Basking Ridge NJ Real Estate Market Update MARCH 2015

The numbers for Basking Ridge are mostly down through the month of MARCH 2015:

  • The rolling 12 month sales volume was virtually unchanged with a slight decrease of five (5) units or (1%). Last year: March 2013 thru March 2014  (429 homes sold) as compared to the current period: March 2014 thru March 2015 with (424 homes sold).

  • The March year-to-date numbers were down eleven (11) units or (19%) from last March which was fifty-eight (58) units as compared to the current period at forty-seven (47) units. This is the lowest volume for this category in least the past five (5) years.

  • The monthly volume of sales occurring in the month of March fell by eleven (11) units or (37%). There were thirty (30) sales last March as compared to only nineteen (19) sales for the current period. This the slowest March in at least the past five years.

  • The volume of Pending Sales (Under Contract) as of the last day of March 2015 dropped significantly by seven (7) units or (17%). Last year at this time there were forty-two (42) units Pending as compared to the current year with only thirty-five (35) units. This is a reversal of recent trends.

  • 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 March is at 4.4 months, which is up sharply by 2.8 months or (57%) when compared to last year’s inventory at 2.8 months, which was extremely 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 five years or more to find the last time Basking Ridge had something close to a “balanced” level of inventory for January. 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 market may be showing signs of cooling down just a bit in the early part of 2015. The rolling 12 month sales volume dropped for the first time in many months, albeit by a very slim margin, however the year-to-date volume fell by 19% and the monthly volume was down by 37% making it the slowest March in at least the past five years.

Couple this with a 17% decline in the volume of homes Pending or Under Contract and inventory rising by 57%, we will have to keep a close eye on this market as it seems to be slowing down ever so slightly.

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

Basking_Ridge_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_March_2015_Bar_Graph

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

 

Basking_Ridge_NJ_Real_Estate_-_Closed_Sales_for_March_2015_Bar_Graph

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

 


 

Sales from Current Month

 

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_March_2015

 

(Double click on spreadsheet for an enlarged view)

 


 

Prior Months’ Market Update

 

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_-_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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