Morristown NJ Real Estate Market Update MAY 2014

 

The numbers for Morristown are mostly down across the board for MAY 2014 with the exception of the 12 month rolling sales volume:

  • The rolling 12 month sales volume has increased by 22 units (13%) – Last year: May 2012 thru May 2013  (166 homes sold) as compared to the current period: May 2013 thru May 2014 with (178 homes sold).  This is a significant reversal from negative territory (last month was down 50 units (18%) to positive territory for May.

  • The May year-to-date numbers are down by 35% or (28) units (very similar to last month) when you compare it to last year’s year-to-date total (80 homes sold) to the current period with (52 homes sold).  This breaks a cycle of 3 consecutive years of increased sales YTD through May.

  • The monthly volume for the number of sales occurring last May (18 homes sold), as compared  to this May (13 homes sold) is down by 28% or (5) units, which is also similar to the prior month’s numbers.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2014 is also running significantly lower (16) units as compared to last year at this same time at (21) units, which is down by 24% or (5) units.

 

Read below to find out the very latest information on your local Morristown NJ Real Estate market!

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.  Most experts are anticipating a longer, more robust spring selling season mainly due to the harsh winter, which delayed a lot of buyers from starting their search as well as sellers who planned on getting their homes ready for the market.

In addition to the harsh winter, there is also a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

The Morristown market seems to be holding it’s own through May even though the monthly numbers are down, YTD numbers are ahead of last year’s pace.  One concern however, is the drop in the number of homes Under Contract which is an indicator of future results. This will be something to keep an eye out moving forward.

Prices are expected to remain steady and interest rates continue to remain low.  There has rarely been a time where both prices AND interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

Look below to see the individual homes that sold in Morristown NJ for the month of MAY in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through MAY through the same period.

Morristown_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2014_Bar_Graph

Year to Date Comparison of Homes SOLD in Morristown NJ YTD through MAY 2010 to 2014

Morristown_NJ_Real_Estate_-_Closed_Sales_for_May_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Morristown NJ MAY 2010 through 2014

 

 


 

Sales from Current Month

 

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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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