The numbers for Morris Township are up in 3 out of 4 categories for APRIL 2015:
The rolling 12 month sales volume has increased modestly by twenty-two (22) units or (7%) – Last year: April 2013 thru April 2014 (330) homes sold as compared to the current period: April 2014 thru April 2015 with (352) homes sold.
The April year-to-date closed sales volume rose modestly by six (6) units or (8%). Last year at this time there were seventy-five (75) units sold as compared to the current period at eighty-one (81) units. It is worth noting that this is the highest YTD total for April in at least the past five (5) years and the fourth consecutive year of increased volume.
The monthly volume for the number of sales occurring last April with twenty-five (25) homes sold, as compared to this April with twenty-nine (29) homes sold is up by four (4) units or (16%), making this the best April by far in at least the past five years.
The volume of Pending Sales (Under Contract) as of the last day of April 2015 is running (33%) lower at thirty-six (36) units as compared to last year at this same time at fifty-four (54) units. This is the second decrease in this category in four 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 April is at 5.2 months, which is up sharply from 3.5 months or (49%) from this same time last year. While inventory increased substantially, it is still below being a balanced market and thus leaving seller with an edge 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 it’s brisk pace through April 2015! This was the busiest April in at least the past five years with 29 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 spiked by 49% to 5.2 months of supply (most likely due to would be sellers wanting to finally get off the fence) which is up from 3.5 months from this same time last year. The only negative was another significant drop in Pending sales (33%), which was down by eighteen (18) 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 APRIL in 2015. Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through APRIL over the past 5 years, followed by another graph showing the year to year comparison for homes SOLD in the month of APRIL over the past 5 years.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Update
Sales from Prior Months
(Double click on spreadsheet for an enlarged view)
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.
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