Morristown NJ Real Estate Market Update JULY 2014

Morristown NJ Real Estate Market Update JULY 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Morristown are somewhat of a mixed bag for JULY 2014:

• The rolling 12 month sales volume was up slightly by six (6) units or (4%) - Last year: July 2012 thru July 2013  (172) homes sold as compared to the current period: July 2013 thru July 2014 with (178) homes sold.  This is the third month in a row where this category was in positive territory and indicates that Morristown is on the same pace it was last year at this time looking back 12 months.

• The July year-to-date numbers are down by twenty-seven (27) units or (23%) which is very similar to last month, when compared to last year's total of (118) homes sold to the current period with (91) homes sold.

• The monthly volume for the number of sales occurring last July was fifteen (15) homes sold, as compared  to this July with twenty-one (21) homes sold which is up by six (6) units or (40%), also similar to the prior month's numbers. This has been the strongest July in at least the past 5 years.

• The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running moderately lower at fifteen (15) units as compared to last year at this same time at twenty (20) units, which is down by five (5) units or (25%).

• The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the the end of July is at a four year low of (3.68) months, which is (.08) months or (2%) less than it was last year at this same time. This shortage of available will help keep prices higher, at least in the short time as buyers have fewer homes from which to choose.

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 Morristown NJ Real Estate market!

The Morristown market seems to be holding it's own through July even though the Year-to-Date numbers are down modestly, however the 12 month rolling YTD numbers are slightly ahead of last year's pace.  This has been the best July by far in at least the past 5 years. Offsetting things a bit was a moderate decrease in the number of homes Pending or Under Contract which is an indicator of future sales volume and could have a negative effect for the short term at least.

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 in check 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 JULY in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of JULY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JULY through the same period.

 

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

 

Morristown NJ Real Estate Market Update JULY 2014

 

 

For more information on Morristown including its excellent school system, follow this link:

 

All you need to know about Morristown NJ