An incredible May for Basking Ridge

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.