Peapack Gladstone NJ Real Estate - Market Update for JUNE 2012
by Bob Zorechak - GRI, ABR, e-PRO
Attn: Buyers and Sellers - Closed Sales for Peapack Gladstone are up sharply for the month of June as compared to the the same period last year and up modestly on the year-to-date through June. The market has definitely made a turn for the better as the volume for June has been significant. In addition, the number of Pending Sales as of the last day of June is at (6) as compared to only (2) at this same time last year, which bodes well for next month. Read here to find out the very latest information on your local Peapack Gladstone NJ Real Estate market!
Closed Sales in Peapack Gladstone increased substantially by 150% for the month of June as compared to this same period last year (5 sales in June 2012 as compared to 2 in June 2011). Year-to-Date sales are up modestly by 10% through June as compared to the same period last year (11 sales in 2012 vs. 10 sales in 2011). The year-to-date figure is the highest it has been in at least the last four years.
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.
In recent months, it is not uncommon to see properties attracting multiple bids, however the majority of these are not necessarily resulting in sales prices coming in over asking price, rather than buyers recognizing a good value when they see one and sellers having a better choice of qualified buyers from which to choose.
There is 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.
Prices are expected to remain steady and interest rates continue to hover at record low rates. 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 Peapack Gladstone NJ for the month of JUNE in 2012. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JUNE over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE through the same period.
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