Peapack Gladstone NJ Real Estate Market Update JULY 2014

The numbers for Peapack Gladstone are down significantly across the board for JULY 2014 in 3 out of 4 categories:

  • The rolling 12 month sales volume has dropped by thirteen (13) units or (34%) – Last year: July 2012 thru July 2013  (38) homes sold as compared to the current period: July 2013 thru July 2014 with (25) homes sold.

  • The July year-to-date numbers are down by eleven (11) units or (50%) when compared to last year’s total of twenty-two (22) homes sold to the current period with eleven (11) homes sold.  Note, this is the lowest YTD total through July in at least the past 5 years.

  • The monthly volume for the number of sales occurring last July, seven (7) homes sold as compared to this July with four (4) homes sold is down by three (3) units or (43%).

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running even with last year’s volume 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 July is at 10.6 months, which is up significantly 4.3 months or (68%) when compared to last year’s inventory at 6.3 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 more 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!

    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. So far, 2014 has been significantly slower in terms of Closed Sales as compared to last year in Peapack Gladstone. YTD sales volume is half as much as it was last year at this time. In addition, there is no backlog of homes that are Pending or Under Contract, which does not bode well for at least the short term.

    The next several months will be critical in determining if the recent upswing has any sustained staying power. The Peapack Gladstone market has been struggling as of late with back to back months of significantly decreased sales as compared to last year.  Inventory is up, which gives buyers the edge in terms of selection and lower prices.

    While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the “good old days” are back, which could not be further from the truth. Buyers are still in control of this market.

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

    Peapack_Gladstone_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

    Year to Date Comparison of Homes SOLD in Peapack Gladstone NJ YTD through JULY 2010 to 2014

     

    Peapack_Gladstone_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

    Year to Year Comparison of Homes SOLD in Peapack Gladstone NJ JULY 2010 through 2014

     

     


     

    Sales from Current Month

     

    Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

     

     (Double click on spreadsheet for an enlarged view)

     

     


     

    Sales from Prior Months

     

    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

     

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    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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