I am working on a market analysis for a listing appointment scheduled for Wednesday night. The property is a lovely expanded bi-level with over 3000 square feet of living space. Updated bathrooms and a kitchen with a very recent face lift – I am looking forward to getting it on the market! Here is some of the analysis I have done so far.
Bernardsville, NJ Market Snapshot
5 properties under contract since 10/30/2009
88 properties available (as of 11/30)
Overall Market Absorption: 17.6 months
Adjusted Market Absorption: eliminating luxury properties (over $1M): 39 available, 5 under contract = 7.8 months of inventory – not such a bad outlook.
What’s available?
- 15% of the inventory is listed under $500,000 (13/3=4.3 months)
- 30% of the inventory is listed between $500,000 and $1,000,000 (27/2=13.5 months)
- 55% of the inventory is listed over $1M (can’t calculate)
Properties Comparable to this new listing:
Sold:
| 8 | Columbia Drive | 4 | 3.1 | Colonial | $580,000 |
| 64 | Mt. Harmony | 4 | 3.1 | Colonial | $630,000 |
| 145 | Mount Airy Road | 4 | 2.1 | Colonial | $670,000 |
| 27 | Sycamore Hill Rd | 4 | 2.1 | Split Level | $600,000 |
| 25 | Old Army Rd | 4 | 2.1 | Colonial | $620,000 |
| 19 | Columbia Dr | 4 | 2.1 | Colonial | $677,000 |
| 26 | Childs Road | 4 | 2.1 | Colonial | $745,000 |
| 21 | Burrows Ave | 3 | 2.1 | Colonial | $589,000 |
| 67 | Dayton Cres | 4 | 4.1 | Colonial | $625,000 |
Stay tuned for more information about the property and it’s list price!!