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Bedminster NJ Real Estate Market Update NOVEMBER 2014

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

Bedminster NJ Real Estate Market Update NOVEMBER 2014

by Bob Zorechak - GRI, ABR, e-PRO

 

The numbers for Bedminster are somewhat flat but still strong for NOVEMBER 2014.

  • The rolling 12 month sales volume has decreased slightly by five (5) units or (3%) - Last year: November 2012 thru November 2013  (195) homes sold as compared to the current period: November 2013 thru November 2014 with (190) homes sold.  This is the second consecutive monthly decline in this category in at least the past six months.

  • The November year-to-date numbers are down slightly by seven (7) units or (4%) when compared to last year's year-to-date total of (180) homes sold to the current period with (173) homes sold. This is the second highest YTD volume for November in at least the past (5) years.

  • The monthly volume for the number of sales occurring this November was eight (8) homes, which fell by one (1) unit or (11%) as compared to last November when there were nine (9) homes sold.

  • The volume of Pending Sales (Under Contract) as of the last day of November 2014 is running significantly lower by nine (9) units or (50%) as compared to last year's volume which was (18) units versus the current year's volume of (9) units.  This will negatively impact the volume of sales at least in the short term going forward.

  • 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 November is at 4.9 months, which is up significantly (75%) when compared to last year's inventory at 2.8 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 or some of the increase may be due to the season. 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 is keeping close pace to last year's record volume, especially for the YTD categories, however the significant increase in inventory along with the sharp drop in the number of homes that are Under Contract or Pending is somewhat of a concern. It could be indicating a shift in momentum, but hopefully it is only a temporary slowdown due in part to seasonality.  The overall inventory is still below 6 months, so sellers still have a slight edge over buyers. The next several months will be key in determining which way the local market is headed.

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

 

Bedminster_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_November_2014_Bar_Graph
Year to Date Comparison of Homes SOLD in Bedminster NJ
YTD through NOVEMBER 2010 to 2014

 

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

 

Bedminster NJ Real Estate Market Update NOVEMBER 2014

 

 

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

 

All you need to know about Bedminster NJ

 

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This information is provided to you by New Jersey Real Estate Finder

with a commitment to serving both buyers and sellers in select towns

in and around:

 

Somerset County (Bedminster, Basking Ridge, Bernardsville,

Far Hills, Peapack-Gladstone)

 

Morris County (Long Valley, Chester, Mendham,

Morris Township, Morristown, Madison, Chatham)

 

Hunterdon County (Tewksbury, Lebanon Township)

 

 

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Robert “Bob” Zorechak

GRI    ABR   e-PRO   Realtor

 

Mobile: 908.267.2465

eMail: Bob@BobZorechakRealtor.com

 

NewJerseyRealEstateFinder.com

 

 

Keller Williams Realty Metropolitan

55 Madison Avenue

Morristown, New Jersey 07960

Ph: 973-539-1120   Fx: 908-698-0202

 

Helping You Make Good Decisions

 

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All Content & Photography Copyright © 2014 by Bob Zorechak

 

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