The numbers for Long Valley are somewhat of a mixed bag for MAY 2015:
The rolling 12 month sales volume decreased from the prior year by four (4) units or (2%) – Last year: May 2013 thru May 2014 (188) homes sold as compared to the current period: May 2014 thru May 2015 with (184) homes sold.
The May year-to-date numbers increased by five (5) units or (9%) as compared to last year’s total of fifty-three (53) homes sold to the current period with fifty-eight (58) homes sold.
The monthly volume for the number of sales occurring in May increased sharply by six (6) units or (75%) as compared to last May.
The volume of Pending Sales (Under Contract) as of the last day of May 2015 decreased slightly by one (1) unit or (1%) from twenty-five (25) 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 May rose significantly to 9.6 months or (39%), which is up from 6.9 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 MAY 2015 was down slightly (2%) for the rolling 12 month period for the fifth consecutive month, although this was the smallest decrease over that period. The volume for Closed Sales YTD through MAY actually increased by 9%, which represents a tie for the busiest YTD volume through May within the past five years. The monthly volume was up sharply again by 75%, which is the second busiest MAY in at least the past five years. Pending sales remained virtually unchanged at twenty-four (24) units which is down slightly by one (1) unit or (1%) from this same time last year. This is a very healthy volume which should help sustain whatever forward momentum the market is currently experiencing at least for the short term. Inventory went up by 39% to 9.6 months worth of supply, up from 6.9 months from this same time last year, shifting the market 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 MAY in 2014. Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past (5) years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through MAY 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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