Tewksbury NJ Real Estate Market Update DECEMBER 2014
by Bob Zorechak - GRI, ABR, e-PRO
he numbers for Tewksbury in DECEMBER of 2014 are a bit of a mixed bag:
The rolling 12 month sales volume is down slightly by 6% or five (5) units - December 2012 thru December 2013 (89) homes sold as compared to December 2013 thru December 2014 with (84) homes sold.
The December year-to-date numbers are down slightly by 6% or four (4) units when you compare the current period at (84) homes sold to last year's year-to-date total with (88) homes sold. This is by far the second highest level for this category in at least the past five (5) years.
The monthly volume for the number of sales occurring this December spiked sharply to thirteen (13) units, which is up dramatically from five (5) units or (160%) as compared to this same time last year. This is by far the highest level for this category in at least the past five (5) years.
The volume of Pending Sales (Under Contract) as of the last day of December 2014 is running significantly higher at five (5) units as compared to last year at this same time at two (2) units, which is up by three (3) units or (150%).
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 December is at 9.9 months, which is up moderately (29%) when compared to last year's inventory at 7.7 months. Basically this indicates that the Tewksbury market has a lot more inventory for Buyers to choose from and is even less "balanced" now than last year. The result of this condition will help to keep downward pressure on the prices of homes in Tewksbury at least for the near term.
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 Tewksbury NJ Real Estate market!
2014 was another very good year for the Tewksbury market, especially coming off an incredible 2013, which early on looked like it was going to be an anomaly. In fact, 2014 was only off by five (5) units or 6% in total sales as compared to 2013 resulting in very strong and impressive back to back years. Something of note for the Tewksbury market in 2014 was the re-emergence of the higher end market. Sale Prices of homes exceeding $1M were up by 33% from the previous year and were at their highest level in at least the past five years.
Inventory has increased modestly from this same time last year up by (29%), however this is the second lowest it has been for the month of December in at least the last five years. On a more positive note the number of homes that are Pending or Under Contract increased significantly to five (5) units as compared to last December when we were at only two (2) units.
Also worth mentioning regarding inventory are those sellers pricing their homes as if we are back in the boom days of the early 2000's, which is certainly not the case. This tactic only serves to slow the market down and clutter it up with overpriced homes that will take a long time to sell. Unfortunately, the agents who take these listings are more to blame than the their seller clients, as they do this for a living and should know better. As a result of all of this excess inventory, the buyers are definitely in control and will stay that way until things start moving again. With that said however, it is not an uncommon occurrence for homes to sell for close to or even above the List Price, sometimes with multiple bids, when sellers price their homes correctly from the very beginning. Pricing your home too high in the beginning only means less money for you in the end.
Look below to see the individual homes that sold in Tewksbury NJ for the month of DECEMBER in 2014. Also shown below is a bar graph illustrating the amount of homes that have SOLD Year-to-Date through DECEMBER over the past 5 years, followed by another graph showing a year to year comparison for homes SOLD in in the month of DECEMBER over the same 5 year period.
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