Mendham NJ Real Estate Market Update MAY 2014

 

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 2014 with the exception of Pending Sales, which may be a positive indicator for increased sales in the upcoming months as these transactions close:

  • The rolling 12 month sales volume decreased by (10) units or 11% – Last year: May 2012 thru May 2013  (88 homes sold) as compared to the current period: May 2013 thru May 2014 with (78 homes sold).

  • The May year-to-date numbers decreased modestly by (8) units or 24% as compared to last year’s year-to-date total (33 homes sold) to the current period with (25 homes sold).

  • The monthly volume for the number of sales occurring last May (8 homes sold) as compared  to this May (4 homes sold) is down sharply by 50% or (4) units.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2014 is at (11) units which is ahead by (3) units or 37% as compared to last year at this same time which was (8) units.

 

Look below to see the individual homes that sold in Mendham Township 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 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same 5 year period.

Mendham_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2014_Bar_Graph

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

 

Mendham_Township_NJ_Real_Estate_-_Closed_Sales_for_May_2014_Bar_Graph

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

 


 

Sales from Current Month

 

Mendham_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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 down for MAY 2014 with the exception of the rolling 12 month sales volume:

  • The rolling 12 month sales volume increased modestly by (18) units or 30% – Last year: May 2012 thru May 2013  (60 homes sold) as compared to the current period: May 2013 thru May 2014 with (78 homes sold).

  • The May year-to-date numbers are down slightly by (2) units or 8% as compared to last year’s year-to-date total (24 homes sold) to the current period with (22 homes sold).

  • The monthly volume for the number of sales occurring last May (10 homes sold) as compared  to this May (6 homes sold) is down by (4) units or 40%.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2014 is at (10) units which is behind by (6) units or 37% as compared to last year at this same time which was (16) units.

 

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 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same 5 year period.

 

Mendham_Borough_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2014_Bar_Graph

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

 

Mendham_Borough_NJ_Real_Estate_-_Closed_Sales_for_May_2014_Bar_Graph

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

 


 

Sales from Current Month

 

Mendham_Borough_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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)

 


 

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.

Most experts are anticipating a longer, more robust selling season mainly due to the harsh winter, which delayed a lot of buyers from starting their search as well as sellers who planned on getting their homes ready for the market. While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the “good old days” are back, which could not be further from the truth. Buyers are still in control of this market.

In addition to the harsh winter, there is also a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Activity in both the Township and the Borough has dropped in three out of the four metrics covered in this update from a year ago at this same time. The same is true for most of the surrounding towns.  Only time will tell if last year’s outstanding Spring market was an anomaly, or a harbinger of better things to come.

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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