Posts Tagged ‘market activity’

This icy February day has me laid up on the couch nursing a cold and wondering what to write about for my next Patch article.  Should I cover underground storage tanks?  It surprise me how many sellers still believe that if it’s insured it’s okay to leave it in the ground.  Should I write about how to FSBO your home?  When I first started in real estate almost 10 years ago, I loved helping FSBO’s make it happen – whether they ended up selling the property themselves or if it were ultimately listed with a Realtor.  I could also write about current market activity – it’s been pretty slow here in Basking Ridge.   There have been 17 contract sales since the first of the year and 50 new listings. There were 52 new listings for the same time period last year and 20 contract sales – so I suppose this year isn’t much different from last.  Interest rates are a little lower, but the weather is certainly much worse.  I choose to attribute the slight difference to all the SNOW.

Watch for my next Patch article – I hope that whatever I choose to write about will be of interest to someone!

Updated to add the link to the Patch article I wrote about underground storage tanks.

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!

Closings since Feb. 15th:

94 Potomac Drive $215,000/$203,500, spring ridge condo
51 E Oak Street, $458,800/$445,000, single family home
18 Mayflower Drive, $518,000/$506,000, Hamilton Crest townhouse
93 Alder Lane, $635,000/$597,000, single family in the hills
322 S Finley Ave, $1,299,900/$1,200,000, single family

There were 25 new listings during this time frame.  Current market absorption is 6.2 months.  There are 12 properties working through attorney review.

If you are considering a move into or out of Basking Ridge, please call me.  As a full time Realtor and Basking Ridge resident, I love what I do – and I’m happy to help!  I can help you find the value of your Basking Ridge home, keep you informed of what has sold in Basking Ridge and notify you of new listings in Basking Ridge.

If Basking Ridge isn’t your destination, follow the links to find out what’s going in Bedminster, Bernardsville or the surrounding areas.

There were 18 new listings in Basking Ridge this past week: several Spring Ridge and Society Hill townhouses and condos, a condo in The Cedars, a townhouse in Maple Run, two townhouses in The Barons, a townhouse in The Ridge and several townhouses in the Hills.  There were only three single family homes listed – a re-listed cape cod at $455,000, a re-listed bi-level at $525,000 and a relisted new construction home in the Tall Timber community priced at $2,289,000.

There were 7 contract sales.

Market Absorption in Basking Ridge is currently 7 months; there are 161 available properties and there have been 23 contract sales in the last 30 days. 

A word from Weichert about the home buyer credit and how it is impacting the market:

“The real estate market continues to show improvement as mortgage rates remain at historic lows and consumers respond to the tax credits for first-time and repeat buyers. In fact, the National Association of Realtors (NAR) just announced that its Pending Home Sales Index rose 1 percent from November.

A forward-looking indicator based on contracts signed in December, the index is now 10 percent above December 2008. What’s more, December activity was the fifth highest monthly tally in two years. A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Because sales usually are finalized within one or two months of signing the contract, this improvement should result in higher home sales in the coming months.

According to Lawrence Yun, NAR chief economist, existing home sales are projected to rise to around 5.6 million in 2010, an 8.5 percent increase over 2009. As sales rise and inventory levels decline, housing wealth for many middle class families will stabilize.”

To get started on your home search visit my website to view all homes for sale in Basking Ridge.  I can also help you get an idea of the value of your Basking Ridge home.

Seven Basking Ridge properties went under contract during this past week.

There are no properties marked in the MLS as working through attorney review.  But there was an increase in inventory with 18 new listings – we are up to 133 properties showing active.

The following four properties closed during the same time frame:

185 English Place, Society Hill condo, list price $249,900/sold price $245,000, DOM 253
101 Countryside Drive, list price  $364,000/sold price$358,000, DOM 43
117 Cross Road, single family home, list price $565,000, sold price $560,000, DOM 214
36 Cobble Lane, Gatehouse single family home, list price $865,000, sold price $830,000, DOM 23

I share this information on a monthly basis – what SOLD this month in Basking Ridge, and almost weekly on my blog.  Please check back often to stay on top of the market!