Mendham NJ Real Estate Market Update AUGUST 2015

 

Note: There are two separate reports for MENDHAM – one for the TOWNSHIP and one for the BOROUGH

 

The numbers for MENDHAM TOWNSHIP are somewhat of a mixed bag for AUGUST 2015:

  • The rolling 12 month sales volume increased by eight (8) units or 21% – Last year: August 2013 thru August 2014  (78) homes sold as compared to the current period: August 2014 thru August 2015 with (86) homes sold.

  • The August year-to-date numbers increased by ten (10) units or 20% as compared to last year’s total of fifty-one (51) homes sold to the current period with sixty-one (61) homes sold.

  • The monthly volume for the number of sales occurring last August with twelve (12) homes sold, as compared to this August with eleven (11) homes sold is down by one (1) unit or (8%).

  • The volume of Pending Sales (Under Contract) as of the last day of August 2015 is six (6) units which is unchanged from what it was last year at this same time.

  • 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 August is at (11) months, which is down from (11.7) months or (6%) from this same time last year.  Despite this decrease, there is still a significant over supply of inventory giving Buyers even more of an edge in this local market.

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.

 

Look below to see the individual homes that sold in Mendham Township NJ for the month of AUGUST in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of AUGUST over the same five (5) year period.

 

Mendham_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Township NJ YTD through AUGUST 2011 to 2015

 

Mendham_Township_NJ_Real_Estate_-_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Township NJ in AUGUST 2011 through 2015

 


 

Sales from Current Month

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015


Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014
Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_March_2014Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_February_2014Mendham_Township_NJ_Real_Estate_-_Detaled List of Closed Sales - January 2014

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Updates

 

Mendham NJ Real Estate Market Updates

 


 

The numbers for MENDHAM BOROUGH are mostly down for AUGUST 2015:

  • The rolling 12 month sales volume has decreased by twenty-five (25) units or (30%) – Last year: August 2013 thru August 2014  (83) homes sold as compared to the current period: August 2014 thru August 2015 with (58) homes sold.

  • The August year-to-date numbers are also down by eighteen (18) units or (13%) as compared to last year’s total of sixty (60) homes sold to the current period with forty-two (42) homes sold.

  • The monthly volume for the number of sales occurring last August was at nine (9) homes sold as compared to this August with seven (7) homes sold, which is down by two (2) units or (22%).

  • The volume of Pending Sales (Under Contract) as of the last day of August 2015 is at seven (7) units which is higher by four (4) units or (133%) as compared to last year at this same time which was at three (3) units.

  • 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 August is at (9.9) months, which is up sharply by (4.0) months or (67%) from this same time last year.  Basically this indicates that the local market has moved away from being in “balance” to having an of excess level of inventory which  provides an edge to Buyers over Sellers, at least for the short 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.

 

Look below to see the individual homes that sold in Mendham Borough NJ for the month of AUGUST in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of AUGUST over the same five (5) year period.

 

Mendham_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Borough NJ YTD through AUGUST 2011 to 2015

 

Mendham_Borough_NJ_Real_Estate_-_Closed_Sales_for_August_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Borough NJ in AUGUST 2011 through 2015

 


 

Sales from Current Month

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_Janruary_2014

 (Double click on spreadsheet for an enlarged view)

 


 

Activity in the Township for August was somewhat mixed with no major shifts in either direction from the previous month. The rolling 12 month volume has remained in positive territory for the third straight month this year and is up modestly by (10%). Monthly volume (this August vs  last August) was down ever so slightly by one (1) unit or (8%), followed by the Year-to-Date volume which was up sharply by ten (10) units or (20%), making it the busiest August for this category in at least the past five years. In addition, the number of homes Pending or Under Contract remain unchanged at six (6) units. Inventory fell modestly to (11) months of supply or (6%) still giving buyers a distinct advantage in this local market. Despite this small decrease, there is still a significant over supply of inventory giving Buyers even more of an edge in this local market.

August was a another down month in 4 out of 5 categories for Mendham Borough. The rolling 12 month volume fell by (30%) from where it was last year at this time. Year-to-Date and Monthly volumes were also down (13%) and (22%), respectively. The only positive news was the number of homes Pending or Under Contract, which was up by four (4) units or (133%). Inventory increased sharply by (4) months or (67%) for a total of (9.9) months which moves the market from being in “balance” to one with an excess of inventory which favors Buyers over Sellers. Prices are expected to remain steady in both the Township and the Borough with interest rates continuing to remain at near record lows.

There has rarely been a time where both prices AND interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

 


 

Prior Months’ Market Updates

 

Mendham NJ Real Estate Market Updates

 


 

All Listings Currently FOR SALE in Mendham NJ

Other interesting articles on Mendham 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.

For more information on Mendham NJ including the schools, follow this link:

 

All you need to know about Mendham NJ

 

For more information on Mendham NJ Real Estate, call me direct at (908) 267-2465, or email me at Bob@BobZorechakRealtor.com and I will be happy to discuss your specific real estate requirements.

 

How to find Listings on your own:

For listings or information on Mendham NJ or any of the surrounding towns in  Morris County including MorristownMorris Township, Madison, the Chathams, 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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