Morris Township NJ Real Estate Market Update JULY 2014

Morris Township NJ Real Estate - Market Update JULY 2014

by Bob Zorechak - GRI, ABR, e-PRO

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

• The rolling 12 month sales volume has decreased slightly by eleven (11) units or (3%) - Last year: July 2012 thru July 2013  (324) homes sold as compared to the current period: July 2013 thru July 2014 with (313) homes sold. This was virtually unchanged from the previous month.

• The July year-to-date numbers remained virtually even when compared to last year's total of (192) homes sold to the current period of (185) homes sold, which is off by seven (7) units or less than (4%).  The last two (2) years have been by far the best for YTD volume through July in at least the past five (5) years.

• The monthly volume for the number of sales occurring last July (50) homes sold, as compared  to this July (43) homes sold is down by seven (7) units or less than (4%).  Similar to the July YTD category, the last two (2) years have been the best for Monthly volume in July for at least the past five (5) years.

• The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running slightly higher at (29) units as compared to last year at this same time at (26) units, which is up by three (3) units or (11%).  This increase indicates that the Morris Township market will 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 July is at 6.0 months, which is up from 3.8 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 doing extremely well based on the rolling 12 month and YTD data through JULY.  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 Summer and early Fall seasons. 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 JULY in 2014.  Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through JULY over the past 5 years, followed by another graph showing the year to year comparison for homes SOLD in the month of JULY over the past 5 years.

 

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

 

Morris Township NJ Real Estate Market Update JULY 2014

 

 

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

 

 

All you need to know about Morris Township NJ