The numbers for Basking Ridge are somewhat of a mixed bag for the month of SEPTEMBER 2015:
The rolling 12 month sales volume fell by twenty-eight (28) units or (6%). Last year: September 2013 thru September 2014 (437 homes sold) as compared to the current period: September 2014 thru September 2015 with (409 homes sold).
The September year-to-date numbers were up by twenty-seven (27) units or (8%) from last September which was (347) units as compared to the current period at (320) units. This is the first time in seven months that this category has seen any increase in volume.
The volume of sales occurring in the month of September remained unchanged at forty-four (44) units from last year at this same time. This was tied for the most units sold in the month of September in at least the past five years.
The volume of Pending Sales (Under Contract) as of the last day of September 2015 increased by thirteen (13) units or (65%). Last year at this time there were (20) 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 September is at 5.3 months, which is up by 1.8 months or (51%) when compared to last year’s inventory at 3.5 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 September. 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 somewhat mixed. The rolling 12 month sales volume remained in negative territory by (6%), however the year-to-date volume increased by (8%) which represents the first increase for this category in seven months. The monthly volume was flat at 44 units, tying it for the best September in at least the past five years.
The volume of homes Pending or Under Contract increased sharply by thirteen (13) units or (65%). Inventory was up significantly by (51%), 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 SEPTEMBER in 2015. Also shown below is a year to year comparison bar graph for homes SOLD in the month of SEPTEMBER over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through SEPTEMBER through the same period.
Sales from Current Month
(Double click on spreadsheet for an enlarged view)
Prior Months’ Market Updates
Sales from Prior Months
(Double click on spreadsheet for an enlarged view)
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.
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