Mendham NJ Real Estate Market Update SEPTEMBER 2014

Mendham NJ Real Estate Market Update SEPTEMBER 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 mostly down (in 3 out of 4 categories) for SEPTEMBER 2014:

• The rolling 12 month sales volume decreased slightly by three (3) units or 4% - Last year: September 2012 thru September 2013  (80) homes sold as compared to the current period: September 2013 thru September 2014 with (77) homes sold.

• The September year-to-date numbers decreased modestly by eleven (11) units or 16% as compared to last year's total (68) homes sold to the current period with (57) 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 September was nine (9) homes sold as compared to this September with six (6) homes sold is down sharply by three (3) units or (33%).  Despite this drop, this is the second best September in at least the past five (5) years.

• The volume of Pending Sales (Under Contract) as of the last day of September 2014 is at five (5) units which is higher by one (1) unit or (25%) as compared to last year at this same time which was at four (4) 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 11.6 months, which is up from 8.0 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 second highest supply of inventory for September 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 SEPTEMBER in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD 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.