Morristown NJ Real Estate Market Update OCTOBER 2014

The numbers for OCTOBER 2014 in Morristown are mostly down with the exception of Monthly and Pending Sales:

• The rolling 12 month sales volume was down modestly by twenty-four (24) units or (12%) - Last year: October 2012 thru October 2013  (193) homes sold as compared to the current period: October 2013 thru October 2014 with (169) homes sold.  This is the third month in a row that this category dipped into negative territory on the year.

• The October year-to-date numbers are down by thirty-five (35) units or (20%) which is very similar to last month's results, when compared to last year's total of (173) homes sold to the current period with (138) homes sold. This is the second highest YTD total for October in at least the past five (5) years.

• The monthly volume for the number of sales occurring last October was sixteen (16) homes sold, as compared  to this October with eighteen (18) homes sold which is up by two (2) units or (13%).  This is the highest monthly total 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 twenty-two (22) units as compared to last year at this same time with seventeen (17) units, which is up by five (5) units or (29%).

• The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the the end of October is 3.8 months, which is (.3) months or (9%) higher than it was last year at this same time. This shortage of available will help keep prices higher, at least in the short term as buyers have fewer homes from which to choose.

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 Morristown NJ Real Estate market!

The Morristown market dipped slightly in October (specifically in the YTD categories) as compared to last year's abnormally record volume, however current levels are still exceeding the previous three years.  Another piece of good news is the increase in the number of homes Pending or Under Contract which is an indicator of future sales volume and will most likely help to maintain a healthy pace of volume for the short term at least.

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 in check for several more years as this inventory eventually gets cleared out.

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

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Morristown NJ Real Estate Market Update OCTOBER 2014

 

 

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