Tewksbury NJ Real Estate Market Update MARCH 2015

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

  • The rolling 12 month sales volume is up modestly by 6% or five (5) units – March 2013 thru March 2014 (83) homes sold as compared to March 2014 thru March 2015 with (88) homes sold.

  • The March year-to-date numbers are up by 36% or four (4) units when you compare the current period at fifteen (15) homes sold to last year’s year-to-date total with eleven (11) homes sold.

  • The monthly volume for the number of sales occurring this March rose to ten (10) units, which is up by eight (8) units or five times as compared to this same time last year.

  • The volume of Pending Sales (Under Contract) as of the last day of March 2015 is running lower at two (2) units as compared to last year at this same time at four (4) units, which is down 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 March is at 10.9 months, which is up (36%) when compared to last year’s inventory at 8.0 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!

March was a very active month in Tewksbury with 10 sales being recorded making it the busiest March in at least the past 5 years. It also raised the rolling 12 month sales volume back into positive territory three months into the new year after a rather slow start and was the second busiest March YTD in at least the past five years.

The negative news is that the volume of Pending sales or homes Under Contract has slipped from four (4) units last year at this time to just two (2) units currently. In addition, inventory has crept up by 36% or 10.9 months worth of supply, up from last year at this time which was at 8.0 months. There is a significant 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 MARCH in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MARCH over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in the month of MARCH over the same 5 year period.

Tewksbury_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_March_2015_Bar_Graph

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

 

Tewksbury_NJ_Real_Estate_-_Closed_Sales_for_March_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Tewksbury NJ Real Estate Market Update FEBRUARY 2015

 

Tewksbury NJ Real Estate Market Update JANUARY 2015

 


 

Sales from Prior Months

 

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Tewksbury_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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