Peapack Gladstone NJ Real Estate Market Update NOVEMBER 2014

The YTD numbers for Peapack Gladstone are down significantly for NOVEMBER as has been the case for most of 2014:

• The rolling 12 month sales volume has dropped significantly for the fifth consecutive month by fourteen (14) units or (41%) - Last year: November 2012 thru November 2013  (34) homes sold as compared to the current period: November 2013 thru November 2014 with (20) homes sold.

• The November year-to-date numbers are down by fourteen (14) units or (44%) when compared to last year's total of thirty-two (32) homes sold to the current period with eighteen (18) homes sold.  Note, this is the lowest YTD total through November in at least the past 5 years.

• The monthly volume for the number of sales occurring in the month of November decreased by two (2) units for a total of zero (0) homes sold for the month as compared to last year's total of two (2) units sold.

• The volume of Pending Sales (Under Contract) as of the last day of November 2014 is up by two (2) units as compared to 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 November is at 10.2 months, which is up dramatically by 5.5 months or (117%) when compared to last year's inventory at 4.7 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!

  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 five 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 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.

  

  Year to Date Comparison of Homes SOLD in Peapack Gladstone NJ

  YTD through NOVEMBER 2010 to 2014

   

  
  

   

  Follow the link below to read the rest of this report:

   

   Peapack Gladstone NJ Real Estate Market Update NOVEMBER 2014

   

   

  For more information on Peapack Gladstone including its excellent school system, follow this link:

   

  All you need to know about Peapack Gladstone NJ