Basking Ridge Real Estate Market Update: Market Bottom?

More good signs that the Basking Ridge Real Estate Market may be forming a bottom. Not only were Pending Homes Sales up for June in Basking Ridge (and nationally), July's Pendings had an even better showing. While pending home sales this year are behind the last few years' pace in a month to month comparison, the last couple of months have posted more comparable numbers; click the chart to get a better view. As consumption has improved throughout the year, the market absorption rates have continued to improve. Houses priced between $600K-$1.5M currently have between a 3-4 month absorption rate. While housing prices are by no means rising, the rate of depreciation has decreased. New Inventory has slowed, further easing the downward pressure on prices. Again, this could be the early signs of the market bottoming; what unfolds over the next couple of months will shed more light on the situation. We will continue to monitor the local market and keep you posted.