Peapack Gladstone NJ Real Estate Market Update JUNE 2014

 

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

  • The rolling 12 month sales volume has dropped by ten (10) units or (28%) – Last year: June 2012 thru June 2013  (36) homes sold as compared to the current period: June 2013 thru June 2014 with (26) homes sold.

  • The June year-to-date numbers are down by eight (8) units or (53%) when compared to last year’s total of fifteen (15) homes sold to the current period with seven (7) homes sold.  Note, this is the lowest YTD total through June in at least the past 5 years.

  • The monthly volume for the number of sales occurring last June two (2) homes sold, as compared to this June three (3) homes sold is up by one (1) unit or (50%).  This was the only category where we saw an increase in the numbers for June this year.

  • The volume of Pending Sales (Under Contract) as of the last day of June 2014 is running lower by two (2) units or (40%) as compared to last year at this same time which was at five (5) units vs. three (3) units for this year.

 

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.

Most experts are anticipating a longer, more robust selling season mainly due to the harsh winter, which delayed a lot of buyers from starting their search as well as sellers who planned on getting their homes ready for the market. 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.

Interest rates remain at or near historic lows and prices are still relatively 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 low for several more years as older inventory eventually gets cleared out.

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

 

Peapack_Gladstone_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_June_2014_Bar_Graph

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

 

Peapack_Gladstone_NJ_Real_Estate_-_Closed_Sales_for_June_2014_Bar_Graph

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

 

 


 

Sales from Current Month

 

Peapack_Gladstone_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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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