Posts Tagged ‘Basking Ridge Market information’
The Buying Trend Continues
October 3rd, 2009 | 
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Consumers are busy buying houses, according to the National Association of Realtors (NAR), which announced this week that its Pending Home Sales Index rose 6.4 percent in August to its highest level since March 2007. The uptick in pending home sales marked the seventh consecutive monthly increase, the longest in the series of the index which began in 2001.
A forward-looking indicator based on contracts signed to purchase a home, the Pending Home Sales Index in the Northeast jumped 8.2 percent from July and is 12 percent higher than August 2008.
Conditions remain ideal for purchasing a home. Freddie Mac’s Primary Mortgage Market Survey showed that rates on 30-year fixed-rate mortgages are averaging less than 5 percent and nearing the all-time low set in March. In addition, first-time buyers still have a few weeks to get under contract in time to take advantage of the $8,000 buyer tax credit.
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September Market Stats in Basking Ridge
If you follow my site, you know that I post monthly closed sales. One thing I also do is categorize and analyze the data. One thing I haven’t done is figured out how to graphically display it in a meaningful way. So each month, I capture the data, I look at it and draw some conclusions in my mind – maybe I share them with Carl as we watch television (I always seem to be watching televsion with my laptop in my lap), but it doesn’t go much further than that. Well, except that all the data in my head helps me do my job better! Anyway, I thought I would share this month’s stats.
| Sales | avg sale price | avg DOM | avg LP to SP | |
| Total Sales in Basking Ridge | 29 | $695,462 | 121 | 95% |
| Single Family homes | 12 | $1,080,992 | 126 | 93% |
| Townhouse/Condos | 17 | $423,324 | 117 | 96% |
| New Construction | 1 | $2,728,900 | 329 | 124% |
| The Hills | 8 | $754,125 | 118 | 96% |
| Single Family in the Hills | 2 | $1,270,000 | 92 | 94% |
| Single Family Not in the Hills | 10 | $1,043,190 | 133 | 93% |
| Townhouse/Condos in the Hills | 6 | $582,167 | 127 | 96% |
| Townhouse/Condo Not in the Hills | 11 | $336,682 | 112 | 96% |
Break down by Townhouse community:
| Sales | avg sale price | avg DOM | avg LP to SP | |
| Spring Ridge | 4 | $310,750 | 119 | 96% |
| Society Hill | 3 | $295,333 | 156 | 95% |
| The Cedars | no sales | |||
| The Hills/Patriot Hill | 1 | $588,000 | 29 | 95% |
| The Hills/The Hamiltons | 3 | |||
| The Barons | no sales | |||
| Maple Run | 1 | $475,000 | 131 | 95% |
| The Ridge | no sales | |||
| Countryside | 2 | $364,750 | 66 | 97% |
| Lord Stirling Village | 1 | $370,000 | 25 | 96% |
| The Hills/Amherst Mews | no sales | |||
| The Hills/Patriot Mews | 2 | $679,500 | 192 | 97% |
The few things I find worthy of comment: we had the exact same number of closed sales in September, 2008. The average sale price of a single family home that closed in September, 2009 exceeded $1,000,000 – that was very surprising to me given that inventory in that price range has been high and sales have been slow. At first glance, average over all sale price also looks high to me.
Soon, I will work on the best way to post this information each month…. if you have any ideas for me, please let me know!
If you are thinking of buying a home in Basking Ridge, view Condo and Townhouses for sale or check out the single family home listings. Thinking of selling? I can help you understand the value of your Basking Ridge Home.