Basking Ridge NJ Real Estate Market Update JULY 2014

The numbers for Basking Ridge through the month of JULY 2014 are keeping pace with last year’s excellent performance through this same period, which is good news:

  • The rolling 12 month sales volume has decreased slightly, down by fifteen (15) units or (3%) – Last year: July 2012 thru July 2013  (434 homes sold) as compared to the current period: July 2013 thru July 2014 with (419 homes sold).

  • The July year-to-date numbers are down modestly by nineteen (19) units or 7% when compared to last year’s year-to-date total (254 homes sold) to the current period with (235 homes sold). This is the first time in four years this number is less than the previous year’s volume.

  • The monthly volume for the number of sales occurring last July (56 homes sold) as compared  to this July (65 homes sold) is up sharply by nine (9) units or (16%).

  • The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running moderately higher (49) units as compared to last year at this same time at (39) units, which is up by 26% or ten (10) units. Note: This is a good indication that the local Basking Ridge market will continue at it’s current strong pace for at least the next several months.

  • 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 July is at 3.7 months, which is up slightly (9%) when compared to last year’s inventory at 3.4 months. Basically this indicates that the Basking Ridge market continues to have a significant shortage of available inventory with few homes for Buyers to choose from.  This will help keep prices up and the time it takes to sell a home very low. You would have to go back to 2011 to find the last time Basking Ridge had a “balanced” level of inventory at 6.3 months. 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!

The Basking Ridge market continues to roll along at a very brisk pace and at the same time is significantly outperforming the neighboring towns in Somerset Hills. The biggest driver of this market is the high level of demand running directly up against a very low level of inventory.  In addition, there is a healthy amount of homes currently Pending or Under Contract, which is a strong indicator that things will continue to remain as they are or somewhere close to current levels.

As a result, Sellers will 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 JULY in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of JULY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JULY through the same period.

 

Basking_Ridge_NJ_Real_Estate_-_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Basking Ridge NJ JULY 2010 through 2014

 

Basking_Ridge_NJ_Real_Estate_-_Year_to_Date_Closed_Sales_for_July_2014_Bar_Graph

Year to Year Comparison of Homes SOLD in Basking Ridge NJ YTD through JULY 2010 to 2014

 


 

Sales from Current Month

 

Basking_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_3

 

(Double click on spreadsheet for an enlarged view)

 


 

Sales from Prior Months

 

Basking_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_2

Basking_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_2

Basking_Ridge_NJ_Real_Estate_-_Detailed_List_of_Closed_Sales_-_April_2014

Basking_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_2

Basking_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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