Mendham NJ Real Estate Market Update FEBRUARY 2015

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

 

The numbers for MENDHAM TOWNSHIP are mostly down for FEBRUARY 2015:

  • The rolling 12 month sales volume decreased by thirteen (13) units or 15% – Last year: February 2013 thru February 2014  (86) homes sold as compared to the current period: February 2014 thru February 2015 with (73) homes sold.

  • The February year-to-date numbers decreased by three (3) units or 33% as compared to last year’s total of nine (9) homes sold to the current period with six (6) homes sold.

  • The monthly volume for the number of sales occurring last February with two (2) homes sold, as compared to this February with three (3) homes sold is up by one (1) unit or (50%).

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 is five (5) units which is one (1) unit or (17%) less than it was at this same time last year.

  • 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 February is at 10.4 months, which is up modestly from 8.9 months from this same time last year.  Basically this indicates that the local market has an 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 FEBRUARY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through FEBRUARY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of FEBRUARY over the same five (5) year period.

Mendham_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_February_2015_Bar_Graph

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

 

Mendham_Township_NJ_Real_Estate_-_Closed_Sales_for_February_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_March_2014

Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_February_2014

Mendham_Township_NJ_Real_Estate_-_Detaled List of Closed Sales - January 2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Mendham NJ Real Estate Market Update JANUARY 2015

 

Mendham NJ Real Estate Market Update DECEMBER 2014

 


 

The numbers for MENDHAM BOROUGH are a mixed bag for FEBRUARY 2015:

 

  • The rolling 12 month sales volume decreased modestly by six (6) units or (7)% – Last year: February 2013 thru February 2014  (80) homes sold as compared to the current period: February 2014 thru February 2015 with (74) homes sold.

  • The February year-to-date numbers decreased slightly by two (2) units or 33% as compared to last year’s total of six (6) homes sold to the current period with four (4) homes sold. 

  • The monthly volume for the number of sales occurring last February was at six (6) homes sold as compared to this February with four (4) homes sold, which is down by two (2) units or (33%).

  • The volume of Pending Sales (Under Contract) as of the last day of February 2015 is at two (2) units which is lower by two (2) units or (50%) as compared to last year at this same time which was at four (4) 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 February is at 5.1 months, which is down by 1.1 months or (18%) from this same time last year.  Basically this indicates that the local market is moving away from being in “balance” and therefore providing an edge to Sellers over Buyers, 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 FEBRUARY in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through FEBRUARY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of FEBRUARY over the same five (5) year period.

Mendham_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_February_2015_Bar_Graph

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

 

Mendham_Borough_NJ_Real_Estate_-_Closed_Sales_for_February_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_Janruary_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Activity in the Township for February improved slightly from last month. The rolling 12 month volume was lower this February as compared to last year at this time by thirteen (13) units or (15%). Monthly volume (this February vs  last February) was up by one (1) unit or 50%, but the Year-to-Date volume was down by three (3) units or (33%). The number of homes Pending or Under Contract was down slightly (one unit / 17%) with inventory rising by one and a half months supply or 17% giving buyers more of an edge in this market.

The news is similar for Mendham Borough with monthly sales volume up by two (2) units and the rolling 12 month volume down by four (4) units or 5%.  The number of homes Pending or Under Contract was also down sharply (four units / 57%) with inventory increasing by a little less than one month’s supply (.7) for a total of 5.5 months which is approaching a balanced market.  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 Update

 

Mendham NJ Real Estate Market Update JANUARY 2015

 

Mendham NJ Real Estate Market Update DECEMBER 2014

 

 


 

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.Mendham NJ Real Estate Market Update JANUARY 2015

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