Far Hills, NJ

Far Hills NJ Real Estate 2011 Annual Market Report

by Bob Zorechak - GRI, ABR, e-PRO

Find out the latest real estate market information for Far Hills NJ through 2011 in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Far Hills NJ real estate market. If you are considering buying and or selling a home in 2012 in Far Hills NJ, this valuable annual market report is an absolute must read.

Attention... all residential real estate is local! Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

As you can see from the chart above the volume of Closed Sales in Far Hills has been a bit of a mixed bag. The good news is that 2011 saw the most homes sold in past 6 years. The amount of Listings has been unusually high in recent years, although, inventory has decreased significantly by 30% from this same time last year down from 15.2 to 10.6 months, which is a step in the right direction.

Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take a little more than 10 1/2 months to sell all of Far Hills current inventory. This figure indicates that Far Hills, like many of the surrounding towns is experiencing what we call a "Buyer's Market" and will remain so for at least the short term. A buyer's market is considered to be a market with an inventory of 7 or more months worth of homes to sell at any given time. With more homes to choose from, not to mention record low interest rates and low prices, things remain very advantageous to buyers right now. A "Balanced" or normal market is considered to have 5 to 6 months worth of inventory with no distinct advantage to either Buyers or Sellers.

The chart above indicates a rather volatile trend in both the Average and Median Sale Prices in Far Hills NJ over the past 7 years. The volatility is primarily due to two factors: the limited amount of homes For Sale in such a small town such as Far Hills in addition to the huge disparity in price ranges within this market. As a result, when a few of the higher priced estates sell, it has a significant impact on the data. Conversely, the same holds true for when there are long periods without a sale of some larger homes driving these numbers downward. Based on the excess amount of inventory, I would expect to see prices in Far Hills continue to decline at least for the short term.

What Does the Market Hold for 2012?

Follow the link below to find out in addition to reading the rest of this Far Hills 2011 Annual Market Report:

Far Hills 2011 Annual Market Report

For more information on Far Hills including the school system, follow this link:

All you need to know about Far Hills NJ

The Polo Club in Far Hills NJ Real Estate Market Update

by Bob Zorechak - GRI, ABR, e-PRO

Ideally situated in the center of Far Hills (Somerset County) NJ, The Polo Club is an upscale Townhome community consisting of 96 homes, whose close proximity to the train station makes it ideal for both New York commuters or those who prefer living within walking distance to everything in town without the burden of maintaining the exterior, landscaping and snow removal. Most of the units were built in early to mid 1990's, and vary in size from approximately 2,000 to 3,000 square feet. Prices generally start in the upper $500’s to just under $1M.

The Polo Club is conveniently directly across the street from the Far Hills Train Station featuring mid-town direct service to NYC, and Moorland Farms, the site of the annual Far Hills Race Meeting, which offers some of the richest purses in America and is host of the Breeders’ Cup steeplechase, the most prestigious race in American steeplechasing. Held annually at the height of the fall foliage season in late October, this event has been in existence for the past 90 years. Race day purses can equal up to or more than $1,000,000, with six races offering the highest purses on the National Steeplechase Association circuit. Considered one of the premier social events of the year in the tri-state area, it is attended by as many as 50,000 people annually.

There are currently (3) townhomes For Sale, (0) Pending or Under Contract and (7) that have Sold within the past 12 months. There were (5) units Sold in 2010, with only (2) in 2009 and (4) in 2008. See below for all of the most up to date activity regarding Listing and Sales activity for The Polo Club going back to 2008:

Follow the link for the rest of this detailed report on the current state of

The Polo Club in Far Hills NJ Real Estate Market Update

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Hi Everyone,

As you know, Sunday marks the tenth anniversary of the tragic events of September 11, 2001. I hope you will join with me in not only remembering but celebrating the brave people who gave their lives on that awful day. My thoughts and prayers go out to those of you who lost someone very near and dear.

And please, take a moment to reflect on the things that are most important in your life because it can be taken from you so quickly.