June, 2009 sales summary will be posted soon on the home page over at www.Basking-Ridge-Real-Estate.com.
In looking at closed sales in Basking Ridge for the month of June there are several remarkable points to make. We heard this morning that this past June was the best month for Weichert, Realtors in the last 22 months – that’s pretty incredible. In Basking Ridge, we can definitely see that the number of closed sales was way up from May (25 in May, 36 in June); however, in June of 2008, there were 52 sales in Basking Ridge compared to only 36 this year – that is a significant difference, and I’m surprised to see that last June was stronger than this June for Basking Ridge. Interestingly enough – and not surprising, is the fact that the average sale price as significantly lower than it was during this month last year, $638k this year (based on 36 sales) and $750k last year (based on 52 sales).
The segment of the market that remained the same is in The Hills – there were 14 closed sales in The Hills this past month and 15 this time last year. Where I do see a significant increase in the number of sales is of single family homes NOT in The Hills – last year this time saw only 15 sales of homes not in The Hills, while there were 25 closed sales last month of single family homes that are not in The Hills.
Given the current economic climate and the national attention that has been focused on the real estate market, I think it is more notable to comment on the difference between last month and this month, instead of the difference between last year and this year for a single month. Please check out my July 2nd blog entry for Jim Weichert’s perspective on the recovery of the housing market.
This month has seen much press about the $8,000 tax credit for first time home buyers – you are actually eligible if you have not had an ownership interest in any property in the last three years! An improvement to this credit has been proposed: stay tuned for information on whether the credit will be increased to $15,000 and the income limits removed. Now THAT would be exciting!!
Contact me for more information on what’s going on in the Basking Ridge Real Estate Market!
