Mendham NJ Real Estate Market Update OCTOBER 2014

By
Real Estate Agent with Keller Williams Realty Metropolitan

 

Note: There are two separate reports for MENDHAM - one for the TOWNSHIP and one for the BOROUGH

 

The numbers for MENDHAM TOWNSHIP are mostly flat for OCTOBER 2014:

  • The rolling 12 month sales volume decreased slightly by two (2) units or 3% - Last year: October 2012 thru October 2013  (80) homes sold as compared to the current period: October 2013 thru October 2014 with (78) homes sold.

  • The October year-to-date numbers decreased modestly by eight (8) units or 11% as compared to last year's total of (72) homes sold to the current period with (64) homes sold. This volume is very much in line with the past three (3) years performance levels.

  • The monthly volume for the number of sales occurring last October was four (4) homes sold as compared to this October with seven (7) homes sold is up substantially by three (3) units or (75%).  This is by far the best 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 at a healthy seven (7) units which the same amount as it was last year at this same time.

  • 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 12.0 months, which is up from 11.2 months from this same time last year.  Basically this indicates that the local market has an over supply of inventory giving Buyers a significant advantage.

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.

 

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

Mendham_Township_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_October_2014_Bar_Graph
Year to Year Comparison of Homes SOLD in Mendham Township NJ
YTD through OCTOBER 2010 to 2014

 

 

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

 

Mendham NJ Real Estate Market Update OCTOBER 2014

 

 

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

 

All you need to know about Mendham 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 Morris County Mendham
Groups:
Garden State Real Estate
Keller Williams Active Rain Bloggers
Market Reports
New Jersey Real Estate Experts
We Love North Jersey
Tags:
mendham 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
*
*
*
*