Morris Township NJ Real Estate Market Update JANUARY 2015

The numbers for Morris Township are up in 2 out of 4 categories for JANUARY 2015:

  • The rolling 12 month sales volume has increased slightly by nineteen (19) units or (6%) – Last year: January 2013 thru January 2014  (323) homes sold as compared to the current period: January 2014 thru January 2015 with (342) homes sold.

  • The January year-to-date closed sales volume is down modestly at fifteen (15) units as compared to last year at this same time with eighteen (18) units, which is down by three (3) units or (17%).  It is worth noting that this is the second highest YTD total for January in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last January with eighteen (18) homes sold, as compared to this January with thirteen (13) homes sold is down by three (3) units or (17%), making this the second best January in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of January 2015 is running (62%) higher at twenty-four (24) units as compared to last year at this same time at sixteen (16) units.  This increase indicates that the Morris Township market will be off to another good start at least for the next several months.

  • 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 January is at 3.3 months, which is up from 2.9 months (14%) from this same time last year.  Basically this indicates that the local market has a bit more inventory for Buyers to choose from, however it is a long way off from being considered a “balanced” market, which will give a decided edge to Sellers for the time being.

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 Morris Township NJ Real Estate market!

It looks like the local Morris Township market is off to another strong start in January 2015! While the first month’s closed sales volume and the corresponding Year-to-Date numbers are off slightly from last year at this same time, the rolling 12 month YTD totals are up again for the fifth consecutive month.  Inventory rose only slightly from last month to 3.3 months of supply or (14%), however it is still far from a balanced market with a decided edge going to Sellers. The volume of Pending or homes Under Contract spiked by ten (10) units (62%) from this same time last year indicating that the closed sales volume will continue to remain strong for at least the next several months.

In recapping 2014, Closed Sales volume for the Morris Township market was up by 8% as compared to last year. In fact, this was the third straight year of consecutive growth in total sales volume. The year also finished strong with the busiest December in at least the past five years, up by twelve (12) units or (60%) over December 2013.

Interest rates continue to remain near record low levels.  There has rarely been a time when both prices AND interest rates were so low. Combine these two factors with the general state of the economy slowly improving, (although NJ is lagging behind it’s neighboring states and there is still a considerable volume of foreclosure properties that have yet to wind their way through the process) the housing market is poised to get itself back on some solid footing and closer to a more complete recovery in 2015.

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

 

Morris_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_January_2015_Bar_Graph

Comparison of Homes SOLD in Morris Township YTD through JANUARY 2011 to 2015

 

Morris_Township_NJ_Real_Estate_-_Closed_Sales_for_January_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Morris Township in JANUARY 2011 to 2015

 

 


 

Sales from Current Month

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

 

 (Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Morris Township NJ Real Estate Market Update DECEMBER 2014

 

 


 

Sales from Prior Months

 

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014_Part_1 Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014 Part 1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Morris Township NJ

 

 

Other interesting articles on Morris Township 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 Morris Township NJ including the schools, follow this link:

 All you need to know about Morris Township NJ 

For more information on Morris Township 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 Morris Township NJ or any of the surrounding towns in  Morris County including Morristown, Madison, the Chathams, the Chesters, the Mendhams 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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