Basking Ridge NJ Real Estate – Market Update AUGUST 2012

Basking Ridge NJ Real Estate – Market Update AUGUST 2012

 

The Basking Ridge market continues to improve with an increase in Closed Sales for the month of August of 19%, making it the best August in at least the past 5 years! This follows an 18% increase for the previous month of July. Year-to-Date sales through August are also up by 13% as compared to last year. Read below to find out the very latest information on your local Basking Ridge NJ Real Estate market!

 

Closed Sales in Basking Ridge increased modestly by 19% for the month of August as compared to this same period last year (57 sales in August 2012 as compared to 48 in August 2011). This represents the best August in at least the past 5 years. Year-to-Date sales are also up by 13% through August as compared to the same period last year (283 sales in 2012 vs. 250 sales in 2011). This is the second highest sales volume for this period in the last 5 years.  Another good indicator is the amount of sales Pending or Under Contract as of the last day of August, which was 33 vs. 29 from last August.

While all real estate is local, there are many positive signs being seen all across the Northeast and other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.

In recent months, it is not uncommon to see properties attracting multiple bids, however the majority of these are not necessarily resulting in sales prices coming in over asking price, rather than buyers recognizing a good value when they see one and sellers having a better choice of qualified buyers from which to choose.

There is a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Prices are expected to remain steady and interest rates continue to hover at record low rates. There has rarely been a time where both prices AND interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

Look below to see the individual homes that sold in Basking Ridge NJ for the month of AUGUST in 2012.  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.

Baskng Ridge NJ Real Estate - Closed Sales for August Bar Graph

Year to Year Comparison of Homes SOLD in Basking Ridge NJ in August 2008 through 2012

Basking Ridge NJ Real Estate - YTD Closed Sales through August 2012 Bar Graph

Year to Year Comparison of Homes SOLD in Basking Ridge NJ YTD through August 2008 to 2012

 

(Double click on spreadsheet for an enlarged view)

Basking Ridge NJ Real Estate - Detailed List of Closed Sales - August 2012

Basking Ridge NJ Real Estate - Detailed List of Closed Sales - August 2012 part 2

Basking Ridge NJ Real Estate - Detailed List of Closed Sales - August 2012 part 3

Detailed List of All Homes SOLD in Basking Ridge NJ in August 2012

 

For similar information on the prior periods, please go to:

Basking Ridge NJ Real Estate – Closed Sales First Quarter 2012

Basking Ridge NJ Real Estate – Closed Sales for APRIL 2012

Basking Ridge NJ Real Estate – Closed Sales for MAY 2012

Basking Ridge NJ Real Estate – Closed Sales for JUNE 2012

Basking Ridge NJ Real Estate – Closed Sales for JULY 2012

 

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.

 

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, BernardsvillePeapack Gladstone and Far Hills, 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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