Mendham NJ Real Estate Market Update MAY 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 MAY 2015:

  • The rolling 12 month sales volume decreased by eleven (11) units or 14% – Last year: May 2013 thru May 2014  (78) homes sold as compared to the current period: May 2014 thru May 2015 with (67) homes sold.

  • The May year-to-date numbers decreased by nine (9) units or 36% as compared to last year’s total of twenty-five (25) homes sold to the current period with sixteen (16) homes sold.

  • The monthly volume for the number of sales occurring last May with four (4) homes sold, as compared to this May with three (3) homes sold is down by one (1) unit or (25%).

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 is eighteen (18) units which is eight (8) units or (80%) more 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 May is at 16.2 months, which is up significantly from 13.5 months from this same time last year.  Basically this indicates that the local market has a significant 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 MAY in 2015.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same five (5) year period.

 

Mendham_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

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

 

Mendham_Township_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

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_2014
Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_March_2014Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_February_2014Mendham_Township_NJ_Real_Estate_-_Detaled List of Closed Sales - January 2014

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Updates

 

Mendham NJ Real Estate Market Updates

 


 

The numbers for MENDHAM BOROUGH are somewhat of a mixed bag for MAY 2015:

  • The rolling 12 month sales volume is virtually unchanged – down by only two (2) units or (3%) – Last year: May 2013 thru May 2014  (78) homes sold as compared to the current period: May 2014 thru May 2015 with (76) homes sold.

  • The May year-to-date numbers were unchanged as compared to last year’s total of twenty-two (22) homes sold to the current period with twenty-two (22) homes sold.

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

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 is at six (6) units which is lower by eight (8) units or (57%) as compared to last year at this same time which was at fourteen (14) 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 May is at 8.4 months, which is down slightly by .4 months or (5%) from this same time last year.  Basically this indicates that the local market has moved away from being in “balance” to having a small level of excess inventory which  provides 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 MAY in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past five (5) years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same five (5) year period.

 

Mendham_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

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

 

Mendham_Borough_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

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

 

 


 

Sales from Current Month

 

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

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_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_Janruary_2014

 (Double click on spreadsheet for an enlarged view)

 


 

Activity in the Township for March declined moderately from last month, which was also slow. The rolling 12 month volume was lower this May as compared to last year at this time by eleven (11) units or (14%), which is slightly less than last month. Monthly volume (this May vs  last May) was down by one (1) unit or 25%, and the Year-to-Date volume was down by nine (9) units or (36%). On a positive note, the number of homes Pending or Under Contract was up sharply (eight units / 80%) with inventory also rising significantly to (16.2) months of supply or (22%) giving buyers a distinct advantage in this local market.  Note that this is the highest level of inventory in four years.

The news is somewhat more positive for Mendham Borough with Year-to-Date volume being unchanged from last year at this same time. Monthly sales volume rose by two (2) units or 33% as compared to last May. The rolling 12 month volume was virtually unchanged, down by only two (2) units or (3%).  The number of homes Pending or Under Contract was down considerably (eight units / 57%) with inventory decreasing ever so slightly (.4) for a total of 8.4 months which moves the market from being in “balance” to one with a slight excess of inventory which favors buyers over sellers.  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 Updates

 

Mendham NJ Real Estate Market Updates

 

 


 

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.

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