Morristown NJ Real Estate Market Update MARCH 2015

The numbers for MARCH 2015 in Morristown are mostly positive:

  • The rolling 12 month sales volume was down slightly by just three (3) units or (2%) – Last year: March 2013 thru March 2014  (186) homes sold as compared to the current period: March 2014 thru March 2015 with (183) homes sold.

  • The March year-to-date closed sales volume is up moderately at thirty-four (34) units as compared to last year at this same time with twenty-five (25) units, which is up by nine (9) units or (36%).  It is worth noting that this is the second highest YTD total for March in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last March was eight (8) homes sold, as compared to this March which was at twelve (12) homes sold, which is up by four (4) units or (50%).

  • The volume of Pending Sales (Under Contract) as of the last day of March 2015 is running higher at twenty-one (21) units as compared to last year at this same time with seventeen (17) units, which is up by four (4) units or (23%).

  • 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 March is 3.5 months, which is up sharply by 1.3 months or (59%). Despite this increase, 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 March. In contrast to the monthly volume, the rolling 12 month YTD numbers are down slightly from last year at this same time by only two (2) units or 2%, and the pace of negative numbers seems to be slowing down in recent months.  On a positive note, the number of homes Pending or Under Contract are up sharply by four (4) units or (23%), which is a good indicator that the short term outlook will be solid.

Inventory is at 3.5 months worth of supply, which is up 59% from this same time last year, but 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 MARCH in 2015.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MARCH over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through MARCH through the same period.



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



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



Sales from Current Month




(Double click on spreadsheet for an enlarged view)




Prior Months’ Market Update


Morristown NJ Real Estate Market Update FEBRUARY 2015


Morristown NJ Real Estate Market Update JANUARY 2015



Sales from Prior Months
















(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 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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