Closed Sales in February
Since my last posting, there are now two new happy homeowners in February in Bedminster. The following properties have closed this month:
5 BENTLEY CT $309,000 $309,000
335 ENCLAVE LN $384,000 $372,000
Eleven new listings came on the market this month, and 1 of those listings has already gone under contract. To see these new listings or to start your search, click on Bedminster Homes For Sale.
I explained what the absorption rate is in my last posting, but basically it is a way to help us determine how much market activity there is at a given time in the market. A market absorption rate of less than 5 months is considered a Seller's Market, between 5 - 6 months is a Normal or Balanced Market, and inventory levels greater than 6 months indicates a Buyer's Market.
There are currently a total of 74 listings on the market in Bedminster. Eleven properties went under contract in the last 30 days, so that gives us a current market absorption rate of 6.7 months in Bedminster. Which indicates that currently the market in Bedminster is a buyer's market