According to the National Association of Realtors, the Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent from January. The index remains 17.3 percent higher than it was in February 2009.
“The rise in buyer contract activity may signal the early stages of a second surge of home sales this spring,” said Lawrence Yun, NAR chief economist. “Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit.”
Here in Basking Ridge, there have been nine contract sales since April 1st, and 21 new listings (price range $238,000 to $1,600,000). Four properties have closed so far this month:
92 POTOMAC DR, Spring Ridge condo listed for $240,000, sold for $220,000
234 IRVING PL, Society Hill listed for $245,000, sold for$240,000
489 KING GEORGE RD, single family, listed for $650,000, sold for $625,000
9 CALDWELL CT, The Hills, listed for $1,299,000, sold for $1,258,500
Do you have questions about today’s real estate market? Email me now to reserve a seat at our upcoming “Real Estate Market Update” Seminar on Saturday, April 10th at 11am. We will have an attorney, a mortgage rep and my broker on hand to answer questions about the market, the process and the tax credit.
