Peapack Gladstone NJ Real Estate Market Update MARCH 2015

The numbers for Peapack Gladstone are mostly down for March 2015:

  • The rolling 12 month sales volume has dropped significantly for the ninth consecutive month down by ten (10) units or (30%) – Last year: March 2013 thru March 2014  (31) homes sold as compared to the current period: March 2014 thru March 2015 with (21) homes sold.

  • The March year-to-date numbers decreased by one (1) unit or (25%). This was the second slowest March in at least the past five years.

  • There were zero (0) sales recorded in the month of March as compared to last year at this same time when only one (1) sale occurred.  This was the second slowest March in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of March 2015 is at four (4) units which is up sharply by three (3) units from the year before when the volume was only at one (1) unit.

  • The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the end of March is at 12.0 months, which is up dramatically by 5.0 months or (71%) when compared to last year’s inventory at just 7.0 months. Basically this indicates that the Peapack Gladstone market has a lot more inventory for Buyers to choose from and is even less “balanced” now than in prior years. The result of this condition will no doubt keep prices up (at least for the near term) as compared to other surrounding towns where there is less inventory available.

    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 Peapack Gladstone NJ Real Estate market!

    So far, the first three months of 2015 have not been very promising with the rolling 12 month sales volume down by (30%), YTD volume being virtually unchanged from last year, zero (0) sales for the month of March and inventory spiking to 12.0 months worth of supply which is up by 71% as compared to this same period last year. The only positive news is a sharp increase in backlog for the Pending sales volume which rose by three (3) units in March. Taking into account all of these indicators, the short term outlook for the local Peapack Gladstone market does not favor sellers at this point in time, however this is good news for buyers as it is a great time to make a purchase if you are looking for a home in this lovely community. Interest rates are at or near record lows with the general state of the economy slowly improving, however NJ is lagging behind it’s neighboring states and there is still a considerable volume of foreclosure properties winding their way through the process before we can safely say the market is on a solid footing for a complete recovery.

    Look below to see the individual homes that sold in Peapack Gladstone NJ for the month of MARCH in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MARCH over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MARCH over the same 5 year period.

Peapack_Gladstone_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_March_2015_Bar_Graph

Year to Date Comparison of Homes SOLD in Peapack Gladstone NJ YTD through MARCH 2011 to 2015

 

Peapack_Gladstone_NJ_Real_Estate_-_Closed_Sales_for_March_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

 

  (Double click on spreadsheet for an enlarged view)

 


 

 

Prior Months’ Market Update

 

Peapack Gladstone NJ Real Estate Market Update FEBRUARY 2015

 

Peapack Gladstone NJ Real Estate Market Update JANUARY 2015

 

 


 

Sales from Prior Months

 

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Peapack Gladstone NJ

 

 

Other interesting articles on Peapack Gladstone 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 Peapack Gladstone NJ including the schools, follow this link:

 All you need to know about Peapack Gladstone NJ 

For more information on Peapack Gladstone 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 Peapack Gladstone NJ or any of the surrounding towns in  Somerset County including, Basking Ridge, Bedminster, Bernardsville, and Far Hills, the Morris County towns of Morristown, Morris Township, Madison, the Chathams, the Mendhams, the Chesters, and Long Valley, 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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