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Bernardsville NJ Real Estate Market Update NOVEMBER 2014

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

Bernardsville NJ Real Estate Market Update NOVEMBER 2014

by Bob Zorechak - GRI, ABR, e-PRO

 

The numbers for Bernardsville are mostly down Year-to-Date for NOVEMBER 2014:

  • The rolling 12 month sales volume has decreased significantly by forty-three (43) units or (35%) - Last year: November 2012 thru November 2013 with (132) homes sold as compared to the current period: November 2013 thru November 2014 with (89) homes sold. This is the sixth month in a row of declining volume in this category.

  • The November year-to-date numbers are down dramatically again for the sixth month in row by forty-five (45) units or (37%) when compared to last year's total of (123) homes sold to the current period with (78) homes sold. This is the lowest YTD total through November in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last November was six (6) homes sold, as compared to this November with eight (8) homes sold is up by two (2) units or (33%). On a positive note, this was the best November showing in at least the past five (5) years.

  • The volume of Pending Sales (Under Contract) as of the last day of November 2014 is running slightly lower at nine (9) units as compared to last year at this same time with ten (10) units, which is down by one (1) unit or (10%).

  •  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 11.7 months, which is up substantially (89%) when compared to last year's inventory at 6.2 months. Basically this indicates that the Bernardsville market has a lot more inventory for Buyers to choose from and is even less "balanced" now than in prior years. The result of this condition will no doubt keep downward pressure on the prices of homes in Bernardsville at least for the near term.  This is the second highest level of inventory for the month November in at least the past four (4) 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 Bernardsville NJ Real Estate market!

The Bernardsville market has been struggling for most of the year, especially in the 3rd quarter and now into the beginning of the 4th quarter with significantly decreased sales as compared to last year.  Inventory has doubled from what it was last year at this time.  In addition, the backlog of Pending Sales or homes Under Contract has leveled off which will not help the volume increase at least for the short term.

Another point worth mentioning regarding inventory are those sellers pricing their homes as if we are back in the boom days of the early 2000's, which is certainly not the case. This tactic only serves to slow the market down and clutter it up with overpriced homes that will take a long time to sell. Unfortunately, the agents who take these listings are more to blame than the their seller clients, as they do this for a living and should know better.  As a result of all of this excess inventory, the buyers are definitely in control and will stay that way until things start moving again. With that said however, it is not an uncommon occurrence for homes to sell for close to or even above the List Price, sometimes with multiple bids, when sellers price their homes correctly from the very beginning.  By pricing too high in the beginning only means less money for the seller in the end.

 

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

 

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

 

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

 

Bernardsville NJ Real Estate Market Update NOVEMBER 2014

 

 

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

 

All you need to know about Bernardsville 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

 

Comments (1)

David Saks
Memphis, TN
Broker / Industry Analyst

Another fine post full of great information. Have a terrific weekend.

Jan 23, 2015 04:29 PM