Morristown NJ Real Estate Market Update JANUARY 2015

The numbers for JANUARY 2015 in Morristown are a mixed bag with Monthly volume up sharply, and both Pending Sales and rolling YTD volume down modestly:

  • The rolling 12 month sales volume was down modestly by twenty-five (25) units or (12%) – Last year: January 2013 thru January 2014  (205) homes sold as compared to the current period: January 2014 thru January 2015 with (180) homes sold.  This is the sixth month in a row that this category was in negative territory.

  • The January year-to-date closed sales volume is up sharply at fourteen (14) units as compared to last year at this same time with eight (8) units, which is up by six (6) units or (75%).  It is worth noting that this is the highest YTD total for January in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last January was eight (8) homes sold, as compared  to this January which was at fourteen (14) homes sold making this the highest monthly total for January in at least the past five (5) years.

  • The volume of Pending Sales (Under Contract) as of the last day of January 2015 is running sharply lower at six (6) units as compared to last year at this same time with ten (10) units, which is down by four (4) units or (40%).

  • 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 January is 2.9 months, which is the same as it was last year at this time. This shortage of available homes 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 off to a good start in 2015 with closed sales volume up sharply from the past several Januarys. In fact, this was the best January in at least the past five (5) years. In contrast to the monthly volume, the rolling 12 month YTD numbers are down from last year at this same time by twenty-five (25) units or 12%. This is the sixth consecutive month of declining rolling 12 month YTD volume. In addition, the number of homes Pending or Under Contract are down sharply by four (4) units or (40%), however this is more of a timing issue since a different number of homes not included in this total are expected to drive the Pending volume upwards next month.

Inventory is at 2.9 months worth of supply, which is unchanged from last year at this time. Basically, this will help keep prices up while buyers have very little choice in homes to choose from giving the advantage to sellers at this time.

In recapping 2014, Closed Sales volume for the Morristown market was off by 15% as compared to last year, however despite this decrease it was much better than the three years prior to 2013. Another piece of good news is the increase in the number of homes Pending or Under Contract which is an indicator of future sales volume and will most likely help to maintain a healthy pace of volume for at least the next several months.

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 JANUARY in 2015.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of JANUARY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JANUARY through the same period.

 

Morristown_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_January_2015_Bar_Graph

Comparison of Homes SOLD in Morristown NJ YTD through JANUARY 2011 to 2015

 

Morristown_NJ_Real_Estate_-_Closed_Sales_for_January_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Morristown NJ in JANUARY 2011 through 2015

 


 

Sales from Current Month

 

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

 

(Double click on spreadsheet for an enlarged view)

 

 


 

Prior Months’ Market Update

 

Morristown NJ Real Estate Market Update DECEMBER 2014

 


 

Sales from Prior Months

 

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Morristown NJ

 

Other interesting articles on Morristown 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 Morristown NJ including the schools, follow this link:

 All you need to know about Morristown NJ 

For more information on Morristown 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 Morristown NJ or any of the surrounding towns in  Morris County including, Morris Township, Madison, the Chathams, the Chesters, the Mendhams and Long Valley, 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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