Far Hills NJ Real Estate - Market Update APRIL 2014

Far Hills NJ Real Estate - Market Update APRIL 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Far Hills are a bit of a mixed bag for APRIL 2014:

• The rolling 12 month sales volume was unchanged - Last year: April 2012 thru April 2013  (15 homes sold) as compared to the current period: April 2013 thru April 2014 with (15 homes sold).

• The April year-to-date numbers are down by 66% or two (2) units when you compare last year's year-to-date total (5 homes sold) to the current period with (3 homes sold).

• The monthly volume for the number of sales occurring last April (1 home sold) as compared  to this April (3 homes sold) is up sharply by 200% or two (2) units.

The volume of Pending Sales (Under Contract) as of the last day of April 2014 is running ahead at two (2) units as compared to last year at this same time with one (1) unit.

Read below to find out the very latest information on your local Far Hills NJ Real Estate market!

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.  Most experts are anticipating a longer, more robust spring selling season mainly due to the harsh winter, which delayed a lot of buyers from starting their search as well as sellers who planned on getting their homes ready for the market.

In addition to the harsh winter, there is also a certain amount of "pent-up demand" on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Prices are expected to remain steady and interest rates continue to remain low.  There has rarely been a time where both prices AND interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

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