This past week was fabulous for real estate sales. According to the National Association of Realtors (NAR), sales of existing homes rose 6.8 percent in March and were 16.1 percent above the sales pace in March 2009.
NAR Chief Economist Lawrence Yun is encouraged to see a broad recovery in home sales. Two important trends he notes are that “sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running.”
In addition, the Commerce Department announced that sales of new homes surged 27 percent last month, well exceeding expectations. In fact, March was the strongest month since last July, and saw the largest monthly increase in 47 years.
It is clearly a great time to purchase a home, and there is still a small window of opportunityto take advantage not only of the boisterous market, but also a federal homebuyer tax credit. In order to claim the $8,000 tax credit for first-time buyers or the $6,500 tax credit for repeat buyers, one needs to enter a binding contract to purchase a home by April 30, and close the transaction by June 30.
There have been 47 contract sales in Basking Ridge since April 1st (compared to 30 for the same time period last year). The following properties have closed so far this month:
92 POTOMAC DR $240,000/$220,000, Spring Ridge
234 IRVING PL $245,000/$240,000, Spring Ridge
215 ALEXANDRIA WAY $250,000/$236,000, Spring Ridge
90 JAMESTOWN RD $254,900/$252,450, Spring Ridge
3 CHARLESTON CT $489,000/$465,000, The Hamiltons
31 RIDGE ST $499,000/$450,000, Single Family
16 FAIRBANKS LN $539,000/$520,000, The Barons
27 SHEPARD WAY $619,000/$625,000, Single Family
489 KING GEORGE RD $650,000/$625,000, Single Family
21 MARTINSVILLE RD $719,900/$650,000, Single Family
117 FIELDSTONE DR $750,000/$732,500, Single Family
13 WITHERSPOON LN $830,000/$807,000, Amherst Mews
47 ADDISON DR $849,900/$829,000, Single Family
33 SUMMIT DR $1,030,000/$990,000, Single Family
9 CALDWELL CT $1,299,000/$1,258,500, Single Family – The Hills
10 BUTTERNUT LN $1,800,000/$1,625,000, Single Family
There were 81 new listings this month (compared to 60 for the same time period last year). And there are 80 properties expected to close between now and the end of June.
If you are considering a move into or out of Basking Ridge, now might be the time to do it! Please contact me for information on the value of your home or to receive notification of new listings – condos, town homes or single family properties!
