Basking Ridge NJ Real Estate Market October 2011

Below you you will find the latest information for the Basking Ridge NJ Real Estate Market October 2011. Current trends indicate a slight increase (1%) in inventory when comparing October 2011 to the same period in 2010. Pending Sales for October have been declining for the past 3 years down from a high of 34 in 2009 which was primarily due to the federal government’s real estate stimulus package. The number of Closed Sales is down 56% (15 units) as compared to last October (34 units) with a gradual decline in activity since 2009. The Average Sales Price remained somewhat steady, up 2.1% from last year.

With a 5.6 month supply of inventory currently available, Basking Ridge is one of the few towns in NJ currently enjoying a “normal or balanced market” with advantages available to both buyers and sellers. Many towns in NJ currently have an excess of inventory which creates a significant advantage to buyers by having a large pool of homes from which to choose.  Interest rates remain at or near all time lows with prices continuing to be under downward pressure from a variety of factors including an increased rate of distressed sales along with a weak economy.

Residential Single Family Properties

  • Number of ACTIVE listings (homes For Sale) on the market:                     225
  • Number of CLOSED transactions (homes Sold) in October:                        15
  • Number of PENDING sales (homes Under Contract) in October:                  20
  • Average Sales Price (Sold):                                                         $630,833
  • Average List Price (For Sale):                                                      $838,273
  • Sales to List Price Ratio:                                                                    95%
  • Average Days on Market:                                                                     69
  • Absorption Rate* (Months of Supply):                                       5.6 months

*This figure represents the number months it will take to sell off all of the inventory at the present rate of sales:

    • 4 months or less is considered to be a Seller’s market with limited inventory for buyers to choose from.
    • 5 to 6 months is considered to be a “normal or balanced” market.
    • 7 months or more is considered to be a Buyer’s market with excess inventory and plenty of homes for buyers to choose from.

Basking Ridge NJ - Rolling 13 Month Listing & Sold Activity thru October 2011

Basking Ridge NJ - Homes Listed For Sale - October

Basking Ridge NJ - Pending Sales (Under Contract) - October

Basking Ridge NJ - Closed Sales (Sold) - October

Basking Ridge NJ - Average Sales Price - October

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