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There is some exciting springtime activity going on here in Basking Ridge! The market has absolutely picked up – absorption rates are hovering under 5 months, with less than 3 months in the lower-priced condo market.
I listed 14 Village Drive in Lord Stirling Village last week. This unit is bright and sunny, with many rooms freshly painted and an updated kitchen! Features include cherry cabinets, tile backsplash, neutral bathrooms, vaulted ceilings, skylights and recessed lighting. The private patio is accessible from both the kitchen and den during the warmer weather it feels like another room! The den features a french door and a fireplace – it’s my favorite room in the house! The second bedroom features a walk-in closet with built-in organizers and there is extra storage in the utility room. 14 Village Drive is centrally located close to Basking Ridge town center, the Bernards Township library, parks, schools, public transportation and major highways (rts 287, 202/206 and 78).
Lord Stirling Village covers 52 acres just south of the Great Swamp nature preserve. A small community comprised of only 150 units featuring a pool and tennis courts. Association fees include water and garbage collection.
If you are considering a move to Basking Ridge, there are many town houses and condos for sale; or search for single family homes instead.
The following home sales closed this past week:
159 Jamestown Road, Spring Ridge, 2 beds, 2 baths, listed at $263,000, sold for $245,000
307 Penns Way, Society Hill, 3 beds, 2.1 baths, listed at $325,000, sold for $310,000
75 Aspen Drive, The Ridge, 3 beds, 3 baths, listed at $429,999, sold for $405,000
6 Chelsea Court, 4 beds, 4.1 baths, custom colonial, listed at $1,575,000, sold for $1,320,000
There were four new listings this week – one townhouse in The Ridge listed for $344,900 and three colonials listed between $1,100,000 and $1,900,000.
There were seven contract sales (who says things are slow?) – three townhouses, one condo, two colonials and one ranch, listed between $244,900 and $999,000.
Market absorption in Basking Ridge has fallen below 6 months – there were 27 contract sales in the past thirty days and there are currently 156 available properties. I do expect the market to slow considerably between Thanksgiving and the winter holidays – but I also think that low interest rates will continue to fuel sales through the end of the year.
Considering a move into or out of Basking Ridge? Start your search for townhouses or single family homes for sale at the most comprehensive website where you can also analyze recent sales in Basking Ridge.
Three closings this past week in Basking Ridge:
- 81 Constitution Way in Hamilton Woods, listed for $499,500, closed at $480,000 after 116 days on the market.
- 12 Battalion Drive in Hamilton Ridge, listed for $515,000, closed at $495,000 after 24 days on the market.
- 126 Patriot Hill Drive in Patriot Hill, listed for $599,900, closed at LIST PRICE after 33 days on the market.
The same time period saw five new listings priced from $310,000 for a three bedroom model 600 townhouse in Society Hill to a re-list for $1,265,000. In between is a Hamilton Crest townhouse for $489,000, a Carlisle colonial for $729,000 and an Amherst Mews townhouse for $814,000.
With 22 contract sales in the last 30 days and 166 units currently available for sale in Basking Ridge, the inventory level is at 7.5 months. A not so strong buyer’s market.
Are you considering a move?
Knowing the current value of your Basking Ridge home will help you make some important decisions. I am happy to help you navigate the process and understand the current market.
In the mean time, enjoy this awesome fall day!
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!
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!
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.