Morristown NJ Real Estate - Closed Sales JUNE 2012
by Bob Zorechak - GRI, ABR, e-PRO
Closed Sales for Morristown are up 54% year-to-date through June and 125% for the month of June as compared to last year during this same period. The market has definitely made a turn for the better as sales volume has increased significantly. Read here to find out the very latest information on your local Morristown NJ Real Estate market!
Closed Sales in Morristown increased by 125% for the month of June as compared to this same period last year (18 sales in June 2012 as compared to 8 in June 2011). It should be noted that 2011 was an unusually slow year. Year-to-Date sales are up sharply as well by 54% through June as compared to the same period last year (71 sales in 2012 vs. 46 sales in 2011). This increase ends four consecutive years of declining sales. The volume of Pending Sales as of the last day of June are running about the same as they were last year at this time.
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 Morristown 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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