Long Valley NJ Real Estate Market Update FEBRUARY 2015

The numbers for Long Valley are somewhat of a mixed bag for FEBRUARY 2015:

  • The rolling 12 month sales volume decreased modestly from the prior year by twenty-three (23) units or (12%) – Last year: February 2013 thru February 2014  (198) homes sold as compared to the current period: February 2014 thru February 2015 with (175) homes sold.

  •  The February year-to-date numbers decreased by seven (7) units or (30%) as compared to last year’s total of twenty-three (23) homes sold to the current period with sixteen (16) homes sold. Note, this is the second lowest volume for the month of February YTD in at least the past five (5) years.

  •  The monthly volume for the number of sales occurring in February increased by three (3) units or (43%) as compared to last February.  This was tied for being the best February in at least the last five years.

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 increased by one (1) unit or (9%) from eleven (11) units in 2014 as compared to twelve (12) 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 February rose sharply to 8.2 months or (64%), which is up significantly from 5.0 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 seller’s market to 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 FEBRUARY 2015 was down moderately (12%) for the rolling 12 month period and (30%) for the YTD through FEBRUARY time period. In fact, it was the second lowest volume for this period in at least the past five years. The monthly volume actually went up by three (3) units or (43%), which helped to ease the declines we have seen in recent months. Pending sales also rose modestly by one (1) unit or (9%) which is a good thing, however the level of inventory spiked dramatically from a Seller’s market at this same time last year (5.0 months) to more of  a Buyer’s market this year at (8.2 months) representing a 64% increase in supply. This sharp increase is reflective of the pent-up demand on the part of Seller’s who have been sitting on the fence for several years now wanting to move on with their lives.

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

 

Long_Valley_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_February_2015_Bar_Graph

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

 

Long_Valley_NJ_Real_Estate_-_Closed_Sales_for_February_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Long Valley NJ Real Estate Market Update JANUARY 2015

 

Long Valley NJ Real Estate Market Update DECEMBER 2014

 

 


 

Sales from Prior Months

 

 

Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

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_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014Long_Valley_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014Long_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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