Peapack Gladstone NJ Real Estate Market Update AUGUST 2014

Peapack Gladstone NJ Real Estate Market Update AUGUST 2014

by Bob Zorechak - GRI, ABR, e-PRO

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

• The rolling 12 month sales volume has dropped significantly for the second consecutive month by fourteen (14) units or (40%) - Last year: August 2012 thru August 2013  (35) homes sold as compared to the current period: August 2013 thru August 2014 with (21) homes sold.

• The August year-to-date numbers are down by thirteen (13) units or (52%) when compared to last year's total of twenty-two (25) homes sold to the current period with twelve (12) homes sold.  Note, this is the lowest YTD total through August in at least the past 5 years.

• The monthly volume for the number of sales occurring last August, three (3) homes sold as compared to this August with only one (1) home sold is down by two (2) units or (67%). Note, this is the lowest monthly total for August in at least the past 5 years.

• The volume of Pending Sales (Under Contract) as of the last day of August 2014 has increased to two (2) units which is up from zero (0) units at this same time last 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 August is at 12.0 months, which is up significantly by 6.2 months or (107%) when compared to last year's inventory at 5.8 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 a small backlog of homes that are Pending or Under Contract, which does not bode well for at least the short term.

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