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Robert Zorechak, GRI, ABR, e-PRO's Blog

By Bob Zorechak | Agent in Morristown, NJ

Morristown NJ Real Estate - Closed Sales for MAY 2012

Morristown NJ Real Estate - Closed Sales MAY 2012

by Bob Zorechak - GRI, ABR, e-PRO


 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.

Prices 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.

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.

Look below to see the individual homes that sold in Morristown NJ for the month of MAY in 2012.  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.

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


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


Morristown NJ Real Estate - Closed Sales MAY 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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