Mendham NJ Real Estate Market Update AUGUST 2014

Mendham NJ Real Estate Market Update AUGUST 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 somewhat of a mixed bag for AUGUST 2014:

• The rolling 12 month sales volume increased slightly by one (1) unit or 1% - Last year: August 2012 thru August 2013  (77) homes sold as compared to the current period: August 2013 thru August 2014 with (78) homes sold.

• The August year-to-date numbers decreased modestly by eight (8) units or 14% as compared to last year's total (59) homes sold to the current period with (51) homes sold. This volume is in line with the past four (4) years performance levels.

• The monthly volume for the number of sales occurring last August was seven (7) homes sold as compared to this August with twelve (12) homes sold is up sharply by five (5) units or (71%).  This is the second best August in at least the past five (5) years.

• The volume of Pending Sales (Under Contract) as of the last day of August 2014 is at six (6) units which is lower by two (2) units or (25%) as compared to last year at this same time which was at eight (8) 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 August is at 10.9 months, which is up from 7.5 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. This is the highest supply of inventory for August in the past four (4) years.

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 AUGUST in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD 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.