Mendham NJ Real Estate Market Update JULY 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 down modestly in all 4 categories for JULY 2014:
The rolling 12 month sales volume decreased by eleven (11) units or 13% - Last year: July 2012 thru July 2013 (84) homes sold as compared to the current period: July 2013 thru July 2014 with (73) homes sold. This was virtually unchanged from last month.
The July year-to-date numbers decreased modestly by thirteen (13) units or 25% as compared to last year's total (52) homes sold to the current period with (39) homes sold. This was virtually unchanged from last month.
The monthly volume for the number of sales occurring last July was nine (9) homes sold as compared to this July with eight (8) homes sold is down slightly by one (1) unit or (11%).
The volume of Pending Sales (Under Contract) as of the last day of July 2014 is at seven (7) units which is lower by two (2) units or (22%) as compared to last year at this same time which was at nine (9) 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 13.8 months, which is up from 10.5 months from this same time last year. Basically this indicates that the local market has an over supply of inventory giving Buyers a significant advantage.
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 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.