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Market Absorption in and around Basking Ridge and Bedminster, NJ

By
Real Estate Agent with Berkshire Hathaway HomeServices NJ Properties

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. 

Current rates as of the end of the week of 1/3/10:

Basking Ridge 5.5 months
Bernardsville 16 months
Bedminster 11 months
Bridgewater 8.5 months
Long Hill  9.5 months
Harding  7.5 months
Warren  7.5 months

If you are considering a move into or out of Somerset County, please contact me for a buyer consultation or a market analysis of your current home.  Visit my Bedminster Real Estate site or my Basking Ridge Real Estate site to search homes for sale - whether you are looking for a condo, a single family home or a luxury property.  I'm happy to help!

Comments (2)

Don Wixom
RE/MAX Executives Nampa, ID - Nampa, ID
"Looking out for your next move..."tm

Good stats, Jennifer!  Looks like a fairly strong market!  What percentage are distressed properties?

Jan 06, 2010 01:16 PM
Jennifer Blanchard
Berkshire Hathaway HomeServices NJ Properties - Basking Ridge, NJ
No Obligation, Just Information

Hi Don,  it is a fairly strong market - proximity to NYC helps us and it is easy enough to commute but far enough away that the area is fairly uncongested.  I don't have exact numbers on distressed properties, but in the towns listed in my post it is very low... a few short sales here and there as well as a foreclosure or two, but not near the numbers that are in some other areas.

Jan 07, 2010 12:08 AM