Morris Township NJ Real Estate Market Update MARCH 2015

The numbers for Morris Township are up in 3 out of 4 categories for MARCH 2015:

  • The rolling 12 month sales volume has increased modestly by twenty-five (25) units or (8%) – Last year: March 2013 thru March 2014  (323) homes sold as compared to the current period: March 2014 thru March 2015 with (348) homes sold.

  • The March year-to-date closed sales volume rose slightly by two (2) units or (4%) as compared to last year at this same time with fifty (50) units as compared to the current period at fifty-two (52) units.  It is worth noting that this is the highest YTD total for March in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last March with seventeen (17) homes sold, as compared to this March with twenty-three (23) homes sold is up by six (6) units or (35%), making this the best March by far in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of March 2015 is running (44%) lower at nineteen (19) units as compared to last year at this same time at thirty-four (34) units.  This is the first decrease in this category in three months. We’ll have to wait and see what the next few months bring in order to determine if a new trend is emerging.

  • 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 3.8 months, which is up slightly from 3.7 months (3%) from this same time last year.  Basically this indicates that the local market has even less inventory for Buyers to choose from and continues to be 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!

The local Morris Township market continues to chug along at a brisk pace for the first quarter of 2015! This was the busiest March in at least the past five years with 23 sales recorded.  In addition, the 12 month rolling closed sales volume and the corresponding Year-to-Date numbers are both up from the previous month.  Inventory remained relatively flat at 3.8 months worth of supply, making this a seller’s market. The only negative was a 44% drop in Pending sales, which was down by 15 units as compared to last year at this same time.

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 MARCH in 2015.  Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through MARCH over the past 5 years, followed by another graph showing the year to year comparison for homes SOLD in the month of MARCH over the past 5 years.

 

Morris_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_March_2015_Bar_Graph

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

 

Morris_Township_NJ_Real_Estate_-_Closed_Sales_for_March_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Morris Township NJ Real Estate Market Update FEBRUARY 2015

 

Morris Township NJ Real Estate Market Update JANUARY 2015

 

 


 

Sales from Prior Months

 

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014_Part_2Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014Morris_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_2Morris_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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