Archive for January, 2010
Current Market Absorption in and Around Basking Ridge
January 6th, 2010 | 
Author: As we’ve discussed before, Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days. A normal market (favoring neither buyers nor sellers) is between 5 and 6 months. A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory.
Current rates as of the end of the week of 1/3/10: Basking Ridge is looking pretty good!
Basking Ridge 5.5 months
Bernardsville 16 months
Bedminster 11 months
Bridgewater 8.5 months
Long Hill 9.5 months
Harding 7.5 months
Warren 7.5 months
If you are considering a move into or out of Basking Ridge, please contact me for a buyer consultation or a market analysis of your current Basking Ridge home. Visit my Basking Ridge Real Estate site to search homes for sale – whether you are looking for a condo, a single family home or a luxury property. I’m happy to help!
Data – no analysis – just data for Basking Ridge
When I started tracking data for my website, I had a grand idea of tracking all of these categories. I have the following information for the past two years. I even have it broken down by month. I love to look at it; I love to analyze it in bits and pieces as I need it. I’m happy I have it! But every time I sit down to put it in a format that might make sense to, well, anyone else…I freeze up. So, in absense of the time required to put together beautiful graphs and charts, I will simply post the information here on my blog. If you are interested in the data or would like it in a spreadsheet format, I am happy to share. When I need to do some analysis for a specific comp or listing presentation or to put together an offer or to prove a point, I will open up the spread sheet!
This information summarizes the Basking Ridge Market in 2009:
Following this format: Category/Number of Sales/average sale price/average Days on Market/average List Price to Sale Price
Basking Ridge total sales/339/$595,030/82/95%
Single Family homes/159/$855,085/92/95%
Townhouse/Condos/180/$365,316/74/96%
New Construction/8/$1,819,225/121/98%
The Hills/75/$726,068/86/96%
Single Family in the Hills/33/$877,448/93/95%
Single Family Not in the Hills/126/$849,227/92/95%
Townhouse/Condos in the Hills/42/$607,126/81/96%
Townhouse/Condo Not in the Hills/138/$291,721/71/96%
By development:
Spring Ridge/71/$262,182/70/96%
Society Hill/32/$265,575/81/96%
The Cedars/16/$343,750/58/97%
The Hills/Patriot Hill/8/$610,925/55/96%
The Hills/The Hamiltons/22/$503,382/67/97%
The Barons/4/$515,938/56/97%
Maple Run/4/$488,750/0/92%
The Ridge/4/$387,625/125/93%
Countryside/6/$299,583/58/95%
Lord Stirling Village/2/$384,000/35/97%
The Hills/Amherst Mews/7/$695,914/74/93%
The Hills/Patriot Mews/5/$682,800/181/96%
The Hills/St Andrews/1/$1,975,000/91/90%
I do share this information on a monthly basis – what SOLD this month in Basking Ridge, and almost weekly on my blog. Please check back often to stay on top of the market!
Anticipation – 2010 Real Estate in Basking Ridge
Well, it’s been about three days into the first work week of the year! I already have one deal out of attorney review, I’ve had a new buyer client out looking (he found me via my website and I’ve gotten two phone calls from Basking Ridge homeowners who are ready to put their homes on the market (look for two new condo listings in the next few weeks)! It’s going to be a good year! I really believe that – though I will admit that it is a relative statement…relative to your position in the market – are you buying or selling and what is your motivation?
I do not expect that sale prices are to start climbing. I don’t think they are going to drop much (if any) though so this might be the time to start getting serious about your Basking Ridge home search!
If you are thinking of selling, you really need to trust your Realtor® and do your homework when setting your list price and keeping your expectations in check when negotiating. Of course, I can help with that! If you are curious about the value of your home, visit Basking Ridge Real Estate to review historic sales data and to request information about the value of your Basking Ridge home.
I hope we can get acquainted soon! Remember, I always have time for referrals as well; maybe you know somebody who is considering a move. Though my home base is Basking Ridge, I do lots of business in the surrounding areas (Bedminster, Long Hill, Bernardsville, etc.) and what I don’t cover myself, I can call in my favors!
