Long Valley NJ Real Estate Market Update NOVEMBER 2014

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

The numbers for NOVEMBER 2014 in Long Valley are down modestly across the board:

  • The rolling 12 month sales volume decreased slightly from the prior year by eleven (11) units or (6%) - Last year: November 2012 thru November 2013  (188) homes sold as compared to the current period: November 2013 thru November 2014 with (177) homes sold.

  • The November year-to-date numbers decreased modestly by twelve (12) units or (7%) as compared to last year's unusually high total of (174) homes sold to the current period with (162) homes sold. Note, this is the second highest volume for the month of November YTD in at least the past five (5) years.

  • The monthly volume for the number of sales occurring last November was sixteen (16) homes sold as compared to this November at twelve (12) homes sold is down modestly by four (4) units or (25%).

  • The volume of Pending Sales (Under Contract) as of the last day of November 2014 is at eleven (11) units which is significantly lower by eight (8) units or (42%) as compared to last year at this same time which was nineteen (19) 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 November is at 8.2 months, which is up moderately from 6.0 months from this same time last year or (37%).  The decrease 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 NOVEMBER in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of NOVEMBER over the past (5) years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through NOVEMBER through the same period.

Long_Valley_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_November_2014_Bar_Graph
Year to Date Comparison of Homes SOLD in Long Valley NJ
YTD through NOVEMBER 2010 to 2014

 

 

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

 

Long Valley NJ Real Estate Market Update NOVEMBER 2014

 

 

For more information on Long Valley including its excellent school system, follow this link:

 

All you need to know about Long Valley 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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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for sharing these local real estate trends!

This is invaluable information for buyers and sellers alike.

Jan 30, 2015 11:41 AM #1
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Bob Zorechak - ABR, GRI, e-PRO

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