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Insights from Jim Weichert
The beginning of a new year is always a time to reflect and consider goals and opportunities for the year ahead. As we begin 2012, there are many reasons for encouragement when it comes to the economy and real estate. If recent economic and real estate trends are any indication, 2012 will be a year when good things can happen not only for potential homebuyers and sellers, but for the country as a whole. For example:
- Existing-home sales rose again in November, and remain at levels above those of a year ago. What’s more, pending home sales also continued to gain in November, reaching the highest level in 19 months, an indication that there will be more future sales.
- In November, sales of new single-family houses rose 1.6 percent from October and were 9.8 percent above November 2010. Additionally, housing starts surged to a one-and-a-half year high in November, and permits for future construction were the highest since March 2010.
- In a sign that the overall economy is strengthening, U.S. employment has grown solidly for the past six months, generating 100,000 jobs or more in each month for the first time since April 2006.
- The Conference Board’s Index of Leading Economic Indicators showed two months of solid gains, signaling that the economy was gaining momentum and the risks of a recession were receding, and its Consumer Confidence Index improved to levels seen in April 2011.
Basking Ridge Market Activity
Two closings so far this year:
- 2 Commonwealth Drive, 2 bedroom Fairfax model in Spring Ridge, listed for $248,000 and sold for $232,500.
- 72 Gerard Avenue, 4 bedroom bi-level, listed for $549,000 and sold for $540,000 in only 36 days.
Eleven new listings – one condo, two townhouses, a bi-level and seven colonials. Many of these homes were listed last year, came off the market for the holidays and are now back on the market.
There have been five contract sales since the first of the year – actually, only four. 11 Archgate Road was logged into the MLS once it was already under contract (it is scheduled to close at the end of the month).
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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email
There have been thirteen new listings in Basking Ridge since December 1st. You can search here for these Basking Ridge homes. Four of them are already in attorney review or under contract (price it right and it will sell fast). Five deals fell apart and the houses are back on the market (two of which have been withdrawn). Sixteen listings adjusted their price (one of them twice). And….drumroll, please because this is big… there were THIRTY contract sales. Seven of these have already closed. There were nineteen closings in Basking Ridge.
It’s been a busy month. I have a few inspection contingencies to wrap up – and after that I plan to have a quiet New Year’s Eve at home with my family and some friends. Resting up for what I hope will be a really busy spring market!
See you Next Year!!
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Basking Ridge Home Value; Basking Ridge Townhouses for Sale; Basking Ridge Condos for Sale; Basking Ridge Homes for Sale; Contact Jennifer Blanchard; Get Basking Ridge Listing alerts in email
Considering a move to Basking Ridge?
- Three bedroom ranch on almost half an acre!
Then check out this charming three bedroom ranch on almost half an acre at the end of a private lane close to town. This home offers an updated kitchen, a renovated master bathroom, a finished room in the basement perfect for the kids or an office, a wall of windows overlooking a huge deck in the living room. Two full bathrooms, a huge two car garage and a yard that is perfect for so many things….parties, soccer games, swing sets, gardening!
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.
The following homes have closed since Christmas:
- 57 Woodward Lane in Society Hill – a two bedroom condo – listed $269,900, sold $253,000
- 12 Hampton Court in Spring Ridge – a single family home – listed $$595,000, sold $575,000
- 23 Hadley Court in Amherst Mews – a four bedroom townhouse – listed $834,900, sold $815,000
- 127 Juniper Way – a four bedroom ranch on one acre – listed $849,900, sold $825,000
- 48 Tall Timber Lane – new construction – five bedroom colonial – listed $2,599,000, sold $2,750,000
For more information on closed sales, visit Basking Ridge Real Estate. 
I have a qualified buyer interested in a four or five bedroom traditional center hall colonial in Basking Ridge. They have seen everything currently on the market – nothing has hit them as the RIGHT one.
There are nine homes making their way through attorney review and with 167 properties available, current market absorption is at 6.9 months for the township. Breakdown of market absorption by price range:
- under $300,000: 2.25 months
- $300,000-$500,000: 14 months
- $500,000-$700,000: 6.3 months
- $700,000-$900,000: 7.7 months
- $900,000-$1,300,000: 5.7 months
- over $1.300,000 – there have been no sales in this price range since January 4th when 28 Fawn Lane went under contract and then closed for $1,375,000 after almost a year on the market and almost a 20% price reduction from it’s original list price of $1,799,000.
I am working on market analyses for two properties that I believe will list in the low to mid $500,000′s; so I have also calculated market absorption for $450,000-$550,000. That comes out to about 10 months. I am not sure how to explain the lag in that middle-range price point. My educated guess, looking at sales activity, is that first time buyers are choosing lower priced condos and townhouses and people moving up from there are choosing homes in the $500,000-$700,000 range. Leaving the $300,000-$500,000 range to be a little sluggish.
As a seller in that price range, my recommendation is to price the property as attractively as possible in order to be the next to sell. Buyers are looking for VALUE – you want to be the property that offers the most in that price range: either your are the biggest house, or the most udpated house, or something that makes you stand out. Work with your Realtor to understand your competition and price accordingly.
The following properties closed this past week in Basking Ridge:
125 Alexandria Way, Spring Ridge Condo, list price $249,900, sale price $250,000
119 Alexandria Way, Spring Ridge Condo, list price $264,900, sale price $250,000
4 Richmond Drive, Patriot Mews Town House, list price $675,000, sale price $645,000
28 Fawn Lane, Single Family Home, list price $1,450,000, sale price $1,375,000
There were 17 new listings this week; there are 5 properties working through attorney review which means that offers have been accepted and contracts are being finalized. Market Absorption in Basking Ridge is currently at 6.5 months which is a very balanced market. This time last year, market absorption was strongly favoring buyers at 13 months of inventory!
If you are considering a move into or out of Basking Ridge, this is certainly a good time to be in the market – whether you are buying, selling or both! Contact me directly for more information on what is currently for sale in Basking Ridge. I can also help in other areas – Bernardsville, Bridgewater, Bedminster and beyond!
12/05/2009 – 12/13/2009
EIGHT sales over the last nine days – not a bad week or so for Basking Ridge, NJ!
There are an additional 5 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 site for more information on what has sold by month over the past year.
As of this evening there a total of 152 listings showing active in Basking Ridge in the MLS. With 22 going under contract in the last 30 days, Basking Ridge market absorption is 6.9 months. A very respectable inventory level for this season.
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.
11/07/2009 – 11/13/2009
Only 2 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. I think it is interesting that although there were NINE properties in attorney review this time last week – that only two have made it to contract. I wonder why attorney review is taking so long on some properties.
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 164 listings showing active in Basking Ridge in the MLS. With 23 going under contract in the last 30 days, Basking Ridge market absorption is 7 months. A normal fluctuation.
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.