Basking Ridge NJ Real Estate 2011 Annual Market Report

Basking Ridge NJ Real Estate 2011 Annual Market Report

                               by Bob Zorechak - GRI, ABR, e-PRO

Find out the latest real estate market information for Basking Ridge NJ (Bernards Township) through 2011 in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Basking Ridge NJ real estate market. If you are considering buying and or selling a home in 2012 in Basking Ridge NJ, this valuable annual market report is an absolute must read.

Attention... all residential real estate is local!Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

As you can see from the chart above the volume of Closed Sales in Basking Ridge has been trending downward for the majority of this period with the exception of 2009 - 2010. The number of Listings have followed a similar pattern but with a sharper drop off in 2011, which is good news. Less inventory will give buyers fewer choices and hopefully help accelerate the recovery process. Actual inventory has increased only slightly (by 9%) compared to last year at this time to from 5.4 months to 5.9 months.

Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take a little less than 6 months to sell all of Basking Ridge's current inventory. This figure indicates that Basking Ridge is one of the few towns in what we call a "Balanced Market" and will remain so for at least the short term. A balanced market has 5 to 6 months worth of inventory with no distinct advantage to either buyers or sellers.

The chart above indicates a rather steady trend in both the Average and Median Sale Prices in Basking Ridge NJ over the past 7 years. Compared to many of the surrounding towns, this is definitely not the norm, where prices have fallen off significantly during this time frame. The Average Sale Price reached a high for the period in 2006 at $750K and a low in 2009 at $605K. The good news is that prices have risen modestly for the past 3 years in a row.

What Does the Market Hold for 2012?

Follow the link below to find out in addition to reading the rest of this Basking Ridge 2011 Annual Market Report:

Basking Ridge 2011 Annual Market Report

For more information on Basking Ridge including its award winning school system, follow this link:

All you need to know about Basking Ridge NJ