Long Valley NJ Real Estate Market Update JULY 2014

Long Valley NJ Real Estate Market Update JULY 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Long Valley were somewhat of a mixed bag through JULY 2014:

• The rolling 12 month sales volume increased slightly by twelve (12) units or (7%) - Last year: July 2012 thru July 2013  (176) homes sold as compared to the current period: July 2013 thru July 2014 with (188) homes sold.

• The July year-to-date numbers decreased slightly by three (3) units or (3%) as compared to last year's total of (103) homes sold to the current period with (100) homes sold.

• The monthly volume for the number of sales occurring last July (20) homes sold as compared to this July (28) homes sold is up modestly by (8) units or (40%).  This represents the highest volume for July in at least the past five (5) years.

• The volume of Pending Sales (Under Contract) as of the last day of July 2014 is at thirteen (13) units which is significantly lower by eight (8) units or (38%) as compared to last year at this same time which was twenty-one (21) units. This may be an indicator that the local market may be starting to slow down a bit, at least for the short term.

•  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 8.6 months, which is up from 6.6 months from this same time last year.  Basically this indicates that the local market has an excess of 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.

Read below to find out the very latest information on your local Long Valley NJ Real Estate market!

Prices are expected to remain steady and interest rates continue to remain low.  There has rarely been a time where both prices AND interest rates were so 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 this inventory eventually gets cleared out.

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

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

 

Long Valley NJ Real Estate Market Update JULY 2014

 

 

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All you need to know about Long Valley NJ