Tewksbury NJ Real Estate Market Update MAY 2015

 

The numbers for Tewksbury in MAY of 2015 are down across the board:

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

  • The May year-to-date numbers are down slightly by one (1) unit or (4%) when you compare the current period at twenty-two (22) homes sold to last year’s year-to-date total with twenty-three (23) homes sold. This was the slowest May for this category in at least the past five years.

  • The monthly volume for the number of sales occurring this May was four (4) units, which is down by two (2) units or (33%) as compared to this same time last year. This was the slowest May for this category in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 is running moderately lower at five (5) units as compared to last year at this same time at eight (8) units, which is down by three (3) units or (38%).

  • 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 May is at 14.3 months, which is up (26%) when compared to last year’s inventory at 11.3 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!

Similar to April, May was a rather quiet month in Tewksbury with only 4 sales being recorded making it one of the slowest Mays in at least the past 5 years. In addition, the rolling 12 month sales volume remained in negative territory, albeit by only five (5) units and the year-to-date volume through May was down slightly by one (1) unit or (4%). Pending sales also dropped by 38% or three (3) units as compared to last year at this same timewhich went from five (5) units at this time last year to fourteen (14) units through the current period for an increase of nine (9) units or (180%)!  This should make for a solid few months ahead in terms of closed sales.

The negative news is that inventory has crept up by 14% or 11.3 months worth of supply, up from last year at this time which was at 9.9 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 MAY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in the month of MAY over the same 5 year period.

Tewksbury_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

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

 

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

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

 


 

Sales from Current Month

 

Tewksbury_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Tewksbury NJ Real Estate Market Update APRIL 2015

 

Tewksbury NJ Real Estate Market Update MARCH 2015

 

Tewksbury NJ Real Estate Market Update FEBRUARY 2015

 


 

Sales from Prior Months

 

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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