Basking Ridge NJ Real Estate Market Update JUNE 2014

Basking Ridge NJ Real Estate - Market Update JUNE 2014

by Bob Zorechak - GRI, ABR, e-PRO

The numbers for Basking Ridge through the month of JUNE 2014 are down a bit from last year at this same time with the exception of Pending Sales:

• The rolling 12 month sales volume has decreased slightly, down by twenty-five (25) units or (6%) - Last year: June 2012 thru June 2013  (431 homes sold) as compared to the current period: June 2013 thru June 2014 with (406 homes sold).

• The June year-to-date numbers are down moderately by twenty-nine (29) units or 15% when compared to last year's year-to-date total (198 homes sold) to the current period with (169 homes sold).

• The monthly volume for the number of sales occurring last June (55 homes sold) as compared  to this June (50 homes sold) is down five (5) units or (9%).

• The volume of Pending Sales (Under Contract) as of the last day of June 2014 is running moderately higher (53) units as compared to last year at this same time at (44) units, which is up by 20% or nine (9) units. Note: This is the only category that is in positive territory for the month of June 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 with homes selling on average within 33 Days on Market with the local inventory at 4 months of supply, however over the last 6 months inventory has increased and Days on Market has gone down to 26 days on average.  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, some of these sellers who are unfamiliar with this market 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 JUNE in 2014.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of JUNE over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE through the same period.