Closed Home Sales in Basking Ridge in April of 2009 were stronger than they were a year ago in April of 2008. Prices have not gone up, but the number of sales has and list price to sale price ratio was stronger in most cases. I attribute this to sellers becoming more realistic in how they are pricing their homes.
There were 25 closed sales over all in Basking Ridge in April of 2009 compared to 22 in April of 2008, not a big difference, but the segment of the market that saw the biggest change was the Basking Ridge Townhouse and condo market outside of the Hills.
This is the lowest priced segment of the Basking Ridge market with an average sale price in April, 2009 of $244,500, compared to $305,083 in April of 2008.
This is a significant drop – also significant is the fact that this segment is selling with a 98% sale to list price ratio. In some cases we are even seeing multiple offers!
