My most recent article on Basking Ridge Patch talks about proper pricing. In the article, I refer to some data analysis that I did yesterday. Looking at a small sample of sales (Basking Ridge closings in July, 2010), I manually adjusted the days on market to reflect the time it took from a price adjustment to accepted offer. I was very happy with the results because they totally support what I always say, “if the property is priced correctly, it should sell within the first 30-40 days”. If it isn’t priced correctly, you can recover with a price adjustment – but use the input from showing activity to help you get it priced right. Because homes that are well priced will attract the right buyers – the buyers who recognize the value and are ready to make a move. Opposed to the buyers who are looking for a deal and want to low ball fifteen houses until they find a seller who will take any offer.
Here is the data (I hope it pastes in a readable format):
| Address | Original List Price | % SP to OLP | Last List Price | DOM (current listing) | Sale Price | % SP to LLP | comments | approx adj’d DOM | |
| 85 | Governor Dr | $1,065,000 | 100% | $1,065,000 | 6 | $1,060,000 | 100% | priced right – sold fast! (multiple offers) | 6 |
| 52 | Sentinel Dr | $995,000 | 103% | $995,000 | 8 | $1,024,999 | 103% | price right – sold fast! | 8 |
| 118 | Fairview Dr S | $629,000 | 100% | $629,000 | 9 | $629,000 | 100% | attorney review within 10 days | 9 |
| 76 | Liberty Corner Rd | $469,900 | 68% | $395,000 | 13 | $320,000 | 81% | contract under two weeks | 14 |
| 8 | Rachel Ct | $1,239,000 | 101% | $1,239,000 | 14 | $1,251,188 | 101% | priced right – sold fast! | 14 |
| 15 | Alder Ln | $729,000 | 98% | $729,000 | 17 | $715,000 | 98% | priced right – sold fast! (multiple offers) | 11 |
| 331 | Penns Way | $259,000 | 98% | $259,000 | 24 | $255,000 | 98% | attorney review within 10 days | 10 |
| 47 | Fairview Drive South | $784,500 | 100% | $784,500 | 24 | $784,500 | 100% | priced right – sold fast! | 24 |
| 18 | Whitetail Ln | $839,000 | 95% | $839,000 | 25 | $795,000 | 95% | no price adjustment | 25 |
| 171 | Smoke Rise Rd | $739,000 | 100% | $739,000 | 26 | $741,000 | 100% | attorney review within 10 days | 10 |
| 80 | Village Dr | $375,000 | 91% | $352,000 | 40 | $340,000 | 97% | price change 5/14, contract 6/23 | 40 |
| 51 | Arbor Cir | $489,000 | 94% | $475,000 | 41 | $460,000 | 97% | price change 4/27, contract 5/27 | 30 |
| 14 | Grove Rd | $919,000 | 101% | $919,000 | 41 | $929,000 | 101% | attorney review within 30 days | 30 |
| 44 | Kinnan Way | $899,000 | 99% | $899,000 | 42 | $890,000 | 99% | no price adjustment | 42 |
| 120 | Constitution Way | $469,000 | 95% | $469,000 | 45 | $445,000 | 95% | no price adjustment | 45 |
| 66 | Emerald Valley Ln | $2,485,000 | 88% | $2,275,000 | 63 | $2,175,000 | 96% | new construction | 63 |
| 5 | Johnston Cir | $874,900 | 94% | $859,000 | 64 | $820,000 | 95% | price change 4/22, attorney review 5/21 | 30 |
| 3 | Deer Ridge Rd | $1,799,000 | 77% | $1,499,000 | 64 | $1,390,000 | 93% | price change 4/20, attorney review 5/21 | 30 |
| 52 | Deer Creek Drive | $1,100,000 | 93% | $1,100,000 | 68 | $1,020,000 | 93% | no price adjustment | 52 |
| 1 | Springfield Ln | $774,900 | 97% | $774,900 | 69 | $755,000 | 97% | no price adjustment | 69 |
| 71 | Dorchester Dr | $539,900 | 94% | $514,900 | 77 | $507,000 | 98% | price change 5/13, contract 5/21 | 7 |
| 197 | Alexandria Way | $282,000 | 91% | $267,000 | 78 | $257,000 | 96% | price change 3/22, contract 5/2 | 40 |
| 41 | Harrison Brook Dr | $599,000 | 79% | $499,000 | 79 | $475,000 | 95% | price change 5/18, attorney review 7/4 | 45 |
| 56 | Dickinson Rd | $800,000 | 95% | $769,900 | 81 | $760,000 | 99% | price chage 6/7, contract 6/23 | 16 |
| 239 | English Pl | $269,900 | 96% | $259,900 | 85 | $259,900 | 100% | price change, 4/22, attorney review 6/5 | 37 |
| 108 | Village Dr | $364,900 | 86% | $324,900 | 87 | $314,000 | 97% | price change 5/27, contract 6/4 | 7 |
| 5 | Clark Ct | $518,000 | 93% | $505,000 | 105 | $480,000 | 95% | price change 6/7, contract 6/17 | 10 |
| 236 | Potomac Dr | $209,900 | 94% | $199,000 | 108 | $196,500 | 99% | price change 6/22, contract 6/30 | 8 |
| 301 | Mountain Rd | $874,900 | 74% | $698,000 | 118 | $651,500 | 93% | price chage 2/13, attorney review 3/3 | 20 |
| 7 | Barton Way | $840,000 | 98% | $840,000 | 125 | $826,000 | 98% | no price adjustment | 125 |
| 88 | Lyons Road | $679,000 | 85% | $599,000 | 129 | $575,275 | 96% | price change 6/6, attorney review 6/16 | 10 |
| 16 | Goltra Dr | $649,900 | 83% | $549,900 | 149 | $537,000 | 98% | price change 4/20, attorney review 6/4 | 45 |
| 8 | Culberson Rd | $1,150,000 | 83% | $999,999 | 162 | $958,000 | 96% | price change 4/23, attorney review 6/16 | 55 |
| 3 | Barton Way | $849,900 | 94% | $849,900 | 13 | $800,000 | 94% | listed several times – no price adjustment | 300 |
| 112 | Galloping Hill Road | $512,000 | 84% | $430,000 | 351 | $430,000 | 100% | data not available – short sale | - |
| 26 | Deer Creek Road | $1,499,000 | 70% | $1,199,000 | 374 | $1,045,000 | 87% | price change 10/2, contract 5/11 | 180 |
| 70 | Morgan Lane | $1,849,000 | 85% | $1,739,000 | 395 | $1,575,000 | 91% | price change 2/1, attorney review 5/14 | 90 |
| avearage SP to OLP: | 91% | average SP to LP: | 97% | ||||||
| average days on market: | 87 | adjusted average days on market: | 43 | ||||||
Attention buyers – there isn’t a seller out there who will simply take any offer just to get the house sold! But, a good buyers agent can certainly help you get the best deal possible. Start with a search of single family homes available in Basking Ridge. Search condos in Basking Ridge.