The numbers for Peapack Gladstone are somewhat of a mixed bag for May 2015:
The rolling 12 month sales volume has dropped for the eleventh consecutive month down by one (1) unit or (4%) – Last year: May 2013 thru May 2014 (27) homes sold as compared to the current period: May 2014 thru May 2015 with (26) homes sold.
The May year-to-date numbers increased significantly by four (4) units or (100%) as compared to last year at this same time when four (4) homes sold vs the current period with eight (8) homes sold.
There were three (3) sales recorded in the month of May as compared to last year at this same time when zero (0) homes were sold.
The volume of Pending Sales (Under Contract) as of the last day of May 2015 is at two (2) units which is down by two (2) units from the year before when the volume was at four (4) units.
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 May is at 12.0 months, which is up moderately by 1.3 months or (12%) when compared to last year’s inventory at 10.7 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!
May has been a fairly positive month for Peapack Gladstone with increases in the monthly and year-to-date categories. The volume for Pending Sales decreased by two (2) units from four (4) units at this same time last year. Although, the rolling 12 month sales volume was down by one (1) unit or (4%), the decrease is less than what we have seen in the previous four months of 2015. Inventory rose moderately by 1.3 months worth of supply or (12%) from this same time last year. It now stands at 12.0 months which is less than last month, but still out of balance. This will surely favor buyers and keep downward pressure on prices for at least the short term.
In addition, 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 MAY in 2015. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same 5 year period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
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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