There have been 18 closed sales here in town since May 1st (hey, that’s a closing a day!):
327 Potomac Drive $219,000/$217,000
17 Potomac Drive $245,000/$230,000
66 Sycamore Court $378,800/$365,500
12 Valley View Drive $449,000/$430,000
34 Dexter Drive N $478,900/$452,500
3 Fairbanks Lane $479,000/$465,000
318 Alexandria Way $489,900/$475,500
30 Roberts Circle $519,000/$495,000
8 Hancock Court $625,000/$600,000
189 Spencer Road $655,000/$630,000
71 Huntington Road $789,000/$729,000
10 Birch Drive $799,000/$750,000
50 Alder Lane $799,900/$765,000
63 Ramapo Drive $979,000/$955,000
88 Manchester Drive $1,000,000/$1,052,222
21 Wellington Drive $1,111,000/$1,085,000
11 Rockridge Road $1,499,000/$1,405,000
32 Oak Hill Drive $1,849,000/$1,750,000
Market absorption – a way to measure inventory levels – is currently at 4.4 months which is determined by considering 235 available properties and 54 sales in the last thirty days. On paper, this is a clear sellers market. I say on paper, becuase in reality, we are still in a buyer’s market. Though, I will admit that there have been several multiple offer situations here in town. Which means if you are serious about a house and you know there is competition, you need to come in strong. You can always re-evaluate the contract when the appraisal comes in (just make sure your attorney is aware of that and writes the contract to account for appraisal discrepencies).
I submitted an offer on a property over the weekend; we were told that there was so much activity that the seller was planning to wait until after the open house to respond to our offer. We were not at full price. On Sunday night, I recieved a call giving me two hours to come back with our highest and best offer and notification that there were two FULL price offers on the table. This is a million dollar property – so, yes, there are buyers out there and they are paying the mansion tax!
Buyer’s market or Seller’s market – here in Basking Ridge it’s a little hard to tell. But I am pretty good at analyzing each situation and responding to the market. So if you have any questions, please don’t hesitate to call me; maybe I can help.
