The Week That Was - Basking Ridge Home Sales for 4/20-4/26

Basking Ridge Home Sales that closed during the week of 4/20 - 4/26:

• 10 Peachtree Rd / Sale Price: $555,000 / List Price: $598,700 / 3Bed & 2Bath.
• 29 Birch Drive / Sale Price: $845,000 / List Price: $885,000 / 4Bed & 2.1Bath.
• 15 Milito Way / Sale Price: $955,000 / List Price: $1,125,000 / 5Bed & 5.1Bath.

For more information concerning the Basking Ridge Real Estate Market contact "The Norrod Team".

March '09 Basking Ridge Home Sales - Single Family

The Basking Ridge Real Estate Market saw 8 Single Family Homes close in the month of March.



For more Basking Ridge Real Estate information, contact "The Norrod Team".

Basking Ridge Real Estate Market Update

The National Association of Realtors announced yesterday that Existing Home Sales eased, but there is a silver lining, first time home buyers are responding to the low mortgage rates and tax credits. First, the numbers - "Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.0 percent to a seasonally adjusted annual rate1 of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008," NAR reports. The Basking Ridge Real Estate Market saw 18 Units close for the month of March compared to 24 Units for March of '08. We are likely to see April's Sales numbers also ease.

There is good news on the horizon. April's pending sales are off to a very nice start - indicating that buyers are coming into the market and across all price points. The real estate market is a bottom up market - the lower price points need to sell first to allow people to move up in housing and buy the bigger house. "An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions." This is good news and something that we will continue to monitor.

The Week That Was - Basking Ridge Home Sales for 4/13-4/19

Basking Ridge Home Sales that closed during the week of 4/13 - 4/19:

• 215 English Place / Sold: $257,000 / List: $258,500 / 2Bed & 2Bath.
• 7 Dayton Street / Sold: $583,000 / List: $599,000 / 4Bed & 2.1Bath.
• 11 Castle Way / Sold: $653,000 / List: $669,000 / 4Bed & 2.1Bath.
• 28 Birch Drive / Sold: $795,000 / List: $825,000 / 4Bed & 2.1Bath.
• 383 Grist Mill Dr / Sold: $840,000 / List: $849,000 / 4Bed & 2.1Bath.
• 35 Tall Timber Ln / Sold: $2,600,000 / List: $2,375,000 / 5Bed & 5.2Bath.

The Week That Was - Basking Ridge Home Sales for 4/6-4/12

Basking Ridge Home Sales that closed during the week of 4/6 - 4/12:

• 121 Irving Place / Sold: $222,000 / List: $250,000 / 2Bed & 2Bath
• 3 Rosemont Court / Sold: $924,000 / List: $999,000 / 4Bed & 2.1Bath

Mortgage Applications Rise on Home Purchase Loan Demand

Another positive sign for the national real estate market, mortgage applications rose again. Yes, they have been on the rise lately, but most of the demand has been for refinancing. Last week's data showed the demand for home purchase loans jumped higher, an indicator of homes sales, even as rates ticked up slightly. This could be good signs for the "Spring Market".

The Week That Was - Basking Ridge Home Sales for 3/30-4/5

Basking Ridge Home Sales that closed during the week of 3/30 - 4/5:

• 223 Alexandria Way / Sold: $216,000 / List: $208,000 / 1 Bed & 1 Bath
• 329 Potomac Drive / Sold: $232,500 / List: $239,900 / 1 Bed & 1 Bath
• 32 Spring Valley Road / Sold: $240,000 / List: $244,900 / 1 Bed & 1 Bath
• 20 Ellis Drive / Sold: $519,000 / List: $519,000 / 3 Bed & 2 Bath

NJ Foreclosures Drop by 33%

Declining by 33% in the month of February, the number of new foreclosure filings is good new for the real estate market. Currently ranked 34th in the nation, New Jersey's actual foreclosure rate for February was .02% - compare that to the National Average, which is triple, of .06%. New filing in NJ was .06% for Feb - down from Jan .09% - and less than half of the US rate of .14%. -Data supplied by The Otteau Valuation Group.