Whether you are an active buyer or seller, it is always wise to keep yourself updated on sale price trends in communities that interest you. Shown below is the average sale price in the Five B's (Bedminster, Bernards Township, Bernardsville, Branchburg, and Bridgewater) for the past four years. The data is based on information available from the Garden State MLS and does not include all trabsactions, particularly "for sale by owners."
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Bedminster
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2006 245 Sales $444,499
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2007 229 Sales $512,023
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2008 162 Sales $373,531
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2009 195 Sales $427,908
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Bernards Township
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2006 491 Sales $750,263
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2007 474 Sales $662,036
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2008 316 Sales $680,906
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2009 370 Sales $604,844
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Bernardsville
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2006 102 Sales $1,140,704
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2007 96 Sales $1,100,786
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2008 76 Sales $906,632
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2009 68 Sales $876,740
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Branchburg
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2006 204 Sales $483,802
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2007 197 Sales $437,480
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2008 141 Sales $402,527
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2009 145 Sales $391,684
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Bridgewater
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2006 576 Sales $486,927
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2007 596 Sales $471,986
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2008 450 Sales $457,716
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2009 467 Sales $419,438
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Five Town Totals
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2006 1,618 Sales $601,235
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2007 1,592 Sales $567,978
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2008 1,145 Sales $530,369
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2009 1,245 Sales $497,610
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These numbers are based on aggregate sales and should only be used as a starting point when looking at sale price trends. Nevertheless, two trends are clear: total sales volume and average sale price have dropped over the four year period. This should not be a shock to anyone who has kept up with the market. On a positive note, sales volume has shown signs of rebounding from 2008 to 2009, in part thanks to the First Time Home Buyer's Credit.
For homeowners in the area, these numbers may be seen as bad news. On the other hand, buyers may rejoice at the idea of buying a home for 15% less than they could have four years ago. The irony is that since most sellers are also buyers, the decline in prices represents a mixed bag for almost everyone who is actively in the market. In my next blog, I will look at this in more detail.
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