Basking Ridge NJ Real Estate Market Update MAY 2014

Basking Ridge NJ Real Estate - Market Update MAY 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Basking Ridge through the month of MAY 2014 are down a bit from last year:

• The rolling 12 month sales volume has decreased slightly, down by 7 units (2%) - Last year: May 2012 thru May 2013  (427 homes sold) as compared to the current period: May 2013 thru May 2014 with (420 homes sold).

• The May year-to-date numbers are down by 17% or twenty-four (24) units when you compare last year's year-to-date total (143 homes sold) to the current period with (119 homes sold).

• The monthly volume for the number of sales occurring last May (47 homes sold) as compared  to this May (31 homes sold) is down by 34% or sixteen (16) units.

• The volume of Pending Sales (Under Contract) as of the last day of May 2014 is running slightly higher (58) units as compared to last year at this same time at (56) units, which is up by 4% or (2) units. Note: This is the only category that is in positive territory for the month of May in Basking Ridge.

Read below to find out the very latest information on your local Basking Ridge NJ Real Estate market!

While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. In general, the Basking Ridge market seems to be holding it's own with respect to a continuing and steady recovery, however this is the first time in three years that the monthly and YTD numbers did not exceed the prior year's numbers.  This could be an indication of a slowdown, albeit a moderate one at that.  After a very difficult winter, many experts predicted a very robust Spring selling season which has turned out to be somewhat of a mixed bag. While there has been an increase of new inventory entering the market, many of these sellers have priced their homes significantly above market value. They seem to be thinking that the "good old days" are back, which could not be further from the truth. Buyers are still in control of this market.

Interest rates remain at or near historic lows and prices are still relatively low.  Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as older inventory eventually gets cleared out.

Look below to see the individual homes that sold in Basking Ridge NJ for the month of MAY in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through MAY through the same period.