Mendham NJ Real Estate - Market Update for JUNE 2012 Mendham Borough

Mendham NJ Real Estate - Market Update for JUNE 2012 Mendham Borough

by Bob Zorechak - GRI, ABR, e-PRO

Closed Sales for Mendham Borough in the month of June were up dramatically (71%) as compared to this same month last year, with the Year-to-Date volume through June remaining unchanged from 2011. Read below to find out the very latest information on your local Mendham Borough NJ Real Estate market!

Closed Sales were a bit of a mixed bag for June with the Year-to-Date figures unchanged with 25 sales in 2012 and also in 2011. The monthly volume rose sharply by 71% (12 sales in June 2012 vs 7 sales in June 2011). It should be noted that the monthly figure of 12 sales is the second highest it has been in at least the last 5 years, which is a good sign. Pending Sales as of the last day of June are running almost the same as last year.

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. The majority of these cases usually involve well priced homes that are in good condition. Buyers are responding well to these types of homes.

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 Mendham Borough 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.

Follow the link below to read the rest of this report:

Mendham NJ Real Estate - Closed Sales JUNE 2012 Mendham Borough

For more information on Mendham Borough including its award winning school system, follow this link:

All you need to know about Mendham Borough NJ