Peapack Gladstone NJ Real Estate Market Update JULY 2014

Peapack Gladstone NJ Real Estate Market Update JULY 2014

by Bob Zorechak - GRI, ABR, e-PRO

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

• The rolling 12 month sales volume has dropped by thirteen (13) units or (34%) - Last year: July 2012 thru July 2013  (38) homes sold as compared to the current period: July 2013 thru July 2014 with (25) homes sold.

• The July year-to-date numbers are down by eleven (11) units or (50%) when compared to last year's total of twenty-two (22) homes sold to the current period with eleven (11) homes sold.  Note, this is the lowest YTD total through July in at least the past 5 years.

• The monthly volume for the number of sales occurring last July, seven (7) homes sold as compared to this July with four (4) homes sold is down by three (3) units or (43%).

• The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running even with last year's volume at four (4) 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 July is at 10.6 months, which is up significantly 4.3 months or (68%) when compared to last year's inventory at 6.3 months. Basically this indicates that the Peapack Gladstone market has a lot more inventory for Buyers to choose from and is even less "balanced" now than in prior years. The result of this condition will no doubt keep prices up (at least for the near term) as compared to other surrounding towns where there is more inventory available.

  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.

   

  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.

  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.

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

  
  

  

  Year to Date Comparison of Homes SOLD in Peapack Gladstone NJ

  YTD through JULY 2010 to 2014

   

 

Follow the link below to read the rest of this report:

 

 Peapack Gladstone NJ Real Estate Market Update JULY 2014

 

 

For more information on Peapack Gladstone including its excellent school system, follow this link:

 

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