volume increased from the prior year by thirty-six (36) units or (21%) – Last year: September 2013 thru September 2014 (170) homes sold as compared to the current period: September 2014 thru September 2015 with (206) homes sold.
The September year-to-date numbers increased by twenty-six (26) units or (20%) as compared to last year’s total of one-hundred thirty (130) homes sold to the current period with one-hundred fifty-six (156) homes sold.
The monthly volume for the number of sales occurring in September increased by seven (7) units or (47%) as compared to last September.
The volume of Pending Sales (Under Contract) as of the last day of September 2015 increased by one (1) unit or (7%) from fifteen (15) units in 2014 as compared to sixteen (16) 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 September fell to 8.8 months or (12%), which is down from 10.0 months from this same time last year.
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 SEPTEMBER 2015 was up significantly by (21%) for the rolling 12 month period. This marks the third 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 two (2) sales recorded in this price range through SEPTEMBER as compared to seven (7) sales for the first nine months of 2015.
The volume for Closed Sales YTD through SEPTEMBER increased modestly by 20%, which represents the busiest YTD volume through SEPTEMBER within the past five years. The monthly volume was also up again by 47% while Pending Sales increased slightly by one (1) unit or (7%) going from fifteen (15) units in 2014 to sixteen (16) in 2015. Inventory went down modestly by 12% to 8.8 months worth of supply, down from 10.0 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 SEPTEMBER in 2014. Also shown below is a year to year comparison bar graph for homes SOLD in the month of SEPTEMBER over the past (5) years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER 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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