This chart represents the breakdown by price point of absorption rate in Basking Ridge. I’ve had several discussions this week about these numbers. While the overall absorption rate in Basking Ridge has been hovering between four and five months we see a very different picture at different price ranges.
The segment of the market that is having the best results from a seller perspective is the $500,000 to $700,000 range. The segment with the worst numbers as of right now is $1,000,000 – $1,500,000 at TWENTY-TWO months. I don’t have the number for homes priced above that since there haven’t been any recent sales over $1,500,000.
This does NOT mean that you can’t sell a house priced north of $1,000,000. In fact, I know that there are buyers out there looking at homes in that price range because I’m getting showings on my listings. When the market absorption rate creeps up over 7 months it becomes pretty clear that it’s a buyers’ market and we need to price accordingly.
Please let me know if I can help you understand the value of your home in today’s market.
