Long Valley NJ Real Estate Market Update OCTOBER 2014

The numbers for OCTOBER 2014 in Long Valley are up significantly in several key categories:

• The rolling 12 month sales volume remained virtually unchanged from the prior year decreasing slightly by one (1) unit or (.5%) - Last year: October 2012 thru October 2013  (183) homes sold as compared to the current period: October 2013 thru October 2014 with (182) homes sold.

• The October year-to-date numbers decreased modestly by eight (8) units or (5%) as compared to last year's unusually high total of (158) homes sold to the current period with (150) homes sold. Note, this is the second highest volume for the month of October YTD in at least the past five (5) years.

• The monthly volume for the number of sales occurring last October was seven (7) homes sold as compared to this October at twenty (20) homes sold is up significantly by thirteen (13) units or (186%).  This is by far the highest volume of sales for the month of 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 at twenty-three (23) units which is significantly higher by ten (10) units or (77%) as compared to last year at this same time which was thirteen (13) units.

•  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 8.6 months, which is up moderately from 7.5 months from this same time last year or (15%).  The increase in the number of homes recently listed For Sale indicates that the local market has shifted from a somewhat balanced market to one with an excess of inventory giving the advantage to Buyers for the time being.

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 Long Valley NJ Real Estate market!

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 the forseeable future as this inventory eventually gets cleared out.

Look below to see the individual homes that sold in Long Valley 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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Long Valley NJ Real Estate Market Update OCTOBER 2014

 

 

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