The numbers for Tewksbury are somewhat of a mixed bag for SEPTEMBER of 2015:
The rolling 12 month sales volume rose by eleven (11) units or (14%) – September 2013 thru September 2014 (77) homes sold as compared to September 2014 thru September 2015 with (88) homes sold.
The September year-to-date numbers are up by three (3) units or (5%) when you compare the current period at sixty (60) homes sold to last year’s year-to-date total with fifty-seven (57) homes sold.
The monthly volume for the number of sales occurring this September was seven (7) units, which is down by two (2) units or (22%) as compared to this same time last year.
The volume of Pending Sales (Under Contract) as of the last day of September 2015 is running lower at seven (7) units as compared to last year at this same time at ten (10) units, which is down by three (3) units or (30%).
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 September is at 13.4 months, which is down (8%) when compared to last year’s inventory at 14.5 months. Basically this indicates that the Tewksbury market has a lot more inventory for Buyers to choose from and is just as “imbalanced” as it was last year at this same time. 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!
Similar to past several months September was a rather busy month in Tewksbury. While the monthly sales volume decreased by two (2) units or (22%) in September, both the rolling 12 month volume and the year-to-date volume were up by (14%) and (5%), respectively. Two (2) out of the seven sales recorded in September were in excess of $1,000,000 with the remaining five (5) homes selling for $700K or less. Pending sales dipped modestly by three (3) units or (30%) as compared to last year at this same time, which went from ten (10) units in 2014 to seven (7) units through the current period.
Inventory declined by 8% to 13.4 months worth of supply, down from last year at this time which was at 14.5 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 SEPTEMBER in 2015. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in the month of SEPTEMBER over the same 5 year period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Updates
Sales from Prior Months
(Double click on spreadsheet for an enlarged view)
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.
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