The numbers for APRIL 2015 in Morristown are mostly positive:
The rolling 12 month sales volume remained unchanged at one hundred eighty-three (183) units – Last year: April 2013 thru April 2014 (183) homes sold as compared to the current period: April 2014 thru April 2015 with (183) homes sold.
The April year-to-date closed sales volume is up moderately at forty-eight (48) units as compared to last year at this same time with thirty-nine (39) units, which is up by nine (9) units or (23%). It is worth noting that this is the second highest YTD total for April in at least the past five (5) years.
The monthly volume for the number of sales occurring last April was fourteen (14) homes sold, which is unchanged as compared to this April at that same amount.
The volume of Pending Sales (Under Contract) as of the last day of April 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 (24%).
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 April is 3.2 months, which is down slightly by .3 months or (9%). Despite this decrease, 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 April. This was in contrast to the monthly volume, which was unchanged from the previous month, and the rolling 12 month YTD volume which was also flat as compared to this same time last year at 183 units sold. On a positive note, the number of homes Pending or Under Contract were up modestly by four (4) units or (24%), which is a good indicator that the short term outlook will be solid.
Inventory is at 3.2 months worth of supply, which is down 9% 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 APRIL in 2015. Also shown below is a year to year comparison bar graph for homes SOLD in the month of APRIL over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through APRIL through the same period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Update
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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