Peapack Gladstone NJ Real Estate Market October 2011

Below you will find the latest information for the Peapack Gladstone NJ Real Estate Market October 2011. Current trends indicate a substantial increase in the amount of homes listed For Sale over the past two years during the month of October. There are currently (25) homes For Sale, as compared to (29) homes for this same period last year, (13) in October of 2009 and just (7) in the same month of 2008. Currently there are (3) Pending Sales as compared to (4) at this same time last year. There were (2) Closed Sales this month as compared to the same amount last year, (3) in 2009 and (0) in 2008. The Average Sales Price is $300,000, which is somewhat skewed because of the low amount of closed transactions for the current period.

Peapack Gladstone’s current supply of available inventory (Absorption Rate) has increased by 23% from last year at this same time up from 9.7 to 11.9 months. This figure represents a large and excess inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose. In addition, interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with an overall weak economy.

Residential Single Family Properties

  • Number of ACTIVE listings (homes For Sale) on the market:                            25
  • Number of CLOSED transactions (homes Sold) in October:                                2
  • Number of PENDING sales (homes Under Contract) in October:                         3
  • Average Sales Price (Sold):                                                               $300,000
  • Average List Price (For Sale):                                                          $1,316,236
  • Sales to List Price Ratio:                                                                           88%
  • Average Days on Market:                                                                            70
  • Absorption Rate* (Months of Supply):                                             11.9 months

*This figure represents the number months it will take to sell off all of the inventory at the present rate of sales:

    • 4 months or less is considered to be a Seller’s market with limited inventory for buyers to choose from.
    • 5 to 6 months is considered to be a “normal or balanced” market.
    • 7 months or more is considered to be a Buyer’s market with excess inventory and plenty of homes for buyers to choose from.

Rolling 13 Month Listing & Sold Activity - October

Peapack Gladstone NJ - Homes Listed For Sale - October 2011

Peapack Gladstone NJ - Pending Sales (Under Contract) - October

Peapack Gladstone NJ - Closed Sales (Sold) - October

Peapack Gladstone NJ - Average Sale Price - October

 

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