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.

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