Long Valley NJ Real Estate - Market Update for JUNE 2012
by Bob Zorechak - GRI, ABR, e-PRO
After a positive May, Closed Sales for Long Valley are down by 10% year-to-date through June as compared to last year during this same period. Volume for the month of June was also down significantly (43%) as compared to last June's sales figures. On a positive note, the amount of Pending Sales as of the last day of June are up by 31% from the previous year at this time, which bodes well for the next few months. Read here to find out the very latest information on your local Long Valley NJ Real Estate market!
Closed Sales were down significantly in Long Valley this past month with a decrease of 10% for the month of June as compared to this same period last year (16 sales in June 2012 with 28 in June 2011). Year-to-Date sales were down even more by 43% through June as compared to the same period last year (74 sales in 2012 vs. 82 sales in 2011). The monthly total has declined for the third consecutive year in a row and is the lowest it has been in at least the last five years. Offsetting these negative numbers, the amount of Pending Sales as of the last day of June are up by 31% which should help improve the outlook for July and August.
While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.
In recent months, it is not uncommon to see properties attracting multiple bids, however the majority of these are not necessarily resulting in sales prices coming in over asking price, rather than buyers recognizing a good value when they see one and sellers having a better choice of qualified buyers from which to choose. The majority of these cases usually involve well priced homes that are in good condition. Buyers are responding well to these types of homes.
There is a certain amount of "pent-up demand" on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.
Prices are expected to remain steady and interest rates continue to hover at record low rates. 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 several more years as this inventory eventually gets cleared out.
Look below to see the individual homes that sold in Long Valley NJ for the month of JUNE in 2012. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JUNE over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE through the same period.
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