Posts Tagged ‘market absorption’

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!

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As we’ve discussed before, 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.

Current rates as of the end of the week of 1/3/10:  Basking Ridge is looking pretty good!

Basking Ridge 5.5 months
Bernardsville 16 months
Bedminster 11 months
Bridgewater 8.5 months
Long Hill  9.5 months
Harding  7.5 months
Warren  7.5 months

If you are considering a move into or out of Basking Ridge, please contact me for a buyer consultation or a market analysis of your current Basking Ridge home.  Visit my Basking Ridge Real Estate site to search homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!

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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.

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