Morristown NJ Real Estate - Closed Sales MAY 2012
by Bob Zorechak - GRI, ABR, e-PRO
Â May's results are up significantly for the month, and through the Year-to-Date! Read here to find out the very latest information on your local Morristown NJ Real Estate market!
Closed Sales for the Month of May were up dramatically in Morristown
NJ this month. Sales increased sharply by 183% for the month of May as
compared to this same period last year, (17 homes sold in 2012 vs 6 sold
in 2011), representing the best May in at least the past 3 years. The
Year-to-Date figures through May were also up significantly by 39% with
53 homes sold in 2012 vs 38 for the same period in 2011, which also
represents the best results through this period in 3 years.
are expected to remain at 2003 / 2004 levels 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.
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.
Look below to see the individual homes that sold in Morristown
NJ for the month of MAY in 2012. Â Also shown below is a year to year
comparison bar graph for homes SOLD in the month of MAY over the past 5
years, followed by another graph illustrating the amount of homes that
have SOLD Year-to-Date through May through the same period.
Follow the link below to read the rest of this report:
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All you need to know about Morristown NJ