Bernards Township Committee Reorganization Meeting Tonight
Event Date: 01/04/2010
Event Time: 7:00 PM
Organization: Township Committee
Event Title: Township Committee Reorganization Meeting
Event Location: Town Hall
Event Description:
Township Committee Combined Regular/Agenda Meeting
Mortgage Information from Weichert Financial
January 4, 2010
The final two weeks of December have not been kind to mortgage rates. Stronger than expected economic data, comments from Fed officials, and a stock market rally all were negative for mortgage markets, and mortgage rates moved higher during the period.
Heading into December, mortgage rates were close to record low levels, but a combination of factors caused them to increase throughout the month. First, an improving economic outlook, which is good news for the country, is negative for mortgage markets because it generally leads to higher inflation. Second, the government already will need to issue an enormous amount of debt to pay for its spending, and it now looks more likely that additional expenditures are on the way for job creation and health care bills. Higher yields are required to attract investors to purchase the extra debt, pushing up yields for competing investments such as mortgage-backed securities (MBS). Finally, the Fed is winding down its $1.25 trillion MBS purchase program, reducing demand for mortgage investments.
With mortgage rates that are still historically low, high levels of affordability, and the homebuyer tax credit, the housing sector outlook for 2010 is for improvement from 2009. According to projections from the Mortgage Bankers Association (MBA), sales of existing homes are expected to increase by more than 10% next year. In addition, housing starts will rebound sharply from extremely low levels, and median home prices will move a little higher. Forecasts from the National Association of Realtors (NAR) and from Fannie Mae are generally consistent with the outlook from the MBA.
The biggest economic event next week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, the ISM manufacturing index will be released on Monday. Pending Home Sales, a leading indicator for the housing market, will come out on Tuesday. ISM Services and the minutes from the December 16 Fed meeting will be released on Wednesday. Construction Spending and Factory Orders will round out the schedule. In addition, the Treasury will announce the size of upcoming auctions on Thursday.
Copyright @ 2010 MBSQuoteline
At the date of this printing all information is deemed reliable but not guaranteed. This publication is a service to our clients and friends. It is designed only to give general information on the topics actually covered. It is not intended to replace tax, legal or financial advice, for which you are encouraged to seek a competent professional advisor.
Posted in First-time home buyer tax credit, General Real Estate Information | 
Tags: mortgages | 
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December Market Activity in Basking Ridge
December had two more closings than November did. The following properties closed during this past month:
Property, List Price/Sale Price
7 Plymouth Court, $489,000/$453,000
107 N Finley Avenue, $419,000/$415,000
82 South Stone Hedge Drive, $1,295,000/$1,185,000
76 Huntington Road, $725,000/$650,000
195 Smoke Rise Road, $549,999/$525,000
150 Bernard Drive, $1,078,500/$998,500
14 Stoneview Court, $997,900/$938,000
94 South Stone Hedge Drive, $1,299,000/$1,250,000
20 Dexter Drive North, $545,000/$522,500
28 Castle Way, $549,900/$500,000
16 Canter Drive, $599,900/$577,000
24 Princeton Court, $725,000/$685,000
187 Potomac Drive, $250,000/$250,000
169 Irving Place, $249,000/$185,000
243 English Place, $265,000/$257,000
124 Smithfield Court, $289,900/$280,000
51 Aspen Drive, $469,000/$447,000
237 Alexandria Way, $262,900/$240,000
11 Fairbanks Lane, $449,999/$436,250
129 Village Drive, $383,000/$372,000
2 Raleigh Court, $524,000/$511,000
91 Aspen Drive, $409,000/$376,000
8 Richmond Drive, $703,000/$685,000
12 Hadley Court, $635,000/$545,000
16 Cannon Court, $525,499/$515,000
20 Battalion Drive, $493,000/$475,000
22 properties in town went under contract, there were 27 new listings and there are currently 9 deals in attorney review. As of tonight, there are only 129 properties on the market, this is actually a pretty low number. Based on the number of listings that I have lined up to come on the market in the first six to eight weeks of the year, I can make a pretty good guess that inventory levels will steadily increase between now and mid-March because I am pretty sure that I am not the only agent with listings in the pipeline!
Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas. Looking for a market snapshot or a comparative market analysis for your Basking Ridge home? I can help with that too; click here and you will be sent a detailed report of market activity in your neighborhood!