Mendham NJ Real Estate Market Update JULY 2014

 

Note: There are two separate reports for MENDHAM – one for the TOWNSHIP and one for the BOROUGH

 

The numbers for MENDHAM TOWNSHIP are down modestly in all 4 categories for JULY 2014:

  • The rolling 12 month sales volume decreased by eleven (11) units or 13% – Last year: July 2012 thru July 2013  (84) homes sold as compared to the current period: July 2013 thru July 2014 with (73) homes sold. This was virtually unchanged from last month.

  • The July year-to-date numbers decreased modestly by thirteen (13) units or 25% as compared to last year’s total (52) homes sold to the current period with (39) homes sold. This was virtually unchanged from last month.

  • The monthly volume for the number of sales occurring last July was nine (9) homes sold as compared to this July with eight (8) homes sold is down slightly by one (1) unit or (11%).

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is at seven (7) units which is lower by two (2) units or (22%) as compared to last year at this same time which was at nine (9) 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 July is at 13.8 months, which is up from 10.5 months from this same time last year.  Basically this indicates that the local market has an over supply of inventory giving Buyers a significant advantage.

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 JULY in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of JULY over the same 5 year period.

 

Mendham_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Township NJ YTD through JULY 2010 to 2014

 

Mendham_Township_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Township NJ YTD through JULY 2010 to 2014

 

 


 

Sales from Current Month

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_March_2014

Mendham_Township_NJ_Real_Estate_-_Detailed List of Closed Sales_February_2014

Mendham_Township_NJ_Real_Estate_-_Detaled List of Closed Sales - January 2014

 

(Double click on spreadsheet for an enlarged view)

 


 

The numbers for MENDHAM BOROUGH are mostly positive for JULY 2014:

  • The rolling 12 month sales volume increased sharply by thirteen (13) units or (19)% – Last year: July 2012 thru July 2013  (69) homes sold as compared to the current period: July 2013 thru July 2014 with (82) homes sold.

  • The July year-to-date numbers increased slightly by three (3) units or 6% as compared to last year’s total (48) homes sold to the current period with (51) homes sold.  This is the highest volume of sales year-to-date for July in at least the last 5 years.

  • The monthly volume for the number of sales occurring last July was twelve (12) homes sold as compared  to this July with fifteen (15) homes sold, which is up modestly by three (3) units or (25%). This is the highest volume of sales for July in at least the last 5 years.

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is at seven (7) units which is high by two (2) units or (40%) as compared to last year at this same time which was at five (5) 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 July is at 6.5 months,  which is down slightly from 7.0 months from this same time last year.  Basically this indicates that the local market has a slight excess of inventory giving Buyers an edge.

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 JULY in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of JULY over the same 5 year period.

 

Mendham_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Borough NJ YTD through JULY 2010 to 2014

 

Mendham_Borough_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Mendham Borough NJ for JULY 2010 through 2014

 

 

Sales from Current Month

 

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_Janruary_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Activity in the Township is off considerably from last year at this time with a significant amount of excess inventory (13.8 months of supply) giving buyers the upper hand. The numbers in all 4 categories are down for the Township, while the exact opposite is true for The Borough, which seems to be having no problem maintaining the momentum that began last year and is holding it’s own.  As opposed to the Township, Mendham Borough has a much more manageable 6.5 months of supply on hand, which is close to having a “balanced” market.Prices are expected to remain steady and interest rates continue to remain low.

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.

 

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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