Morris Township NJ Real Estate Market Update MAY 2015

 

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.

Morris_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

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

 

Morris_Township_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015_Part_2

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Market Updates

 

Morris Township NJ Real Estate Market Updates

 


 

Sales from Prior Months

 

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015_Part_1Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015_Part_2

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

 


 

 

Morris_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_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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