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.
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.
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
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