Peapack Gladstone NJ Real Estate Market Update SEPTEMBER 2014

Peapack Gladstone NJ Real Estate Market Update SEPTEMBER 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Peapack Gladstone are the same or down moderately across the board for SEPTEMBER 2014:

• The rolling 12 month sales volume has dropped significantly for the third consecutive month by fifteen (15) units or (40%) - Last year: September 2012 thru September 2013  (37) homes sold as compared to the current period: September 2013 thru September 2014 with (22) homes sold.

• The September year-to-date numbers are down by thirteen (13) units or (45%) when compared to last year's total of twenty-nine (29) homes sold to the current period with sixteen (16) homes sold.  Note, this is the lowest YTD total through September in at least the past 5 years.

• The monthly volume for the number of sales occurring in the month of September remains unchanged from this same time as last year at four (4) homes sold.

• The volume of Pending Sales (Under Contract) as of the last day of September 2014 also remains unchanged from last year at three (3) 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 September is at 10.4 months, which is up dramatically by 6.1 months or (142%) when compared to last year's inventory at 4.3 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 only 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 at least three consecutive months of significantly decreased sales as compared to last year.  In addition, inventory is up sharply giving buyers the edge in terms of selection and lower prices.

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