Long Valley NJ Real Estate – Market Update for JUNE 2012

 

Long Valley NJ Real Estate – Market Update for JUNE 2012

 

After a positive May, Closed Sales for Long Valley are down by 10% year-to-date through June as compared to last year during this same period. Volume for the month of June was also down significantly (43%) as compared to last June’s sales figures. On a positive note, the amount of Pending Sales as of the last day of June are up by 31% from the previous year at this time, which bodes well for the next few months. Read here to find out the very latest information on your local Long Valley NJ Real Estate market!

 

Closed Sales were down significantly in Long Valley this past month with a decrease of 10% for the month of June as compared to this same period last year (16 sales in June 2012 with 28 in June 2011). Year-to-Date sales were down even more by 43% through June as compared to the same period last year (74 sales in 2012 vs. 82 sales in 2011). The monthly total has declined for the third consecutive year in a row and is the lowest it has been in at least the last five years.  Offsetting these negative numbers, the amount of Pending Sales as of the last day of June are up by 31% which should help improve the outlook for July and August.

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.

In recent months, it is not uncommon to see properties attracting multiple bids, however the majority of these are not necessarily resulting in sales prices coming in over asking price, rather than buyers recognizing a good value when they see one and sellers having a better choice of qualified buyers from which to choose. The majority of these cases usually involve well priced homes that are in good condition. Buyers are responding well to these types of homes.

There is a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Prices are expected to remain steady and interest rates continue to hover at record low rates. There has rarely been a time where both prices AND interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

Look below to see the individual homes that sold in Long Valley NJ for the month of JUNE in 2012.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of JUNE over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE through the same period.

Year to Year Comparison of Homes SOLD in Bernardsville NJ in June 2008 through 2012

Year to Year Comparison of Homes SOLD in Long Valley NJ in June 2008 through 2012

Long Valley NJ Real Estate - YTD Closed Sales through June 2012 Bar Graph

Year to Year Comparison of Homes SOLD in Long Valley NJ YTD through June 2008 to 2012

  (Double click on spreadsheet for an enlarged view)

Long Valley NJ Real Estate - Detailed List of Closed Sales - June 2012

Detailed List of All Homes SOLD in Long Valley NJ in June 2012

 

All Listings Currently FOR SALE in Long Valley NJ

 

For similar information on prior periods, please go to:

Long Valley NJ Real Estate – Closed Sales First Quarter 2012

Long Valley NJ Real Estate – Closed Sales for APRIL 2012

Long Valley NJ Real Estate – Closed Sales for MAY 2012 

 

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.

 

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 Morristown, Morris Township, Madison, the Chathams, the Mendhams, and the Chesters, 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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