Chester NJ Real Estate Market Update JULY 2014

Chester NJ Real Estate Market Update JULY 2014

by Bob Zorechak - GRI, ABR, e-PRO

Note: There are two separate reports for CHESTER - one for the TOWNSHIP and one for the BOROUGH

The numbers for CHESTER TOWNSHIP are somewhat of a mixed bag for JULY 2014:

• The rolling 12 month sales volume decreased slightly by eight (8) units or (7%) - Last year: July 2012 thru July 2013  (110) homes sold as compared to the current period: July 2013 thru July 2014 with (102) homes sold.

• The July year-to-date numbers increased modestly by three (3) units or (5%) as compared to last year's total of (62) homes sold to the current period with (59) homes sold.

• The monthly volume for the number of sales occurring last July remained unchanged from last year at eleven (11) homes sold.

• The volume of Pending Sales (Under Contract) as of the last day of July 2014 is up dramatically by nine (9) units or (225%). There were four (4) homes Pending this time last year as compared to thirteen (13) homes this year.

• 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 11.0 months, which is up modestly from 9.4 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 Chester 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.

 

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

 

Chester NJ Real Estate Market Update JULY 2014

 

 

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

 

All you need to know about Chester NJ