Basking Ridge NJ Real Estate Market Update MAY 2015

The numbers for Basking Ridge are somewhat of a mixed bag for the month of MAY 2015:

  • The rolling 12 month sales volume was virtually unchanged with a slight increase of three (3) units or (1%). Last year: May 2013 thru May 2014  (420 homes sold) as compared to the current period: May 2014 thru May 2015 with (423 homes sold).

  • The May year-to-date numbers were down slightly by nine (9) units or (8%) from last May which was one-hundred and nineteen (119) units as compared to the current period at one-hundred and ten (110) units. This is the lowest volume for this category in least the past four (4) years and is the third consecutive month of declining sales volume in this category.

  • The monthly volume of sales occurring in the month of May rose by nine (9) units or (29%). There were thirty-one (31) sales last May as compared to forty (40) sales for the current period. This the second busiest May in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of May 2015 decreased moderately by three (3) units or (5%). Last year at this time there were fifty-six (56) units Pending as compared to the current year with fifty-three (53) units.

  • The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the end of May is at 5.6 months, which is up modestly by 1.5 months or (37%) when compared to last year’s inventory at 4.1 months, which was rather low. Basically this indicates that the Basking Ridge market continues to have a shortage of available inventory with fewer homes for Buyers to choose from, however it looks as though we may be seeing the beginning of a shift towards a balanced market.  This will help keep prices up and the time it takes to sell a home very low. You would have to go back at least three years or more to find the last time Basking Ridge had something close to a “balanced” level of inventory for April. Most of the surrounding towns are in the exact opposite condition with too much inventory on hand.  For Basking Ridge, the sellers are in control of this market, at least for the short term.

Note: A “balanced” market is considered to have a 6 month supply. Anything below that amount would be considered a “low” inventory and thus less than balanced. This market condition typically favors Sellers.  Anything above a 6 month supply would result in a “high” inventory of homes on the market and typically favors Buyers.

 

Read below to find out the very latest information on your local Basking Ridge NJ Real Estate market!

While still very strong, the local Basking Ridge continues to show signs of cooling down just a bit in the first half of 2015. The rolling 12 month sales volume did rise, albeit by a very slim margin, however the year-to-date volume fell by 8% which represents the third consecutive month of declines in this category. On a positive note, the monthly volume was up by 29% making it the second busiest May in at least the past four years.

The volume of homes Pending or Under Contract fell slightly by three (3) units or (5%). Inventory was up sharply by (37%), but is most likely due to the season as many sellers wait until this time of the year to put their homes on the market. In addition, there is a pent up demand on the part of sellers to finally make a move after sitting on the fence for several years waiting for the market to improve.

Sellers continue to remain in control in the Basking Ridge market and we can expect to see modest price increases (especially in certain neighborhoods) as long as this pace continues and inventory remains low.

Look below to see the individual homes that sold in Basking Ridge NJ for the month of MAY in 2015.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through MAY through the same period.

Basking_Ridge_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_May_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Basking Ridge NJ MAY 2011 through 2015

 

Basking_Ridge_NJ_Real_Estate_-_Closed_Sales_for_May_2015_Bar_Graph

Year to Year Comparison of Homes SOLD in Basking Ridge NJ MAY 2011 through 2015

 

 


 

Sales from Current Month

 

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2015_Part_2

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

Basking Ridge NJ Real Estate Market Update APRIL 2015

 

Basking Ridge NJ Real Estate Market Update MARCH 2015

 

Basking Ridge NJ Real Estate Market Update FEBRUARY 2015

 

Basking Ridge NJ Real Estate Market Update JANUARY 2015

 

 



Sales from Prior Months

 

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2015

 

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2015

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2015

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_December_2014_Part_2

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014 Part 1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_November_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_October_2014Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_September_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2014_Part_3Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2014_Part_3Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_May_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2014_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_February_2014_Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_January_2014_

(Double click on spreadsheet for an enlarged view)

 


 

All Listings Currently FOR SALE in Basking Ridge NJ

 

 

Other interesting articles on Basking Ridge NJ

 

There are many factors that make up the differences in local real estate markets, even from town to town and especially in a small state such as New Jersey. This is why it is important for both buyers and sellers to obtain the latest “local” market data before they make any real estate decisions.

 

For more information on Basking Ridge NJ including the schools, follow this link:

All you need to know about Basking Ridge NJ 

For more information on Basking Ridge NJ Real Estate, call me direct at (908) 267-2465, or email me at Bob@BobZorechakRealtor.com and I will be happy to discuss your specific real estate requirements.

 

How to find Listings on your own:

For listings or information on Basking Ridge NJ or any of the surrounding towns in  Somerset County including, Bedminster, Bernardsville, Far Hills and Peapack Gladstone, the Morris County towns of Morristown, Morris Township, Madison, the Chathams, the Mendhams, the Chesters, and Long Valley, along with the Hunterdon County towns of Lebanon and Tewksbury Townships, simply use the search tool located on the right side of this page.

All listings are updated throughout the day so be sure to come back often for the most current information.  If you are unable to find what you are looking for using the search function on this website, or you are looking for a home that is unique with specific features, feel free to contact me direct and let me know exactly what they are.  My colleagues and I preview all kinds of properties each week and will be sure to identify just what you are looking for.  In addition, my office often features “exclusive” listings that are not released to the public that might be of interest to you as well.  I will be glad to answer all of your questions and arrange to show you the homes of your choice at a time convenient to your schedule.

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