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."

The Week That Was - Basking Ridge Home Sales for 5/18-5/24

Basking Ridge Home Sales that closed during the week of 5/18 - 5/24:

• 79 Baldwin Ct / SP: $233,000 / LP: $237,000 / 2BR & 2BA.
• 185 Potomac Dr / SP: $247,500 / LP: $254,900 / 2BR & 1BA.
• 67 Baldwin Ct / SP: $262,000 / LP: $270,000 / 2BR & 2BA.
• 142 Smithfield Ct / SP: $275,000 / LP: $283,900 / 2BR & 2BA.
• 11 Lurline Dr / SP: $500,000 / LP: $539,000 / 4BR & 2.1BA.
• 10 Canterbury Way / SP: $1,250,000 / LP: $1,299,000 / 4BR & 3.1BA.

SP=Sale Price, LP=List Price, BR=bedroom, BA=Baths

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

The Week That Was - Basking Ridge Home Sales for 5/11-5/17

Basking Ridge Home Sales that closed during the week of 5/11 - 5/17:

• 20 Commonwealth Dr / SP: $309,000 / LP: $313,000 / 2BR & 2BA.
• 4 Vail Terr / SP: $481,000 / LP: $475,000 / 4BR & 2.1BA.
• 46 Cross Rd / SP: $487,000 / LP: $499,000 / 4BR & 2.1BA.
• 31 Clairvaux Ct / SP: $1,150,000 / LP: $1,285,000 / 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.

The Week That Was - Basking Ridge Home Sales for 5/4-5/10

Basking Ridge Home Sales that closed during the week of 5/4 - 5/10:

• 62 Woodward Ln / SP: $270,000 / LP: $299,900 / 2 BR & 2.1 BA.


• 171 Locust Ln / SP: $367,000 / LP: $369,000 / 2BR & 2.1 BA.

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.

More Good News for the Real Estate Market in Basking Ridge

In spite of rising interest rates last week, mortgage applications increased. Demand for home purchase loans outweighed those looking to refinance. This is good news for the real estate market since home purchase loans are an indicator of home sales. As we stated previously, look for April's Pending Sales to increase - in Basking Ridge, we saw a nice jump in houses going Under Contract to 42 Units from 24 in March. Spring is here and people are taking advantage of decreasing prices and low interest rates!

Pending Home Sales Rise for March Across the US

With Housing Affordability near record highs across the nation, the Pending Home Sales Index "increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7" according to The National Association of Realtors. NAR's Housing Affordability Index for March was at 166..7; near record highs. For the complete report click here.

The Basking Ridge Real Estate Market saw Pending Home Sales remain steady for March at 24 homes to February's numbers, but saw a year over year decline from last March's 30 homes Under Contract. This is consistent with the rest of the rest of the Northeast, which "fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago," according to NAR. Look for good numbers in April to continue across the nation and rebound in Basking Ridge. The "spring market" has gotten off to a nice start with 42 homes Under Contract for April, just slightly below last years pace of April's 43 Homes.

The Week That Was - Basking Ridge Home Sales for 4/27-5/3

Basking Ridge Home Sales that closed during the week of 4/27 - 5/3:

• 23 Commonwealth Dr / SP: $227,000 / LP: $234,000 / 2BR & 1BA.
• 319 Potomac Dr / SP $245,000 / LP: $245,000 / 2BR & 1BA.
• 362 Potomac Dr / SP: $240,000 / LP: $249,900 / 1BR & 1BA.
• 3005 Hemlock Pl / SP: $265,000 / LP: $269,000 / 2BR & 1.1BA.
• 3 Chestnut Ct / SP: $315,000 / LP: $319,000 / 2BR & 2.1BA.
• 393 Mt. Airy Rd / SP: $430,000 / LP: $449,900 / 3BR & 2BA.
• 5 Georgian Ct / SP: $520,000 / LP: $549,000 / 3BR & 2.1BA.
• 15 Shepard Way / SP: $645,000 / LP: $699,000 / 6BR & 2.1BA.
• 127 Thacheray Dr / SP: $738,013 / LP: $731,600 / 4BR & 2.1BA.
• 15 Dogwood Way / SP: $830,000 LP: $849,900 / 5BR & 3.1 BA.
• 36 Brittany Pl / SP: $1,080,000 / LP: $1,279,000 / 4BR & 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.