The numbers for JULY 2015 in Morristown are mostly positive:
The rolling 12 month sales volume rose by nine (9) units or five (5%) – Last year: July 2013 thru July 2014 (178) homes sold as compared to the current period: July 2014 thru July 2015 with (187) homes sold.
The July year-to-date closed sales volume is up modestly at one-hundred and three (103) units as compared to last year at this same time with ninety-one (91) units, which is up by twelve (12) units or (13%). It is worth noting that this is the second highest YTD total for July in at least the past five (5) years.
The monthly volume for the number of sales occurring last July was twenty-one (21) homes sold, as compared to twenty-two (22) through the current period which is up by one (1) unit or (5%).
The volume of Pending Sales (Under Contract) as of the last day of July 2015 is running even with last year’s volume at fifteen (15) units.
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 July is 3.0 months, which is down by .7 months or (19%). 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 positive showing in the year-to date volume of Closed Sales through July. More importantly, the rolling 12 month YTD volume increased by 5% as compared to this same time last year, with the volume of Pending sales remaining unchanged at fifteen (15) units as compared to last year at this same time. Even the monthly volume for July was up by one (1) unit or (5%) from last July.
Inventory is at 3.0 months worth of supply, which is down 19% 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 JULY in 2015. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JULY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JULY 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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