Peapack Gladstone NJ Real Estate - Closed Sales MAY 2012
by Bob Zorechak - GRI, ABR, e-PRO
the market really bottomed out yet? May's results are mixed with sales
up significantly for the month, but down on the Year-to-Date. Read here
to find out the very latest information on your local Peapack Gladstone NJ Real Estate market!
Closed Sales for the Month of May were a bit of a mixed bag in Peapack Gladstone
NJ this month. Sales increased by 50% for the month of May as compared
to this same period last year, (3 homes sold in 2012 vs 2 sold in 2011),
however the Year-to-Date figures through May were down by 25% with 6
homes sold in 2012 vs 8 for the same period in 2011. The percentages are
high based on the overall volume being very low.
is too soon to tell if the market is beginning to cool off after a
somewhat fast start to the first quarter of 2012. We'll have to see the
results from June in order to get a better indication.
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 Peapack Gladstone
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.
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