This blows my mind. And I SELL REAL ESTATE! Yesterday, I did an analysis for a client where I pulled single family home sales for properties that were listed between $800,000 and $1,600,000 from January 1, 2020. I found nine homes that sold twice – their own best comps! The average increase in market value for those nine properties was 24%. If this isn’t a mind blowing market value shift I don’t know what is!
9 Comps That Sold Twice!
The average sale price for the sample rose from $1,011,773 in 2020 to $1,211,533 in 2022. An increase of a whopping 21%. Wow!
2020: 132 sales
2022: 134 sales
So far in 2023, there have been 38 closed sales – I wonder if we’ll even hit 100 closed sales for the year…. (there are 21 under contract and 16 available).
***This is only for properties listed between $800,000 and $1,600,000***
Is this not a mind blowing market value shift?
Basking Ridge By the Numbers
As of this month, there are 123 homes are for sale in Basking Ridge, NJ real estate market. The number of listings in Basking Ridge, NJ increased by 2.5% between May 2023 and June 2023. In June 2023 median list price was $705,000 and the average listing age was 11 days. If you’re buying a home in Basking Ridge, you could pay more than the asking price. For example, 64.5% of homes here sold above asking price last month. Basking Ridge is technically in a Sellers Housing Market, which means prices tend to be higher and homes sell faster. 6 Homes Sold Under Asking, 5 Homes Sold At Asking, and 20 Homes Sold Over Asking.
Recent Numbers
Between May 2023 and June 2023, listing prices of homes in this real estate market have seen the following changes: 1 bedroom properties prices increased by 15.7%, the cost of 2 bedrooms properties went up by 4.2%, 3 bedrooms properties became 1.9% more cheaper, 4 bedrooms properties prices decreased by 2.1%, prices of 5 bedrooms properties went up by 8.6%. Housing inventory have changed in this real estate market: number of 1 bedroom homes increased by 14.3%, volume of 2 bedrooms homes stayed the same, volume of 3 bedrooms homes went down by 9.5%, 4 bedrooms homes inventory increased by 23.5%, number of 5 bedrooms homes decreased by 10.3%. While more than 20 listings in Basking Ridge, NJ in June 2023 were sold above asking price, there were more than 5 listings sold at asking price, and more than 6 were sold.
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MLS Disclaimers and Copyright
Based on information from Garden State MLS, New Jersey MLS, and Central New Jersey MLS for the period 07/01/2021 – 07/01/2023
Jennifer Blanchard Team
Berkshire Hathaway HomeServices NJ Properties
