Basking Ridge NJ Real Estate - Market Update JULY 2014
by Bob Zorechak - GRI, ABR, e-PRO
The numbers for Basking Ridge through the month of JULY 2014 are keeping pace with last year's excellent performance through this same period, which is good news:
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The rolling 12 month sales volume has decreased slightly, down by fifteen (15) units or (3%) - Last year: July 2012 thru July 2013 (434 homes sold) as compared to the current period: July 2013 thru July 2014 with (419 homes sold).
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The July year-to-date numbers are down modestly by nineteen (19) units or 7% when compared to last year's year-to-date total (254 homes sold) to the current period with (235 homes sold). This is the first time in four years this number is less than the previous year's volume.
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The monthly volume for the number of sales occurring last July (56 homes sold) as compared to this July (65 homes sold) is up sharply by nine (9) units or (16%).
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The volume of Pending Sales (Under Contract) as of the last day of July 2014 is running moderately higher (49) units as compared to last year at this same time at (39) units, which is up by 26% or ten (10) units. Note: This is a good indication that the local Basking Ridge market will continue at it's current strong pace for at least the next several months.
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The supply of available inventory (the time it would take to sell all of the homes currently on the market) as of the end of July is at 3.7 months, which is up slightly (9%) when compared to last year's inventory at 3.4 months. Basically this indicates that the Basking Ridge market continues to have a significant shortage of available inventory with few homes for Buyers to choose from. This will help keep prices up and the time it takes to sell a home very low. You would have to go back to 2011 to find the last time Basking Ridge had a "balanced" level of inventory at 6.3 months. Most of the surrounding towns are in the exact opposite condition with too much inventory on hand. For Basking Ridge, the sellers are in control of this market, at least for the short term.
Note: A "balanced" market is considered to have a 6 month supply. Anything below that amount would be considered a "low" inventory and thus less than balanced. This market condition typically favors Sellers. Anything above a 6 month supply would result in a "high" inventory of homes on the market and typically favors Buyers.
Read below to find out the very latest information on your local Basking Ridge NJ Real Estate market!
The Basking Ridge market continues to roll along at a very brisk pace and at the same time is significantly outperforming the neighboring towns in Somerset Hills. The biggest driver of this market is the high level of demand running directly up against a very low level of inventory. In addition, there is a healthy amount of homes currently Pending or Under Contract, which is a strong indicator that things will continue to remain as they are or somewhere close to current levels.
As a result, Sellers will continue to remain in control in the Basking Ridge market and we can expect to see modest price increases (especially in certain neighborhoods) as long as this pace continues and inventory remains low.
Look below to see the individual homes that sold in Basking Ridge NJ for the month of JULY in 2014. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JULY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JULY through the same period.
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Follow the link below to read the rest of this report:
Basking Ridge NJ Real Estate Market Update JULY 2014
For more information on Basking Ridge including its excellent school system, follow this link:
All you need to know about Basking Ridge NJ -
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