Basking Ridge Homes - Pending Home Sales

For the month of June, Basking Ridge Real Estate saw a surge in homes going Under Contract. Year to date, the best month yet with 51 Basking Ridge homes going Under Contract (click on the graph to view). In fact, the best month since July of '07 which also recorded 51 units. More positive signs that the local housing market is improving. What remains to be seen is whether the disconnect between Home Sale (closed sales) and Homes Under Contract will remain - contracts (more than we would care to see) are falling apart over home inspection issues and mortgage complications causing the sales numbers to be weaker than expected. But what remains important is that the buyers in the market are perceiving value and acting on it. And not just in the lower price points - 22 Basking Ridge homes listed over $700k went U/C this month.

For more information on Basking Ridge Homes, contact "The Norrod Team".

The Week That Was - Basking Ridge Homes Sold 6/15-6/21

Basking Ridge Homes Sold during the week of 6/15 - 6/21:

• 72 Countryside Dr / SP: $205,000 / LP: $219,000 / 1BR & 1BA.
• 122 Patriot Hill Dr / SP: $558,000 / LP: $569,000 / 3BR & 2.1BA.
• 39 Woodstone Rd / SP: $638,000 / LP: $629,000 / 4BR & 1.1BA.
• 1 Queenberry Way / SP: $900,000 / LP: $924,900 / 5BR & 3.1BA.
• 10 Sentinel Dr / SP: $925,000 / LP: $939,999 / 4BR & 3.2BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, visit http://www.thenorrodteam.com/.

The Week That Was - Basking Ridge Homes Sold 6/8-6/14

Basking Ridge Homes Sold during the week of 6/8 - 6/14:

• 164 Potomac Dr / SP: $200,000 / LP: $212,500 / 1BR & 1BA.
• 200 Whitenack Rd / SP: $250,000 / LP: $250,000 / 2BR & 1BA.
• 238 Patriot Hill Dr / SP: $588,000 / LP: $599,900 / 3BR & 2.2BA.
• 25 Decker St / SP: $585,000 / LP: $610,000 / 4BR & 3BA.
• 153 Spencer Rd / SP: $645,000 / LP: $649,000 / 3BR & 2BA.
• 42 Flintlock Ct / SP: $663,000 / LP: $699,900 / 4BR & 2.1BA.
• 16 Stoneview Ct / SP: $850,000 / LP: $899,000 / 5BR & 3BA.
• 10 Pheasant Run Dr / SP: $857,500 / LP: $899,000 / 4BR & 2.1BA.
• 354 Whitenack Rd / SP: $982,500 / LP: $999,000 / 3BR & 3BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, visit http://www.thenorrodteam.com/.

The Week That Was - Basking Ridge Homes Sold 6/1-6/7

Basking Ridge Homes Sold during the week of 6/1 - 6/7:

• 54 Potomac Dr / SP: $252,700 / LP: $252,700 / 2BR & 1BA.
• 24 Spring Valley Blvd / SP: $270,000 / LP: $279,900 / 2BR & 2BA.
• 4 Countryside Dr / SP: $356,000 / LP: $374,500 / 2BR & 2.1BA.
• 14 Mayflower Dr / SP: $539,000 / LP: $549,900 / 3BR & 2.1BA.
• 82 Constitution Way / SP: $567,000 / LP: $575,000 / 3BR & 2.1BA.
• 28 Hansom Rd / SP: $670,000 / LP: $725,000 / 4 BR & 2.1 BA.
• 6 Ross Ln / SP: $805,000 / LP: $849,000 / 4BR & 2.1BA.
• 20 Bernard Dr / SP: $1,185,000 / LP: $1,299,000 / 5BR & 3.1BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.

***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, visit http://www.thenorrodteam.com/.

Basking Ridge Real Estate - Absorption Rates

Updating your Basking Ridge Real Estate Market. Many areas of the market are showing signs of improvement, most notably the $1M - $1.5M market. Peaking at an absorption rate of 75 months in February, it currently stands at 7 months falling from 26 in May. Another strong price point is the $800k - $1M currently standing with a 4 month rate of absorption down from 8 months in May. Over the last 3 months, 21 units have went under contract in this price point. This is a great indication that the market as a whole is recovering, and not just the lower price points. Real Estate is a trickle up market, and we are starting to see the drops going up. To see all price points, click on the chart to the right.

For more information, contact "The Norrod Team."


Absorption Rate is the time it would take for all of the homes within that particular parameter to sell provided they continued selling at the current pace (as defined by time period specified) and no new inventory were to added to that market range.

The Week That Was - Basking Ridge Home Sales for 5/25-5/31

Basking Ridge Home Sales that closed during the week of 5/25 - 5/31:

• 81 Potomac Dr / SP: $195,000 / LP: $199,900 / 1BR & 1BA.
• 115 Jamestown Rd / SP: $235,000 / LP: $245,500 / 2BR & 1BA.
• 9 Alexandria Way / SP: $243,700 / LP: $58,000 / 2BR & 2BA.
• 192 Irving Pl / SP: $285,000 / LP: $299,900 / 2BR & 2.1BA.
• 14 Riggs Ct / SP: $430,000 / LP: $529,000 / 3BR & 2.1BA.
• 105 Landau Rd / SP: $792,500 / LP: $799,999 / 4BR & 4.1BA.
• 32 Normandy Ct / SP: $974,500 / LP: $$974,500 / 5BR & 4.1BA.

SP = Sales Price, LP = List Price, BR = Bedrooms, BA = Baths.
***All information is deemed reliable, but not guaranteed.***

For more information on Basking Ridge Real Estate, go to www.TheNorrodTeam.com.

Basking Ridge & US Home Sales Rise

Basking Ridge Home Sales rose for the month of April to 24 units - even exceeding last years unit count of 22. Nationwide, "existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 2.9 percent to a seasonally adjusted annual rate1 of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March, but were 3.5 percent below the 4.85 million-unit level in April 2008," according to The National Association of Realtors.

First time home buyers continue to influence the market with the lower end of the market showing improving strength and mid-level starting to improve. The high-end market remains sluggish, weighed down by higher interest rates on Jumbo loans, lack of liquidity on the secondary market, and tighter credit requirements.

More good new on the horizon is that "number of buyers looking at homes has increased 14 percentage points from a year ago. “This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,” Lawrence Yun said." Further, stats show that there were more repeat buyers entering the market during the traditional "spring market."