Tewksbury NJ Real Estate Market Update FEBRUARY 2015

The numbers for Tewksbury in FEBRUARY of 2015 are mostly down across the board with the exception of homes Pending or Under Contract:

  • The rolling 12 month sales volume is down moderately by 10% or nine (9) units – February 2013 thru February 2014 (89) homes sold as compared to February 2014 thru February 2015 with (80) homes sold.

  • The February year-to-date numbers are down significantly by 44% or four (4) units when you compare the current period at five (5) homes sold to last year’s year-to-date total with nine (9) homes sold.

  • The monthly volume for the number of sales occurring this February dropped to two (2) units, which is down by the same amount two (2) units or (50%) as compared to this same time last year.

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 is running higher at six (6) units as compared to last year at this same time at four (4) units, which is up by two (2) units or (50%).

  • 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 February is at 10.2 months, which is up (44%) when compared to last year’s inventory at 7.1 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!

2014 was the second year in a row of robust sales volume for Tewksbury, which is a good sign that the market is slowly starting to shift in the right direction after many false starts and stops over the past five years or so.

Year-to-date closed sales volume through February is down by (44%) from this same time last year but the rolling 12 month volume is only down 10%.  The first two months of 2015 have been challenging mainly due to the severe winter weather conditions with lots of snow and prolonged record low temperatures, which no doubt had a negative impact on the local market.  The weather was also a likely factor in the increase of home supply currently at 10.2 months, which is up by 3.1 months or 44% from this same time last year. Even though sellers were delayed in getting their homes on the market during these past two months, the lack of closed volume had a negative impact on inventory. On a positive note, Pending Sales or homes Under Contract are up by 50% through February, which should bode well for at least the near term.

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 FEBRUARY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through FEBRUARY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in the month of FEBRUARY over the same 5 year period.


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



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




Sales from Current Month


(Double click on spreadsheet for an enlarged view)



Prior Months’ Market Update


Tewksbury NJ Real Estate Market Update JANUARY 2015


Tewksbury NJ Real Estate Market Update DECEMBER 2014



Sales from Prior Months
















(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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