In 2019, home prices were up in most markets. Basking Ridge home sales, however, experienced a slight dip in average sale price from 2018. This has contributed to low inventory as many sellers are hesitant to lose equity. But buyer demand continues to be strong. With low mortgage rates, low unemployment and continued wage growth, home buyer activity should remain healthy into the new year.
2018: single family homes: 251 sales, average SP: $894,840
2019: single family homes: 243 sales, average SP: $838,658
2018: condos and townhouses: 209 sales, average SP: $391,997
2019: condos and townhouses: 216 sales, average SP: $379,044
Visit www.Basking-Ridge-Real-Estate.com to download the 2019 summary of Basking Ridge Home Sales. While you are there you can take a look at previous years of Basking Ridge home sales as well! We have reports back to 2015.
The NAR and lending institutions such as Freddie Mac and Fannie Mae, have predicted that interest rates will remain stable, the number of home sales is expected to increase, and home values are expected to appreciate. As far as Basking Ridge homes sales go, even though average sale price dipped a bit in 2019, the number of sales was stable, and we are seeing trends that are consistent with these predictions.
Given last year’s performance and this year’s predictions, Basking Ridge home sales won’t disappoint, but it is wise to ensure that the property you plan to sell is prepared for the market in every way possible. It should be freshly painted, sparkling clean, expertly staged and free of defects to the extent that it can be. Buyer demand is high which is generating lots of activity, but when it comes to making offers, they are doing so with a critical eye.
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