Posts Tagged ‘basking ridge market absorption’

The following homes have closed since June 15th:

15 KNOLLCROFT ROAD  $592,500
2802 HEMLOCK PLACE  $295,000
237 ENGLISH PLACE  $243,900
29 BUTTERNUT LANE  $1,472,100
21 WHISPERING WOODS LANE $1,250,000
363 MOUNTAIN ROAD  $829,000
15 SUNNYBROOK ROAD  $1,750,000
2 BIRCH DRIVE  $650,000
41 SUMMIT DRIVE  $1,025,000
164 WOODWARD LANE  $252,000
2 HADLEY COURT  $725,000

An additional eight homes went under contract; some after being on the market only a few weeks.  Once again, when adjusting the Days On Market statistic to the last price change, I found that once a home is priced “right” it sells within 4-6 weeks!

Current market absorption is under 5.5 months.

Who said the market is dead?  Prices may not be where seller’s want them to be, BUT – it’s easy to sell a home in Basking Ridge!  I can help you understand the value of your home in today’s market.  Having that information will help you make some important decisions if you are considering a move.

10/24/2009 – 10/30/2009

3 properties went under contract this past week in Basking Ridge (another quiet week here in town)

There are an additional 6 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.  One thing that I have noticed recently is that properites are staying in attorney review longer; I have seen listings go from attorney review to under contract and then close in a matter of days after sitting in attorney review for a long time.  22 Colonial Drive and 19 Morrison Street are STILL in attorney review!!  And, 96 W Oak Street went under contract AND closed this week.

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

As of this morning there a total of 186 listings showing active in Basking Ridge in the MLS. With 35 going under contract in the last 30 days, Basking Ridge market absorption is 5.3 months; clearly a stable market. 

Please contact me if you would like to discuss my strategy for negotiating contracts in today’s real estate market.

Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.

If you are thinking of moving, I can provide a free market analysis of your home’s value  in today’s market.

10/03/2009 – 10/09/2009

10 properties went under contract this past week in Basking Ridge:

There are an additional 10 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.  There are only 193 properties currently for sale in Basking Ridge !

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 each month over the past year.

As of this morning there a total of 193 listings showing active in Basking Ridge in the MLS. With 28 going under contract in the last 30 days, Basking Ridge market absorption is 6.9 months; I still maintain that Basking Ridge is a very stable market. 

Please contact me if you would like to discuss my strategy for negotiating contracts in today’s real estate market.

Visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.

It’s Friday!  I will be posting what’s under contract and what’s new to the market, but first I wanted to share my most recent analysis of market absorption.  Current inventory in Basking Ridge has dipped below 200 properties.  There are currently 194 available listings (14 are noted as being in attorney review).  Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days.  A normal market (favoring neither buyers nor sellers) is between 5 and 6 months.  A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory.  I looked at Basking Ridge overall, Basking Ridge town houses over all and Basking Ridge town houses between $500,000 and $800,000.  In all three cases, market absorption is between 7 and 8 months.  These are really great numbers – the market is still favoring buyers somewhat, and I think there are some really great deals out there.  But, while buyers are still favored, I am seeing properties close closer to their asking prices, so sellers are not in such bad shape either!  See below for details.

As of today, there are 194 homes available in Basking Ridge

 Since 09/02/2009, 24 homes have gone under contract

Township Market Absorption = 8 months

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There are 60 town houses available in Basking Ridge

Since 09/02/2009, 8 town houses have gone under contract

Town House Market Absorption = 7.5 months

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There are 62 town houses available in Basking Ridge

Since 09/02/2009, 7 town houses have gone under contract

Town House Market Absorption = 8.9 months

Please contact me if you are interested in making a move into or out of Basking Ridge.  The statistics posted here are just an example of the analyses I constantly perform to monitor the market; helping buyers and sellers to get the best deal possible!  Click here for information on what has sold in Basking Ridge, or visit my site for to see what’s for sale in Basking Ridge or to get the value of your Basking Ridge house or townhome.

9/12-9/18/09

The following 7 properties went under contract this past week in Basking Ridge – that’s three more than the week before!  Maybe my prediction will prove true!

156 Irving Place, Society Hill Condo, listed for $241,000
186 English Place, Society Hill Condo, listed for $259,000
2406 Privet Way, The Cedars Condo, listed for $269,000
406 Penns Way, Society Hill Townhouse, listed for $365,900 (my sale!)
324 Alexandria Way, Spring Ridge Duplex, listed for $479,900
25 Dryden Road, Single Family Home, listed for $574,500
130 Culberson Road, Single Family Home, listed for $1,100,000

There are an additional 12 properties that are working through attorney review which means they have accepted offers and lawyers are working through the contract details.

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 each month over the past year.

New to the Basking Ridge market are the following 8 properties:

367 Potomac Drive, Spring Ridge Condo, $252,500
49 Queen Anne Drive, Single Family Home, $597,900
26 Huntington Road, Single Family Home in the Hills, $629,900
297 Lyons Road, Single Family Home, $719,000
71 Riverside Drive, Single Family Home, $799,000
20 Stacy Lane, Single Family Home, $829,000
124 Church Street, Single Family Home, $939,000
89 Morristown Road, Single Family Home – New Construction, $1,150,000

As of this morning there a total of 200 listings showing active in Basking Ridge in the MLS. With 35 going under contract in the last 30 days, Basking Ridge market absorption is 5.7 months -not much different from last week, which again, makes sense given the season.  It doesn’t always make sense to look at this metric every week; it’s the trends that are most important.

Please contact me if you would like more information about any of these Basking Ridge homes or visit my Basking Ridge website to search homes for sale in Basking Ridge and surrounding areas.

8/29/09-9/4/09

The following 4 properties went under contract this past week in Basking Ridge. A little bit of a dip which makes complete sense given the end of the summer season!

37 Woodward Lane, Sociey Hill Townhouse, $304,900, DOM 56
7 Tysley Street, Single Family Home, SHORT SALE, $439,000, DOM 212
36 Hill Top Road, Single Family Home, $450,000, DOM 14
1 Richmond Drive, Patriot Mews Townhouse, $675,000, DOM 196

There are an additional 15 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 each month over the past year.

New to the Basking Ridge market are the following 10 properties:

107 Potomac Drive, $219,900, Spring Ridge Condo
25 Baldwin Court, $239,500, Society Hill Condo
156 Irving Place, $241,000, Society Hill Townhouse
58 Commonwealth Drive, $274,900, Spring Ridge Condo
193 Irving Place, $329,000, Society Hill Condo
129 Village Drive, $383,000, Lord Stirling Village Townhouse
16 Fairbanks Lane, $548,000, The Barons Townhouse – one floor living
43 Cannon Court, $699,000, Hamilton Ridge Townhouse – completely updated
2 Hartley Lane, $799,999, Single Family Home in the Hills
19 Morrison Street, $920,000, Single Family Home

As of this morning there a total of 203 listings showing active in Basking Ridge in the MLS. With 41 going under contract in the last 30 days, Basking Ridge market absorption is 4.95 months -not much different from last week, which again, makes sense given the season.

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.

Have a wonderful Labor Day weekend, the weather is supposed to be gorgeous!