Morristown NJ Real Estate Market Update OCTOBER 2014

 

The numbers for OCTOBER 2014 in Morristown are mostly down with the exception of Monthly and Pending Sales:

  • The rolling 12 month sales volume was down modestly by twenty-four (24) units or (12%) – Last year: October 2012 thru October 2013  (193) homes sold as compared to the current period: October 2013 thru October 2014 with (169) homes sold.  This is the third month in a row that this category dipped into negative territory on the year.

  • The October year-to-date numbers are down by thirty-five (35) units or (20%) which is very similar to last month’s results, when compared to last year’s total of (173) homes sold to the current period with (138) homes sold. This is the second highest YTD total for October in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last October was sixteen (16) homes sold, as compared  to this October with eighteen (18) homes sold which is up by two (2) units or (13%).  This is the highest monthly total for October in at least the past five (5) years.

  • The volume of Pending Sales (Under Contract) as of the last day of October 2014 is running significantly higher at twenty-two (22) units as compared to last year at this same time with seventeen (17) units, which is up by five (5) units or (29%).

  • 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 October is 3.8 months, which is (.3) months or (9%) higher than it was last year at this same time. This shortage of available 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 dipped slightly in October (specifically in the YTD categories) as compared to last year’s abnormally record volume, however current levels are still exceeding the previous three years.  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 the short term at least.

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

Morristown_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_October_2014_Bar_Graph

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

 

Morristown_NJ_Real_Estate_-_Closed_Sales_for_October_2014_Bar_Graph

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

 

 


 

Sales from Current Month

 

Morristown_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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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