Chester NJ Real Estate Market Update OCTOBER 2014

Note: There are two separate reports for CHESTER - one for the TOWNSHIP and one for the BOROUGH

The numbers for CHESTER TOWNSHIP mostly up in several key categories for OCTOBER 2014:

• The rolling 12 month sales volume remained virtually unchanged decreasing by only one (1) unit or (1%) - Last year: October 2012 thru October 2013  there were (111) homes sold as compared to the current period: October 2013 thru October 2014 with (110) homes sold.

• The October year-to-date numbers increased slightly by four (4) units or (4%) as compared to last year's total of (92) homes sold to the current period with (96) homes sold. This is the highest volume for the month of October YTD in at least the past five (5) years.

• The volume for the month of October is up slightly by one (1) unit or (9%) as compared to last year's total of eleven (11) homes sold to the current period with twelve (12) homes sold.

• The volume of Pending Sales (Under Contract) as of the last day of October 2014 is at nine (9) units, which is up sharply by three (3) units or (50%) more than last year at this time when there were six (6) homes Pending.

• 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 October is at 10.7 months, which is up modestly from 8.7 months from this same time last year.  Basically this indicates that the local market has a significant amount of excess inventory giving the advantage to Buyers.

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.

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