Basking Ridge NJ Real Estate Market Update AUGUST 2015

 

The numbers for Basking Ridge are down considerably for the month of AUGUST 2015:

  • The rolling 12 month sales volume fell by twenty-three (23) units or (5%). Last year: August 2013 thru August 2014  (426 homes sold) as compared to the current period: August 2014 thru August 2015 with (403 homes sold).

  • The August year-to-date numbers were down by twenty-nine (29) units or (10%) from last August which was (303) units as compared to the current period at (274) units. This is the sixth consecutive month of declining sales volume in this category.

  • The volume of sales occurring in the month of August decreased by seventeen (17) units or (26%). There were (66) sales last August as compared to (49) sales for the current period. This was the second slowest August in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of August 2015 decreased by thirteen (13) units or (28%). Last year at this time there were (46) units Pending as compared to the current year with (33) 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 August is at 5.5 months, which is up sharply by 2.1 months or (38%) when compared to last year’s inventory at 3.4 months. 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 August. 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 compared to the surrounding towns, the local Basking Ridge market continues to show signs of slowing down as evidenced by this month’s numbers which were down across aboard. The rolling 12 month sales volume fell into negative territory by (5%) and the year-to-date volume decreased by (10%) which represents the sixth consecutive month of declines in this category. The monthly volume was also down considerably by (26%) making it the second slowest August in at least the past five years.

The volume of homes Pending or Under Contract decreased sharply by thirteen (13) units or (28%). Inventory was up by (38%), but it is still below a 6 month supply and thus a seller’s market. The reason for the upswing is most likely due to 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 AUGUST in 2015.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of AUGUST over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through AUGUST through the same period.

 

Basking_Ridge_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_August_2015_Bar_Graph

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

 

Basking_Ridge_NJ_Real_Estate_-_Closed_Sales_for_August_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_August_2015_Part_2Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sale

 (Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Updates

 

Basking Ridge NJ Real Estate Market Updates

 


Sales from Prior Months

 

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_July_2015_Part_3Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015_Part_1Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_June_2015_Part_2

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

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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