Mendham NJ Real Estate Market Update JUNE 2014
by Bob Zorechak - GRI, ABR, e-PRO
Note: There are two separate reports for MENDHAM - one for the TOWNSHIP and one for the BOROUGH
The numbers for MENDHAM TOWNSHIP are mostly down for JUNE 2014 with the exception of Pending Sales, which may be a positive indicator for increased sales as these transactions close in the upcoming months:
The rolling 12 month sales volume decreased by ten (10) units or 12% - Last year: June 2012 thru June 2013 (84) homes sold as compared to the current period: June 2013 thru June 2014 with (74) homes sold.
The June year-to-date numbers decreased modestly by twelve (12) units or 28% as compared to last year's total (43) homes sold to the current period with (31) homes sold.
The monthly volume for the number of sales occurring last June ten (10) homes sold as compared to this June with six (6) homes sold is down sharply by four (4) or (40%).
The volume of Pending Sales (Under Contract) as of the last day of June 2014 is at nine (9) units which is ahead by three (3) units or (50%) as compared to last year at this same time which was at six (6) units.
The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the end of June is at 14.2 months, which is up sharply from 11.1 months from this same time last year. Basically this indicates that the local market has a significant amount of excess inventory giving the advantage to Buyers.
Note: A "balanced" market is considered to have a 6 month supply. Anything below that amount would be considered a "low" inventory and thus less than balanced. This market condition typically favors Sellers. Anything above a 6 month supply would result in a "high" inventory of homes on the market and typically favors Buyers.
Look below to see the individual homes that sold in Mendham Township 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.