The numbers for JUNE 2015 in Morristown are mostly positive:
The rolling 12 month sales volume rose by sixteen (16) units or five (9%) – Last year: June 2013 thru June 2014 (171) homes sold as compared to the current period: June 2014 thru June 2015 with (187) homes sold.
The June year-to-date closed sales volume is up sharply at eighty-one (81) units as compared to last year at this same time with seventy (70) units, which is up by eleven (11) units or (16%). It is worth noting that this is the second highest YTD total for June in at least the past five (5) years.
The monthly volume for the number of sales occurring last June was eighteen (18) homes sold, as compared to sixteen (16) through the current period which is down by two (2) units or (11%).
The volume of Pending Sales (Under Contract) as of the last day of June 2015 is running higher at eighteen (18) units as compared to last year at this same time with fifteen (15) units, which is up by three (3) units or (20%).
The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the the end of June is 3.5 months, which is down by .7 months or (17%). The shortage of available homes in Morristown will help keep prices higher at least in the short term as buyers have fewer homes from which to choose.
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 Morristown NJ Real Estate market!
It looks like the local Morristown market is holding it’s own so far in 2015 with a strong showing in the year-to date volume of Closed Sales through June. More importantly, the rolling 12 month YTD volume increased by 9% as compared to this same time last year, as well as the volume of Pending sales which rose by three (3) units or 20% as compared to last year at this same time. The only negative for June was the monthly volume which was down modestly by two (2) units or (11%).
Inventory is at 3.5 months worth of supply, which is down 17% from this same time last year, and still remains a less than balanced market favoring sellers at his point in time. As a result, this will help keep prices up while Buyers have very little choice in homes to choose from giving a distinct advantage to Sellers.
Interest rates continue to remain near record low levels. There has rarely been a time when both prices AND interest rates were so low. Combine these two factors with the general state of the economy slowly improving, (although NJ is lagging behind it’s neighboring states and there is still a considerable volume of foreclosure properties that have yet to wind their way through the process) the housing market is poised to get itself back on some solid footing and closer to a more complete recovery in 2015.
Look below to see the individual homes that sold in Morristown NJ for the month of JUNE in 2015. 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.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior 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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