Long Valley NJ Real Estate Market Update SEPTEMBER 2014

Long Valley NJ Real Estate Market Update SEPTEMBER 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for SEPTEMBER 2014 in Long Valley are somewhat of a mixed bag:

• The rolling 12 month sales volume decreased moderately by twenty-two (22) units or (11%) - Last year: September 2012 thru September 2013  (192) homes sold as compared to the current period: September 2013 thru September 2014 with (170) homes sold.  Although this volume is down for the month, some ground was gained as the monthly decline was less than than the previous month.

• The September year-to-date numbers decreased modestly by twenty-one (21) units or (14%) as compared to last year's unusually high total of (151) homes sold to the current period with (130) homes sold, which has been close to the norm for the previous three years.

• The monthly volume for the number of sales occurring last September (11) homes sold as compared to this September (15) homes sold is up moderately by (4) units or (36%).  Much like the YTD numbers above, this is also very much in line with the volume for the previous three (3) years.

• The volume of Pending Sales (Under Contract) as of the last day of September 2014 is at sixteen (16) units which is slightly lower by two (2) units or (11%) as compared to last year at this same time which was eighteen (18) units.

•  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 10.0 months,   which is up sharply from 7.3 months from this same time last year or (37%).  Basically this spike in the number of homes recently listed For Sale indicates that the local market has shifted from a somewhat balanced market to one with an excess of inventory giving the advantage to Buyers for the time being.

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 Long Valley NJ Real Estate market!

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