Tewksbury NJ Real Estate Market Update JUNE 2015

The numbers for Tewksbury in JUNE of 2015 have rebounded quite nicely from the previous month and are up across the board:

  • The rolling 12 month sales volume rose modestly by eight (8) units or (10%) – June 2013 thru June 2014 (82) homes sold as compared to June 2014 thru June 2015 with (90) homes sold.

  • The June year-to-date numbers are up by five (5) units or (16%) when you compare the current period at thirty-seven (37) homes sold to last year’s year-to-date total with thirty-two (32) homes sold. This was the second best June for this category in at least the past five years.

  • The monthly volume for the number of sales occurring this June was fifteen (15) units, which is up by six (6) units or (67%) as compared to this same time last year. This was the busiest June for this category in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of June 2015 is running moderately higher at ten (10) units as compared to last year at this same time at eight (8) units, which is up by two (2) units or (25%).

  • 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 June is at 13.8 months, which is down (12%) when compared to last year’s inventory at 15.6 months. Basically this indicates that the Tewksbury market has a lot more inventory for Buyers to choose from and is even less “balanced” now than last year. The result of this condition will help to keep downward pressure on the prices of homes in Tewksbury at least for the near term.

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 Tewksbury NJ Real Estate market!

Unlike the previous two months, June was a rather busy month in Tewksbury with 15 sales being recorded making it the most productive June in at least the past 5 years. It is interesting to note however that the higher end of the local market (homes selling at $1M or above) is off from last year’s pace by 50%.  In fact, at this time last year there were six (6) sales recorded of $1M+ homes as compared to just three (3) for the first half of 2015. The rolling 12 month sales volume ventured into positive territory by eight (8) units, which is up by a rather healthy (10%) and the year-to-date volume through June was also up modestly by five (5) units or (16%). Pending sales were also up by 25% or two (2) units as compared to last year at this same time, which went from eight (8) units in 2014 to ten (10) units through the current period. This should make for a solid few months ahead in terms of closed sales.

Inventory declined modestly by 12% to 13.8 months worth of supply, down from last year at this time which was at 15.6 months. There is still a significant amount of pent up demand on the part of sellers wanting to sell their homes and move on with the next stage of their lives, but only time will tell if the economy will cooperate with people’s plans.

Also worth mentioning regarding inventory are those sellers pricing their homes as if we are back in the boom days of the early 2000’s, which is certainly not the case. This tactic only serves to slow the market down and clutter it up with overpriced homes that will take a long time to sell. Unfortunately, the agents who take these listings are more to blame than the their seller clients, as they do this for a living and should know better. As a result of all of this excess inventory, buyers are definitely in control and will stay that way until the pace picks up again. With that said however, it is not an uncommon occurrence for homes to sell for close to or even above the List Price, sometimes with multiple bids, when sellers price their homes correctly from the very beginning.  Pricing your home too high in the beginning is always punitive and only means less money for sellers in the end.

Look below to see the individual homes that sold in Tewksbury NJ for the month of JUNE in 2015.  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 the month of JUNE over the same 5 year period.

Tewksbury_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_June_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Tewksbury NJ YTD through JUNE 2011 to 2015

 

Tewksbury_NJ_Real_Estate_-_Closed_Sales_for_June_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Tewksbury NJ in JUNE 2011 through 2015

 

 


 

Sales from Current Month

 

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Updates

 

Tewksbury NJ Real Estate Market Updates

 

 


 

Sales from Prior Months

 

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015
Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

 


 

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Tewksbury NJ

 

Other interesting articles on Tewksbury 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.

 

How to find Listings on your own:

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