Thought I’d give a real quick market update this morning. June and July have been incredibly busy for the Blanchard Team. I’m sure you are aware of the the lack of inventory and low interest rates contributing to a very strong seller’s market. You might also be puzzled by the statement that there is a lack of inventory because I am sure you are seeing lots of for sale signs around town. Inventory, when referring to real estate has two meanings. The first one refers to, in laymen’s terms, currently listed and available for FOR SALE properties. The second meaning is a little different – also called “absorption rate” and measured in months, inventory levels refer to the length of time it would take to sell ALL of the available for sale properties based on the number of buyers in the past 30 days.
So the fact that you might be seeing lots of for sale signs around town is not related necessarily to the number of available properties – median days on market since June 1st is 28. Properties are selling crazy fast often with multiple offers.
Currently in Basking Ridge, no matter how you slice it (price range, style, etc.) inventory levels or absorption rates are between two and three months. A seller’s market!
If your house is on the market and you aren’t getting showings or offers, you really need to talk to your agent!
There have been 111 sales in Basking Ridge since June 1, 2020. That compares to only 80 sales for the same time frame last year!
2020 started out as a really great year for real estate. We all know what happened in March: there was a pandemic and the market halted for a bit. We have made up for that delay in spades during June and July and predictions are that 2021 will be just as strong as 2020 was promised to be.
That said, we are seeing a bit of a slow down right now, but that’s probably the “normal” summer slump that typically starts in mid-June. September will likely see the typical uptick of a fall market. And we’ll have until mid-October before the election slows things down for a bit.
Thinking about selling? Or buying? Maybe not right now, but in the future? Give us a call; we are happy to help!