The numbers for Morris Township are up across the board for MAY 2015:
The rolling 12 month sales volume has increased significantly for this category by thirty (30) units or (9%) – Last year: May 2013 thru May 2014 (321) homes sold as compared to the current period: May 2014 thru May 2015 with (351) homes sold.
The May year-to-date closed sales volume rose modestly by seven (7) units or (7%). Last year at this time there were one-hundred and one (101) units sold as compared to the current period at one hundred and eight (108) units. It is worth noting that this is the highest YTD total for May in at least the past five (5) years.
The monthly volume for the number of sales occurring last May with twenty-six (26) homes sold, as compared to this May with twenty-seven (27) homes sold is up by one (1) unit or (4%), making this the second best May in at least the past five years.
The volume of Pending Sales (Under Contract) as of the last day of May 2015 has spiked dramatically by (78%) which is up by eighteen (18) units as compared to last year at this same time. This will certainly have a positive effect on the overall sales volume for at least the next few 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 May is at 4.9 months, which is down modestly from 5.6 months or (13%) from this same time last year.
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 May 2015! This was one of the busiest Mays in at least the past five years with 27 sales recorded. This follows a very strong April, as well. In addition, the 12 month rolling closed sales volume and the corresponding year-to-date numbers are both up by 9% and 7% respectively from the previous month. Inventory reversed trend and decreased 13% to 4.9 months of supply giving more of an edge to sellers with less of a choice for buyers from which to choose. Most impressive was the dramatic rise in Pending sales (78%), which was up by eighteen (18) units as compared to last year at this same time. This marks a 360 degree reversal in this category from the previous month which will definitely have a positive impact on sales volume for at least the next several months.
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 MAY in 2015. Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past 5 years, followed by another graph showing the year to year comparison for homes SOLD in the month of MAY over the past 5 years.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Market Updates
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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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.
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