Only 3 properties went under contract this past week in Basking Ridge.  That means offers were negotiated, attorney review was completed and inspections are underway on the following properties:

169 Alexandria Way had been listed for $247,500
36 Chestnut Court had been listed for $355,000
10 Butternut Lane had been listed for $1,825,000

There are an additional 12 properties that are working through attorney review.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold by month (July numbers will be posted on Monday).

New to the Basking Ridge market are the following 11 properties (note that some of these have been available for quite some time but have been relisted):

125 Potomac Drive listed for $254,750
218 English Place listed for $265,000
2003 Rose Court listed for $314,999
261 Penns Way listed for $325,000
2104 Rose Court listed for $345,000
23 Lindbergh Lane listed for $439,900
92 Dorchester Drive listed for $510,000 (my listing – click for info)
41 Harrison Brook Road listed for $599,000
76 Culberson Road listed for $699,999
6 Honeyman Road listed for $765,000
150 Bernards Drive listed for $1,149,000

As of this afternoon, there are a total of 233 listings showing active in Basking Ridge in the MLS.  With 39 going under contract in the last 30 days, Basking Ridge market absorption is 5.97 months.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge.

7/17/09 – 7/24/09

7 properties went under contract this past week in Basking Ridge.  That means offers were negotiated, attorney review was completed and inspections are underway on the following properties:

13 Potomac Drive was listed for $220,000
202 Irving Place was listed for $259,900
9 Potomac Drive was listed for $324,000
116 Countryside Drive was listed for $374,000
76 Patriot Hill Drive was listed for $619,000
7 Wolf Lane was listed for $1,375,000
36 High Meadow Lane was listed for $1,739,000

There are an additional 11 properties that are working through attorney review.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge real estate website for more information on what has sold by month.

New to the Basking Ridge market are the following 9 properties (note that some of these have been available for quite some time but have been relisted):

119 Potomac Drive listed for $249,000 (already in attorney review)
105 Jamestown Road listed for $284,900
51 Aspen Drive listed for $499,000
297 S. Finley Ave listed for $569,000
11 Fairbanks Lane listed for $575,000
15 Canter Drive listed for$735,000 (had been For Sale by Owner)
2 Sentinel Drive listed for $812,000
45 Dickinson listed for  $848,000
95 Manchester Dr.  $849,999

As of this afternoon, there are a total of 234 listings showing active in Basking Ridge in the MLS.  With 35 going under contract in the last 30 days, Basking Ridge market absorption is 6.7 months.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to sign up for listing alerts in and around Basking Ridge. ]]> http://basking-ridge-real-estate.com/blog/basking-ridge-real-estate-info/what-sold-this-week-in-basking-ridge-and-what-is-new-to-the-market-2/feed/ 0 http://basking-ridge-real-estate.com/blog/general-real-estate-info/market-absorbtion-basking-ridge-and-surrounding-areas/ http://basking-ridge-real-estate.com/blog/general-real-estate-info/market-absorbtion-basking-ridge-and-surrounding-areas/#comments Thu, 23 Jul 2009 16:31:42 +0000 Jennifer Blanchard http://basking-ridge-real-estate.com/blog/?p=309 Absorption Rate is a way to measure current inventory levels.  It is based on the number of current listings and the number of contract sales in the last 30 days. Market absorption is an indicator of who is favored in the market: buyers or sellers, and it directly correlates to appreciation or more recently, depreciation.  As of last Friday, absorbtion rates in my key market areas were as follows: 

As I have said many times before, monitoring absorbtion rate on a daily or weekly basis is like getting on the scale too often when dieting; we have to look at the big picture – or the trends.  Rates will vary based on typical seasonal cycles.  They also vary greatly by price point or community. 

This information is something that I monitor pretty closely for each of my seller and buyer clients – if I have your home listed, you can expect this information on a regualar basis and you can be confident that my recommendations and marketing  are based a thorough understanding of what is happening in your market segment.

I am happy to provide information on the impact of absorbtion rate on the value of your home.  If you are thinking about buying or selling a home, contact me today for all of your Basking Ridge real estate needs or visit my website to search homes for sale in and around Basking Ridge, NJ.

There have been 10 sales in Basking Ridge so far in July – at various price points as follows:

• under $300,000: 4 sales
• $300,000 and $500,000: 1 sale
• $500,000 and $800,000: 2 sales
• $800,000 and $1,000,000: 1 sale
• over $1,000,000: 2 sales 

Breakdown of absorption rate by price range:

• under $300,000 there are  33 available properties, 8 sales in the last 30 days, absorption rate: 4.1 
• $300,000-$500,000 there are 49 available properties, 5 sales in the last 30 days, absorption rate: 9.8
• $500,000 and $800,000 there are 81 available properties, 8 sales in the last 30 days, absorption rate: 10.1
• $800,000 and $1,000,000 there are 24 available properties, 3 sales in the last 30 days, absorption rate: 8
• over $1,000,000 there are 61 available properties, 11 sales in the last 30 days, absorption rate: 10.1

Weichert has been studying market conditions for more than three decades and has found a direct correlation btween market absorption and property values.  As absorption rates increase over the normal rate of 5-6 months, property values decline annually.  I emphasize annually because as I have mentioned before, looking at absorption rates too frequently is like getting on the scale every day when you are trying to lose weight!  They tend to fluctuate regularly, so it is important to look at them as they trend in one direction or the other.  Compare today’s absorption rate to the last time I reported it in June.  The theme I continue to notice is that the rates are decreasing in the lower price ranges first!   I believe that the real estate market recovery will be a bottom up trend driven by the first time home buyer. Once again, fueled by the first time home buyer tax credit!

Are you interested in what is available in Basking Ridge – or any of the surrounding areas?   You can search for listings on my website.  As always:  no obligation, just information!