The numbers for Morristown are mostly up in SEPTEMBER 2015:
The rolling 12 month sales volume rose by sixteen (16) units or ten (10%) – Last year: September 2013 thru September 2014 (169) homes sold as compared to the current period: September 2014 thru September 2015 with (185) homes sold.
The September year-to-date closed sales volume is up modestly at (131) units as compared to last year at this same time with (121) units, which is up by eleven (11) units or (9%). It is worth noting that this is the second highest YTD total for September in at least the past five (5) years.
The monthly volume for the number of sales occurring last September was fourteen (14) homes sold, as compared to fifteen (15) through the current period which is up by one (1) unit or (7%).
The volume of Pending Sales (Under Contract) as of the last day of September 2015 is at thirteen (13) units as compared to last year’s volume at this same time of nineteen (19) units which is lower by six (6) units or (32%).
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 September is 3.8 months, which is down by .5 months or (12%). 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!
The Morristown market continues to hold it’s own in 2015 with positive showings in all three categories of Closed Sales (rolling 12 month YTD up by 10%, the YTD volume up by 9% and the monthly volume up by 7%). The only negative for the month is the Pending Sales volume which is down by six (6) units or (32%) as compared to last year at this same time. This could negatively affect the Closed Sales volume for the next several months.
Inventory is still very low at 3.8 months worth of supply, which is down modestly at 12% from this same time last year. The local market remains a less than balanced which favors 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 SEPTEMBER in 2015. Also shown below is a year to year comparison bar graph for homes SOLD in the month of SEPTEMBER over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER 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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