Far Hills NJ Real Estate Market Update OCTOBER 2014

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

The numbers for Far Hills are mostly flat for OCTOBER 2014:

  • The rolling 12 month sales volume has decreased slightly by one (1) unit or (7%) - Last year: October 2012 thru October 2013  (15) homes sold as compared to the current period: October 2013 thru October 2014 with (14) homes sold.

  • The October year-to-date numbers are down moderately by three (3) units or (23%) when compared last year's total of thirteen (13) homes sold to the current period with ten (10) homes sold.

  • The monthly volume for the number of sales occurring last October was two (2) homes sold, as compared to this October, also at two (2) homes sold was unchanged for the period.

  • The volume of Pending Sales (Under Contract) as of the last day of October 2014 is also unchanged at two (2) units from October 2013.

  • 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 October is at 10.3 months, which is down by (14%) when compared to last year's inventory at 12.0 months. Basically this indicates that the Far Hills market has an excess of inventory for Buyers to choose from. The result of this condition will no doubt keep prices down (at least for the near term) as compared to other surrounding towns where there is less 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 Far Hills NJ Real Estate market!

October was a decent month for the local market in Far Hills. The rolling 12 month YTD sales volume is only off by 7% from what it was last year at this same time.  The YTD sales volume through October came in at a 23% deficit which is slightly better than it was in September. The monthly volume was static at two units sold.  Perhaps the biggest surprise was the 14% reduction in available inventory (10.3 months of inventory) which is down from 11.1 months worth of inventory from just last month.  Lastly, there is an average amount of backlog of  homes Pending or Under Contract, the same amount as last October.

While there has been an increase of newer 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.

Interest rates remain at or near historic lows and prices are still relatively low.  Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as older inventory eventually gets cleared out.

Look below to see the individual homes that sold in Far Hills NJ for the month of OCTOBER in 2014.  Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through OCTOBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of OCTOBER over the same 5 year period.

 

Comparison of Homes SOLD in Far Hills NJ YTD through OCTOBER 2010 to 2014
Comparison of Homes SOLD in Far Hills NJ
YTD through OCTOBER 2010 to 2014

 

 

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

 

Far Hills NJ Real Estate Market Update OCTOBER 2014

 

 

For more information on Far Hills including its excellent school system, follow this link:

 

All you need to know about Far Hills NJ

 

 

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This information is provided to you by New Jersey Real Estate Finder

with a commitment to serving both buyers and sellers in select towns

in and around:

 

Somerset County (Bedminster, Basking Ridge, Bernardsville,

Far Hills, Peapack-Gladstone)

 

Morris County (Long Valley, Chester, Mendham,

Morris Township, Morristown, Madison, Chatham)

 

Hunterdon County (Tewksbury, Lebanon Township)

 

 

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Robert “Bob” Zorechak

GRI    ABR   e-PRO   Realtor

 

Mobile: 908.267.2465

eMail: Bob@BobZorechakRealtor.com

 

NewJerseyRealEstateFinder.com

 

 

Keller Williams Realty Metropolitan

55 Madison Avenue

Morristown, New Jersey 07960

Ph: 973-539-1120   Fx: 908-698-0202

 

Helping You Make Good Decisions

 

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All Content & Photography Copyright © 2014 by Bob Zorechak

 

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Bob Zorechak - ABR, GRI, e-PRO

Sells Homes in Morris/Somerset/Hunterdon Cos., NJ
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