There are 107 homes on the market in Basking Ridge. There were 32 sales in the last 30 days. This equals a 3.3 month absorption rate which is a clear seller’s market. There are at least an additional 14 properties with contracts at the attorney’s…and that’s what I know about…not sure how many are entertaining offers but haven’t notified us yet.
A “normal” or balanced market is one a with 5-7 month absorption rate; although Basking Ridge has been always been a strong market, we haven’t had such a low absorption rate in a long time. There is a pent up demand that buyers are getting anxious to satisfy. This is definitely a good time to put the house on the market if you are even thinking about it a little bit. The last two listings that I put under contract entertained multiple offers. Gerry and I have written offers where we were only one of several bids on the table. It might still be cold, but the Basking Ridge market is heating up.
What’s available:
Society Hill: 4 condos and a two bedroom townhouse
The Cedars: 5 townhouses and 3 half duplexes
Spring Ridge: 4 one bedrooms (one in attorney review) and 3 two bedrooms (two in attorney review)
The Barons: 2 end unit ranch models with 2 car garage
Maple Run: 1 three bedroom unit with partially finished basement
The Ridge: nothing at the moment; two sales in the last few months
The Hamiltons: one two bedroom and two three bedroom townhouses
Patriot Mews: one end unit
Patriot Hill: one Danbury model – in attorney review, had multiple offers
Patriot Ridge: nothing at the moment, four sales in the last nine months
Amherst Mews: two end units
Sixteen four bedroom colonials under $1,000,000
Twenty-three homes between $1,000,000 and $2,000,000
There have been 105 new listings since the first of the year; 40 of them have sold; five have already closed – two of them over asking, the others within 4% of their list price
Have I got you thinking about a move? Call me today, 908-432-0318, we can talk about it. Or, visit my site and search for homes – then call me!
