Far Hills NJ Real Estate Market Update MAY 2014

Far Hills NJ Real Estate Market Update MAY 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Far Hills are a flat for MAY 2014:

• The rolling 12 month sales volume has increased slightly by 1 unit (7%) - Last year: MAY 2012 thru MAY 2013  (14 homes sold) as compared to the current period: May 2013 thru May 2014 with (15 homes sold).

• The May year-to-date numbers are down by 40% 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 May as compared  to this May remained unchanged at zero (0) homes sold.

• The volume of Pending Sales (Under Contract) as of the last day of May 2014 is running the same at one (1) unit 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.  Inventory is up, which gives buyers the edge in terms of selection and lower prices.  The amount of homes Under Contract at this time as compared to last year is the same at one (1) home, which doesn't seem to be improving.

Most experts are anticipating a longer, more robust 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. 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 Far Hills NJ for the month of MAY in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through MAY over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of MAY over the same 5 year period.