Far Hills NJ Real Estate Market Update NOVEMBER 2014

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

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

  • The rolling 12 month sales volume has remained unchanged this period - Last year: November 2012 thru November 2013  (15) homes sold as compared to the current period: November 2013 thru November 2014 with (15) homes sold.

  • The November year-to-date numbers are down moderately by two (2) units or (14%) when compared last year's total of fourteen (14) homes sold to the current period with twelve (12) homes sold.

  • The monthly volume for the number of sales occurring last November was one (1) home sold, as compared to this November at two (2) homes sold is up by one (1) unit or (50%) for the period.

  • The volume of Pending Sales (Under Contract) as of the last day of November 2014 is also unchanged at two (2) units from November 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 November is at 9.4 months, which is down by (16%) when compared to last year's inventory at 11.2 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!

November was a decent month for the local market in Far Hills. The rolling 12 month YTD sales volume is exactly what it was last year at this same time.  The YTD sales volume through November came in at a 14% deficit which is 9% better than it was in October. The monthly volume was in line with recent years in terms of units sold.  Perhaps the biggest surprise was the 16% reduction in available inventory (9.4 months of inventory) which is down from 11.2 months worth of inventory from just last month.

It was interesting to note that November saw two significant sales in the upper end of the market at $1.9M+ and another for $2.3M+.

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 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.

 

Far_Hills_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_November_2014_Bar_Graph
Comparison of Homes SOLD in Far Hills NJ
YTD through NOVEMBER 2010 to 2014

 

 

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

 

Far Hills NJ Real Estate Market Update NOVEMBER 2014

 

 

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

 

All you need to know about Far Hills NJ

 

Posted by

******************************************************************************************************

 

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)

 

 

*******************************************************************************************************

 

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

 

******************************************************************************************************

 

All Content & Photography Copyright © 2014 by Bob Zorechak

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
New Jersey Somerset County Far Hills
Groups:
Garden State Real Estate
Keller Williams Active Rain Bloggers
Market Reports
New Jersey Real Estate Experts
We Love North Jersey
Tags:
far hills nj real estate
market update
homes sold
homes for sale
closed sales

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
232,709

Bob Zorechak - ABR, GRI, e-PRO

Sells Homes in Morris/Somerset/Hunterdon Cos., NJ
Ask me a question
*
*
*
*