Tewksbury NJ Real Estate Market Update MAY 2014

Tewksbury NJ Real Estate Market Update MAY 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Tewksbury are a bit of a mixed bag for MAY 2014:

• The rolling 12 month sales volume is up sharply by 26% or 18 units - May 2012 thru May 2013   (70 homes sold) as compared to May 2013 thru May 2014 with (88 homes sold).

• The May year-to-date numbers are down slightly by 4% or 1 unit when you compare the current period (23 homes sold) to last year's year-to-date total (24 homes sold).

• The monthly volume for the number of sales occurring this May (6) as compared  to last May (5) is up slightly by 20% or 1 unit.

• The Tewksbury market continues to steadily improve especially when you look at this year's rolling 12 month sales volume being in double digit positive territory for the fifth straight month in a row. Things may be slowing down a bit as, the volume of Pending Sales (Under Contract) as of the last day of May 2014 is running 33% below 0r three (3) units less than last year's pace which was nine (9) units as compared to this year at six (6) units.

Read below to find out the very latest information on your local Tewksbury 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. In general, the Tewksbury market seems to be holding it's own with respect to a continuing and steady recovery, especially in the mid-price range of $500K to $900K where homes are moving the fastest.  There has also been signs of encouragement on the high-end as well, where things have been very stagnant for several years now, especially for homes priced at $1.4M and above.  The next several months will be critical in determining if the recent upswing has any sustained staying power.  After a very difficult winter, many experts predicted a very robust Spring selling season which has turned out to be somewhat of a mixed bag. While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the "good old days" are back, which could not be further from the truth. Buyers are still in control of this market.

Interest rates remain at or near historic lows and prices are still relatively 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 older inventory eventually gets cleared out.

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