Archive for June, 2009

I am going on a listing appointment this afternoon here in Basking Ridge.  In preparation for it, I reviewed all sales in the $900,000-$1.2M price range in the last 30 days. I wanted to see what the general market absorption level is here in town as well as for that price range specifically.  The general feeling has been that the $1M+ price range has been very sluggish.  However, I found something very different…..  Here in Basking Ridge, in this price range, market absorption is only 2.9 Months!!  This is incredible information.  Out of 35 homes available in the price range TWELVE have gone under contract in the last thirty days.  Upon further review, I realized that eight of these sales were in The Hills.  And – even more interesting, there are at least two other listings that are currently in attorney review.  Something is in the air!  When I adjusted the number to account for the number of sales in The Hills, the absorption rate increases to 6.25 months, bringing this market segment (single family homes outside of The Hills) in line with the township in general.

Overall market absorption in Basking Ridge is 6.9 Months – this is still a very solid number, indicating that we are experiencing a balanced market here in town.  This number fluctuates from week to week depending upon sales activity.  It also changes based on price point as well as community even within one town.

Please call me if you would like more information about inventory levels in Basking Ridge or visit my website at http://www.basking-ridge-real-estate.com/basking-ridge-sold-homes.htm for more information on what has sold by month.

May, 2009 compared to May 2008 – the two months saw a similar number of sales, with 28 last year and 25 this year. The big difference I see is in the average sale price in Basking Ridge: $422,008 this year compared to $582,291 last year. The average single family home this year determined by 8 sales was $701,625 compared to $814,518 determined by 14 sales last year. The average sale price in the town house and condo market was $290,424 this year (17 sales) and $350,064 last year (14 sales). The most active segment of the market is the townhouse and condo segment especially in the under-$400,000 price range. I attribute this to President Obama’s first time home buyer tax credit incentive of $8,000. As of May 29th, 2009, the Federal Housing Administration has announced that first time home-buyers can use this credit toward the purchase costs as long as they are obtaining FHA financing. Please contact me for more details.

Please call me if you would like more information about what is available in Basking Ridge or visit my website at http://www.basking-ridge-real-estate.com/new-listing-notifications.htm to sign up for listing alerts in and around Basking Ridge.