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

By Bob Zorechak | Agent in Morristown, NJ

Peapack Gladstone NJ Real Estate - Closed Sales for MAY 2012

Peapack Gladstone NJ Real Estate - Closed Sales MAY 2012

by Bob Zorechak - GRI, ABR, e-PRO

Has 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.

It 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.

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 Peapack Gladstone 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.

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

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

Peapack Gladstone NJ Real Estate - Closed Sales MAY 2012

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