Morristown NJ Real Estate - Market Update for JUNE 2012

By
Real Estate Agent with Keller Williams Realty Metropolitan


Morristown NJ Real Estate - Closed Sales JUNE 2012

by Bob Zorechak - GRI, ABR, e-PRO

 

Closed Sales for Morristown are up 54% year-to-date through June and 125% for the month of June as compared to last year during this same period. The market has definitely made a turn for the better as sales volume has increased significantly. Read here to find out the very latest information on your local Morristown NJ Real Estate market!

 

Closed Sales in Morristown increased by 125% for the month of June as compared to this same period last year (18 sales in June 2012 as compared to 8 in June 2011).  It should be noted that 2011 was an unusually slow year. Year-to-Date sales are up sharply as well by 54% through June as compared to the same period last year (71 sales in 2012 vs. 46 sales in 2011). This increase ends four consecutive years of declining sales. The volume of Pending Sales as of the last day of June are running about the same as they were last year at this time.

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.

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 Morristown 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.

Morristown NJ Real Estate - Closed Sales (SOLD) for JUNE Bar Graph



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


Morristown NJ Real Estate - Closed Sales JUNE 2012


For more information on Morristown including its award winning school system, follow this link:

 

All you need to know about Morristown 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)

 

 

*******************************************************************************************************

 

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

 

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Ambassador
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Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC
Informative market report you have here Bob that focuses on Morristown NJ Real Estate - Closed Sales JUNE 2012.  I just hope that your avid readers were able to find this article helpful. All the best.
May 29, 2013 03:20 AM
Rainmaker
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Erika Rogers
St George Utah Real Estate & local info.
Re/Max First Realty
Hello Bob wishing you all the best with this hot seller's market. Thanks for Morristown NJ Real Estate - Market Update for June 2012. keep it up and stay the best. 
July 23, 2013 05:21 PM
Rainer
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Laura T. Perry
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We've started placing our marketing reports on http://actvra.in/4hXz  abd remember http://actvra.in/4hVj

June 26, 2014 05:32 AM
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Bob Zorechak - ABR, GRI, e-PRO

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