Based on how busy I’ve been and the number of calls that are coming in on my Basking Ridge (and Bernardsville and Bridgewater) listings, I have a hunch that market absorption in Basking Ridge has significantly improved. So I’m spending some time tonight reviewing the numbers.
Since I didn’t report the information last month, I can’t show you the comparisons, though on June 3rd I did blog about the $1m+ range as well as Basking Ridge overall. Based on what I calculated tonight, the overall township rate has improved, but the higher level price range hasn’t changed much. Here are the numbers by price range:
- Under $300,000 – 3 months of inventory with 33 homes available
- $300,000-$600,000 – 6.5 months of inventory with 91 homes available
- $600,001-$999,999 – 4.7 months of inventory with 66 homes available
- $1,000,000 and over – 6.7 months of inventory with 67 homes available
The overall market absorption in Basking Ridge is 5.2 months with 257 properties available. An absorption rate between 5 and 6 months is indicative of a balanced market, a market in which neither buyer nor seller have the upper hand. If we can maintain a normal market absorption rate, maybe, just maybe, we’ll begin to see some appreciation of our Basking Ridge real estate values once again!
For more information about the properties available in and around Basking Ridge, visit www.Basking-Ridge-Real-Estate.com to sign up for listing alerts.
I think that Market Absorption is a great way to monitor the market, but it’s not the end-all-be-all. Monitoring it too closely is sort of like getting on the scale every day when you are on a diet – – it will make you crazy! It’s enough to know that Basking Ridge Real Estate is highly desirable. Basking Ridge schools are second to none and we have a relatively easy commute to New York City. In fact, the fact that it is a little longer of a train ride than Summit or Westfield has probably worked in our favor when it comes to keeping our property values a little bit lower – making it an affordable choice for a home on a sizable piece of property and for keeping our taxes in check.
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