Basking Ridge Market Activity - Absorption Rate
It's Friday! I will be posting what's under contract and what's new to the market, but first I wanted to share my most recent analysis of market absorption. Current inventory in Basking Ridge has dipped below 200 properties. There are currently 194 available listings (14 are noted as being in attorney review). Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days. A normal market (favoring neither buyers nor sellers) is between 5 and 6 months. A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory. I looked at Basking Ridge overall, Basking Ridge town houses over all and Basking Ridge town houses between $500,000 and $800,000. In all three cases, market absorption is between 7 and 8 months. These are really great numbers - the market is still favoring buyers somewhat, and I think there are some really great deals out there. But, while buyers are still favored, I am seeing properties close closer to their asking prices, so sellers are not in such bad shape either! See below for details.
As of today, there are 194 homes available in Basking Ridge
Since 09/02/2009, 24 homes have gone under contract
Township Market Absorption = 8 months
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There are 60 town houses available in Basking Ridge
Since 09/02/2009, 8 town houses have gone under contract
Town House Market Absorption = 7.5 months
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There are 62 town houses available in Basking Ridge
Since 09/02/2009, 7 town houses have gone under contract
Town House Market Absorption = 8.9 months
Please contact me if you are interested in making a move into or out of Basking Ridge. The statistics posted here are just an example of the analyses I constantly perform to monitor the market; helping buyers and sellers to get the best deal possible! Click here for information on what has sold in Basking Ridge, or visit my site for to see what's for sale in Basking Ridge or to get the value of your Basking Ridge house or townhome.
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