Long Valley NJ Real Estate Market Update JANUARY 2015

The numbers for Long Valley are mostly down for JANUARY 2015:

  • The rolling 12 month sales volume decreased modestly from the prior year by twenty-eight (28) units or (14%) – Last year: January 2013 thru January 2014  (199) homes sold as compared to the current period: January 2014 thru January 2015 with (171) homes sold.

  •  The January year-to-date numbers decreased significantly by ten (10) units or (62%) as compared to last year’s total of sixteen (16) homes sold to the current period with six (6) homes sold. Note, this is the second lowest volume for the month of January YTD in at least the past five (5) years.

  •  The monthly volume for the number of sales occurring in January are the same as above.

  • The volume of Pending Sales (Under Contract) as of the last day of January 2015 dropped by four (4) units or 33% from twelve (12) units in 2014 as compared to eight (8) for 2015. This does not bode well for at least the short term.

  • 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 January is at 7.5 months, which is up significantly from 5.1 months or (47%) 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 somewhat balanced market to one with a small margin of excess of 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 JANUARY 2015 was down moderately (14%) for the rolling 12 month period and (62%) for the month of JANUARY. In fact, it was the second lowest volume for this month in at least the past five years. Pending sales are also down from where they were last year at this same time by 33% and inventory has spiked upwards by 47%. All of these factors combined point to a slowdown for Long Valley, at least for the short term.

Despite this slowdown in the local market, prices are expected to remain steady 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 JANUARY in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of JANUARY over the past (5) years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JANUARY through the same period.

 

Long_Valley_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_January_2015_Bar_Graph

Year to Date Comparison of Homes SOLD in Long Valley NJ YTD through JANUARY 2011 to 2015

 

Long_Valley_NJ_Real_Estate_-_Closed_Sales_for_January_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Long Valley NJ for JANUARY 2011 through 2015

 


 

Sales from Current Month

 

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Long Valley NJ Real Estate Market Update DECEMBER 2014

 

Long Valley NJ Real Estate Market Update NOVEMBER 2014

 

 


 

Sales from Prior Months

 

 

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014_-_Part_1Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014_-_Part_2Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Long Valley NJ

 

Other interesting articles on Long Valley 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 Long Valley NJ including the schools, follow this link:

All you need to know about Long Valley NJ 

For more information on Long Valley 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 Long Valley NJ or any of the surrounding towns in  Morris County including MorristownMorris Township, Madison, the Chathams, the Chesters, and the Mendhams,the Somerset County towns of Basking RidgeBedminster, Bernardsville, Peapack Gladstone and Far Hills, 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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