Closed Sales
Fourteen new happy homeowners in Basking Ridge this month (addresses in bold closed since the last Basking Ridge Real Estate update):
441 King Georoge Road: $639000/$620000
20 Stacy Lane: $749000/$720000
203 Alexandria Way: $224900/$215000
15 Tamarisk Court: $1089000/$999000
23 Hadley Court: $834900/$815000
3287 Valley Road: $699990/$687500
378 Grist Mill Drive: $1085000/$999000
217 Irving Place: $244900/$230000
109 Woodward Lane: $319000/$295750
347 Lyons Road: $769000/$725000
75 N Maple Ave: $525000/$500000
196 Irving Place: $299900/$298000
23 S Dexter Drive: $595000/$575000
14 Rockridge Court: $1899999/$1845000
There were seven new listings here in town and only one contract sale. Search available homes and townhomes for sale in Basking Ridge.
Absorption Rates
There are currently 139 active listings in Basking Ridge and there were 12 sales in the last month which is a market absorption rate of almost 12. Inventory levels above 5 or 6 months indicate a clear buyer’s market. When Basking Ridge absportion rates are that high, I like to break it down and look at price point or type of housing:
Condos/Townhouses: 63 available, 4 sold last 30 days = inventory of 16 months
Single Family homes: 76 available, 8 sold last 30 days = inventory of 9.5 months
under $500,000: 63 available, 5 sold last 30 days = inventory of 12.6 months
$500,000-$800,000: 31 available, 6 sold last 30 days = inventory of 5.2 months
$800,000-$1,000,000: 12 available, 1 sale last 30 days = inventory of 12 months
$1,000,000-$2,000,000: 25 available, no sales last 30 days
$2,000,000 and over: 8 available, no sales last 30 days
Remember inventory levels do not predict how long it will take to sell a given house. They help us determine how much activity there is in a given market at a given price point and allow us to plan accordingly when marketing a home for sale.
If you are considering a move into or out of Basking Ridge, it pays to plan ahead. Start here to search homes for sale in Basking Ridge, or here to understand the value of your current home. My team and I focus on Basking Ridge but are well prepared to discuss other areas as well: Bedminster, Bernardsville, New Providence, Berkeley Heights – most of Somerset and Union counties as well as parts of Hunterdon and Morris!
