The numbers for Morris Township are up in all 4 categories for OCTOBER 2014:
The rolling 12 month sales volume has increased slightly by ten (10) units or (3%) - Last year: October 2012 thru October 2013 (325) homes sold as compared to the current period: October 2013 thru October 2014 with (335) homes sold. This volume is at the highest level in the past 6 months.
The October year-to-date numbers increased slightly when compared to last year's total of (271) homes sold to the current period of (289) homes sold, which is up by eighteen (18) units or (7%). This is the best YTD total volume for October in at least the past five (5) years.
The monthly volume for the number of sales occurring last October with twenty-six (26) homes sold, as compared to this October with forty (40) homes sold is up dramatically by fourteen (14) units or (54%). October 2014 represents by far the highest monthly volume for October in at least the past five (5) years.
The volume of Pending Sales (Under Contract) as of the last day of October 2014 is running significantly higher at thirty-five (35) units as compared to last year at this same time at twenty-three (23) units, which is up by twelve (12) units or (52%). This increase indicates that the Morris Township market will most likely maintain it's current level of volume at least for the near term.
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 4.6 months, which is up from 3.4 months from this same time last year. Basically this indicates that the local market has a bit more inventory for Buyers to choose from and is more "balanced" now than in prior 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.
Read below to find out the very latest information on your local Morris Township NJ Real Estate market!
The Morris Township market continues to improve with consecutive months of increased sales volume. Other encouraging news is the increase in the number of homes Pending or Under Contract at this time, which indicates a positive momentum shift moving forward into the Winter season. In addition, the inventory has increased slightly which helps take some pressure off of Buyers who had little inventory to choose from in previous months.
Prices are expected to remain steady and interest rates continue to remain low. There has rarely been a time where both prices AND interest rates were so 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 this inventory eventually gets cleared out.
Look below to see the individual homes that sold in Morris Township NJ for the month of OCTOBER in 2014. Also shown below is a graph illustrating the amount of homes that have SOLD Year-to-Date through OCTOBER over the past 5 years, followed by another graph showing the year to year comparison for homes SOLD in the month of OCTOBER over the past 5 years.