Mendham NJ Real Estate 2011 Annual Market Report Mendham Township

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

 Mendham NJ Real Estate 2011 Annual Market Report Mendham Township

                               by Bob Zorechak - GRI, ABR, e-PRO

 

Find out the latest real estate market information for Mendham Township NJ through 2011 in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Mendham Township NJ real estate market. If you are considering buying and or selling a home in 2012 in Mendham Township NJ, this valuable annual market report is an absolute must read.

Attention... all residential real estate is local! Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

Mendham NJ Real Estate 2011 Annual Market Report Mendham Township

As you can see from the chart above the volume of  Listings in Mendham Township have been holding steady over the past 5 years with Closed Sales  gradually increasing over the past 2 years. On a positive note, inventory has decreased significantly by 34% from this same time last year down from 22 to 14.6 months, which is a big step in the right direction. Ideally, the inventory level should be between 5 and 6 months in order to be considered a "balanced" or normal market where neither Buyers or Sellers have any distinct advantages over one another. Anything above this level is considered to be a Buyer's market and anything below would be a Seller's market.

Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take approximately 14 1/2 months to sell all of Mendham Township's current inventory.

This data indicates that the real estate market in Mendham Township is currently providing Buyers with the advantage, and should remain this way at least for the short term.

Mendham NJ Real Estate 2011 Annual Market Report Mendham Township

The chart above indicates a steadily declining level in the Average Sale Price of homes in Mendham Township NJ over the past 5 years in particular with highs of $1.2M down to $885K in 2011.

Based on the high amount of standing inventory, I would expect to see prices in Mendham Township continue to drop in 2012.


What Does the Market Hold for 2012?


Follow the link below to find out in addition to reading the rest of this Mendham Township 2011 Annual Market Report:

Mendham Township 2011 Annual Market Report



For more information on Mendham Township including the school system, follow this link:

All you need to know about Mendham Township NJ


Posted by

******************************************************************************************************

 

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)

 

 

*******************************************************************************************************

 

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

 

******************************************************************************************************

 

All Content & Photography Copyright © 2014 by Bob Zorechak

 

Comments (1)

Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Hi Bob,  Nice easy-to-read market report.  I agree that all real estate is local.  People think Florida is on sale.  While there are great deals to be had, it varies from place to place, just like New Jersey.

Feb 07, 2012 10:42 AM