04/25/2019
HOME SALES PRICES INCREASE IN MORRIS COUNTY & MOUNT OLIVE, NJ – 4/15/2019
In the past 2 years, Home Sales Prices in Mt. Olive, NJ have Increased by 8.1%. Also, the number of homes sold per year has increased by 16.8%, over the last 2 years. * This is good news for Mt. Olive Homeowners.
These statistics become even better when compared to Morris County, NJ. Home values in Morris County have risen 3.5% (vs 8.1% in Mt. Olive) over the same time period and have actually sold fewer homes in the past 12 months than they did 2 years ago. **
These are just some of the significant actualities that have been happening in Mt. Olive for some time now. Ever since Mt. Olive’s High School broke into NJ Monthly Magazine’s top 100 rankings 10 years ago, Mt. Olive has seen many positive things happening, and have never been out of the top 100 since. With the best ranking thus far being 69th out of 339 High Schools in 2012. ***
Of course, the schools are only part of the reason we are seeing Mt. Olive, NJ become a more desired destination for Home Purchasers.
The inventory of homes in Mt. Olive is very diverse, and most anyone can find a home that suits their lifestyle and budget.
The abundance of new homes built in Mt. Olive over the last 20-30 years has brought in even more homeowners who take schooling very seriously, and that has helped Mt. Olive move higher in the school rankings, as well as the many updates and changes that have been made by the School Board, and the local residents.
Not to mention how hard the children work in school these days. My wife and I are always amazed at how hard children work today, and the level of learning that is being tendered. Also, the level of professionalism, knowledge, and caring that is shown by the teaching staff and the administration, has been remarkable as well. Not to mention the abundance of programs that are offered locally. Both of our children have been going through the Mt. Olive School System since they first went to school and are still going. Everyone working at the schools has been magnificent. We are very proud to tell our friends and colleagues that we live in Mount Olive, NJ.
Another significant theme in New Jersey, and throughout the country, has been a decrease in Foreclosed Home Inventory. I check these statistics often, and New Jersey has been in the top 3 States in the country, in the amount of Foreclosed Properties on the market, for a long time. Right now, New Jersey is ranked #1 with 2,373 Foreclosed Homes Listed for Sale. #2 is New York with 2,225, and #3 is Florida with 2,102 Foreclosures on the market. (source www.Equator.com)
The good news is that when compared to the Lender Owned Home Inventory of 12 months ago, New Jersey’s Inventory of Foreclosed Homes is down by over 60%. (3,863 in 3/2018 vs 2.373 in 3/2019) This is very significant.
The USA’s Inventory is down by 36% over the last 12 months and broke below 30,000 Foreclosures on the market for the first time in years. 12 months ago, the Inventory of Foreclosures in the entire country was over 40,000. These are all very good signs.
Not to mention the fact that we are just beginning the Spring Market of 2019, which looks to be a good one.
These numbers show that there is light at the end of the tunnel. As a matter of fact, the light has been getting bigger for some time now. Eventually, these homes will all get sold and closed, and things will be back to normal.
On top of all of this, Mt. Olive has been able keep Property Taxes from rising significantly, as they have in the past, while adding many new facilities, features, additions, and updates to current facilities in the township.
Among them being, Turkey Brook Park, new artificial Turf Fields as well as many other natural grass sports fields, the Sports Dome, upgrades and additions to the High School, the Dog Park, an available Township Pool facility, many shopping and eating establishments such as the International Trade Center, and more. The list truly does go on and on.
To sum it all up, if you are a current Mt. Olive resident, you have a lot to be cheerful about, and if you are not a Mt. Olive resident, what are you waiting for? We’re keeping the light on for you. All are welcome and appreciated.
Patrick Walsh, CDPE is the Regional REO Manager, Northern New Jersey for Van Gogh Realty in Parsippany, NJ, and has been in the Real Estate business for 28 years.
He is also a proud Mt. Olive resident, along with his wife, son, daughter, and their two cats. They live in Pershing Estates next to Turkey Brook Park and CMS Elementary School.
* The Average Sales Price of the 361 homes that closed in Mt. Olive, per the local Multiple Listing Service (GSMLS), over the last 12 months, was $356,551.
2 years ago, the Average Sales Price was $329,879 and only 309 homes closed in the previous 12 months.
That’s a 16.8% increase in homes sold per year in Mt. Olive, and an 8.1% Increase in Sales Prices.
** The Average Sales Price of the 6,168 homes that closed in Morris County, per the local Multiple Listing Service (GSMLS), over the last 12 months, was $494,271.
Two years ago, the Average Sales Price in Morris County was only $476,812, but there were 6,388 closings from April 1, 2017 to March 31, 2018.
That’s a 3.4% Decrease in homes sold per year in Morris County (vs 16.8% Increase in Mt. Olive).
*** Over the last 10 years, Mt. Olive H.S. has consistently been ranked in the top 100 High Schools in the state by NJ Monthly Magazine which does its rankings every two years. Prior to 10 years ago, Mt. Olive was not usually ranked in the top 100. This is a very significant theme.
Patrick Walsh
7 Delbar Drive
Budd Lake, NJ 07828
862-324-3155
[email protected]
