Basking Ridge NJ Real Estate - Market Update OCTOBER 2014
by Bob Zorechak - GRI, ABR, e-PRO
The numbers for Basking Ridge through the month of OCTOBER 2014 are keeping pace with last year's excellent performance and have pretty much remained the same through this same period, which is good news:
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The rolling 12 month sales volume has decreased slightly, down by one (1) unit or (.5%) - Last year: October 2012 thru October 2013 (431 homes sold) as compared to the current period: October 2012 thru October 2014 with (430 homes sold).
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The October year-to-date numbers are down slightly by six (6) units or 2% when compared to last year's year-to-date total (375 homes sold) to the current period with (369 homes sold). This is the second highest volume for this category in least the past five (5) years.
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The monthly volume for the number of sales occurring last October (31 homes sold) as compared to this October (23 homes sold) is down moderately by eight (8) units or (26%).
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The volume of Pending Sales (Under Contract) as of the last day of October 2014 is running slightly lower (28) units as compared to last year at this same time at (30) units, which is down by (7%) or two (2) units.
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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 October is at 3.8 months, which is up modestly (31%) when compared to last year's inventory at 2.9 months, which was unusually low. 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 for October 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 OCTOBER in 2014. Also shown below is a year to year comparison bar graph for homes SOLD in the month of OCTOBER over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through OCTOBER through the same period.
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