Mendham Office Months Supply Holds Steady Mendham Township and Mendham Borough have seen significantly more homes come to market this year compared with 2010, as well as a slight reduction in the number of contract sales. The good news in this picture is that July’s Months Supply has remained flat at 9 months year over year, indicating that contract sales relative to inventory have stayed steady. This somewhat healthy Months Supply number (6 months is ideal) may help to keep depreciation at bay. Another bright spot is the Average Days on Market, which is down slightly this year.
Market Snapshot The Mendhams YTD thru July 31
2010
2011
New Listings
127
184
Contract Sales
86
76
Months Supply 7/10 vs. 7/11
9
9
Average Sale Price
$794,387
$840,496
Sale Price/List Price %
95%
94%
Average Days on Market
115
110
Highest Sale Price
$1,900,000
$3,000,000
Information is supplied by Garden State MLS and Broker Metrics, neither of which guarantee its accuracy in any way.
Mendham Boro Built in 1998 on 5.7± acres, this French Normandy Manor offers 7 bedrooms including a 1st floor master, 7 full and 2 half baths, a 32± foot two-story salon, gourmet kitchen, home theater, French doors, limestone terrace, pool and pool house. Offered at $5,250,000
Mendham Township Custom 5-bedroom, 3 full and 1 half bath brick Colonial on 1.98± acres in Brookrace. Superb architectural elements, custom cabinetry, chef’s kitchen, 4 fireplaces, pool, spa with waterfall, terraces, gardens and stone walls. Private neighborhood lake. Offered at $1,525,000
6 | MARKETWATCH FALL 2011
Mendham Township Traditional 4-bedroom, 2 full and 1 half bath Colonial nestled on 3± acres of a cul-de-sac on the east side of Mendham. Updated kitchen, fireplace, many oversized windows and finished lower level. Stream and invisible dog fencing. Offered at $749,000
Mendham Township Located on .81± acres in the charming Brookside section, near the Village of Mendham, the c1930 residence has been rebuilt and expanded to 10 rooms. 4 bedrooms, 2 full and 1 half baths, many wood floors, stone fireplace in living room, and 2-car garage. Offered at $579,000