Bedminster NJ Real Estate Market Update SEPTEMBER 2014

Bedminster NJ Real Estate Market Update SEPTEMBER 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Bedminster are somewhat of a mixed bag for SEPTEMBER 2014.

• The rolling 12 month sales volume has increased modestly by eight (8) units or (4%) - Last year: September 2012 thru September 2013  (192 homes sold) as compared to the current period: September 2013 thru September 2014 with (200 homes sold).

• The September year-to-date numbers are up slightly by one (1) unit or (1%) when compared to last year's year-to-date total of (151) homes sold to the current period with (152) homes sold.

• The monthly volume for the number of sales occurring last September as compared to this September remained unchanged at eighteen (18) homes sold.

• The volume of Pending Sales (Under Contract) as of the last day of September 2014 is running slightly lower by one (1) unit or (7%) as compared to last year's volume which was (14) units versus the current year's volume of (13) units.  This is a good sign as compared to last month when there was a significant drop in volume.  This should bode well for at least the short 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 September is at 4.8 months, which is up significantly (30%) when compared to last year's inventory at 3.7 months. Basically this indicates that the Bedminster market has a significant shortage of inventory for Buyers to choose from and is even less "balanced" now than in prior years, although this increase could indicate a potential shift from the current position. As long as the inventory remains below 6.0 months prices should remain steady or slightly higher at least for the near term as compared to other surrounding towns where there is more inventory available.

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 Bedminster NJ Real Estate market!

The Bedminster market continues to roll along at a very brisk pace and at the same time is significantly outperforming the neighboring towns in Somerset Hills. The biggest driver of this market is the high level of demand running directly up against a very low level of inventory (although there was a significant uptick this month).  On a positive note, the backlog of pending sales appears to have leveled off from last month's steep decline, which bodes well for at least the short term.

With that said, sellers will continue to remain in control in the Bedminster market and we can expect to see modest price increases (especially in certain neighborhoods) as long as this pace continues and inventory remains below 6.0 months.

Look below to see the individual homes that sold in Bedminster NJ for the month of September in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in the month of SEPTEMBER over the same 5 year period.