Peapack Gladstone NJ Real Estate Market Update JUNE 2014

Peapack Gladstone NJ Real Estate Market Update JUNE 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Peapack Gladstone are down significantly across the board for JUNE 2014 in 3 out of 4 categories:

• The rolling 12 month sales volume has dropped by ten (10) units or (28%) - Last year: June 2012 thru June 2013  (36) homes sold as compared to the current period: June 2013 thru June 2014 with (26) homes sold.

• The June year-to-date numbers are down by eight (8) units or (53%) when compared to last year's total of fifteen (15) homes sold to the current period with seven (7) homes sold.  Note, this is the lowest YTD total through June in at least the past 5 years.

• The monthly volume for the number of sales occurring last June two (2) homes sold, as compared to this June three (3) homes sold is up by one (1) unit or (50%).  This was the only category where we saw an increase in the numbers for June this year.

• The volume of Pending Sales (Under Contract) as of the last day of June 2014 is running lower by two (2) units or (40%) as compared to last year at this same time which was at five (5) units vs. three (3) units for this year.

Read below to find out the very latest information on your local Peapack Gladstone 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. So far, 2014 has been significantly slower in terms of Closed Sales as compared to last year in Peapack Gladstone. YTD sales volume is half as much as it was last year at this time. In addition, there is no backlog of homes that are Pending or Under Contract, which does not bode well for at least the short term.

The next several months will be critical in determining if the recent upswing has any sustained staying power. The Peapack Gladstone market has been struggling as of late with back to back months of significantly decreased sales as compared to last year.  Inventory is up, which gives buyers the edge in terms of selection and lower prices.

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 Peapack Gladstone NJ for the month of JUNE in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of JUNE over the same 5 year period.