Tewksbury NJ Real Estate Market Update NOVEMBER 2014
by Bob Zorechak - GRI, ABR, e-PRO
The numbers for Tewksbury in NOVEMBER of 2014 are down in all 4 major categories:
The rolling 12 month sales volume is down moderately by 16% or fourteen (14) units - November 2012 thru November 2013 (90) homes sold as compared to November 2013 thru November 2014 with (76) homes sold.
The November year-to-date numbers are down moderately by 14% or twelve (12) units when you compare the current period at (71) homes sold to last year's year-to-date total with (83) homes sold. This is by far the second highest level for this category in at least the past five (5) years.
The monthly volume for the number of sales occurring this November was five (5) units, which is down slightly from six (6) units or (17%) as compared to this same time last year. This is tied for the second highest level for this category in at least the past five (5) years.
The volume of Pending Sales (Under Contract) as of the last day of November 2014 is running significantly lower at four (4) units as compared to last year at this same time at eight (8) units, which is down by four (4) units or (50%).
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 November is at 12.9 months, which is up substantially (45%) when compared to last year's inventory at 8.9 months. Basically this indicates that the Tewksbury market has a lot more inventory for Buyers to choose from and is even less "balanced" now than in prior years. In fact, you would have to go back to 2011 in order to see this high level of inventory on the market. The result of this condition will no doubt keep downward pressure on the prices of homes in Tewksbury at least for the near term.
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.
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The Tewksbury market appears to have hit a snag as the Year-to-Date sales volume continues to fall below last year's unusually high sales totals, although that difference has been narrowing for the past several months. Inventory has increased significantly from this same time last year up by (45%), however it is the lowest it has been in the last five months but a portion of that decrease could be due to seasonality. The number of homes that are Pending or Under Contract took a dip to just four (4) units, which is down by 50% from where we were last November.
Another point worth mentioning regarding inventory are those sellers pricing their homes as if we are back in the boom days of the early 2000's, which is certainly not the case. This tactic only serves to slow the market down and clutter it up with overpriced homes that will take a long time to sell. Unfortunately, the agents who take these listings are more to blame than the their seller clients, as they do this for a living and should know better. As a result of all of this excess inventory, the buyers are definitely in control and will stay that way until things start moving again. With that said however, it is not an uncommon occurrence for homes to sell for close to or even above the List Price, sometimes with multiple bids, when sellers price their homes correctly from the very beginning. Pricing your home too high in the beginning only means less money for you in the end.
Look below to see the individual homes that sold in Tewksbury NJ for the month of NOVEMBER in 2014. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through NOVEMBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of NOVEMBER over the same 5 year period.
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