Morris Township NJ Real Estate Market Update AUGUST 2014

The numbers for Morris Township are down slightly in 3 out of 4 categories for AUGUST 2014:

  • The rolling 12 month sales volume has decreased slightly by twenty-four (24) units or (7%) – Last year: August 2012 thru August 2013  (324) homes sold as compared to the current period: August 2013 thru August 2014 with (300) homes sold. This was virtually unchanged from the previous two months.

  • The August year-to-date numbers decreased moderately when compared to last year’s total of (225) homes sold to the current period of (208) homes sold, which is off by seventeen (17) units or (8%).  The last two (2) years have been by far the best for YTD volume through August in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last August (33) homes sold, as compared  to this August (23) homes sold is down by ten (10) units or (30%).  August 2014 represents the lowest monthly volume within at least the past five years, which is a bit of a slow down from the previous several months.

  • The volume of Pending Sales (Under Contract) as of the last day of August 2014 is running significantly higher at (37) units as compared to last year at this same time at (20) units, which is up by seventeen (17) units or (85%).  This increase indicates that the Morris Township market will most likely continue to remain robust, at least for the near term.

  •  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 August is at 5.7 months, which is up from 3.9 months from this same time last year.  Basically this indicates that the local market has a bit more inventory for Buyers to choose from and is more “balanced” now than in prior years.

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 Morris Township market seems to be chugging along close to last year’s brisk pace, down only 8% with respect to the rolling 12 month and YTD data through AUGUST.  Other encouraging news is the increase in the number of homes Pending or Under Contract at this time, which indicates a positive momentum moving forward into the Fall season. In addition, the inventory has increased slightly which helps take some pressure off of Buyers who had little inventory to choose from in previous months.

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.

Look below to see the individual homes that sold in Morris Township NJ for the month of AUGUST in 2014.  Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST over the past 5 years, followed by another graph showing the year to year comparison for homes SOLD in the month of AUGUST over the past 5 years.

 

Morris_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_August_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Morris Township YTD through AUGUST 2010 to 2014

 

Morris_Township_NJ_Real_Estate_-_Closed_Sales_for_August_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Morris Township NJ AUGUST 2010 through 2014

 

 


 

Sales from Current Month

 

Morris_Township_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

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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