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Robert Zorechak, GRI, ABR, e-PRO's Blog

By Bob Zorechak | Agent in Morristown, NJ

Basking Ridge NJ Real Estate - Closed Sales for MAY 2012

Basking Ridge NJ Real Estate - Closed Sales MAY 2012

                                    by Bob Zorechak - GRI, ABR, e-PRO

Attention Buyers and Sellers! Has the market really bottomed out yet? May Sales are up by 24% as compared to last May and Year-to-Date sales are up by 15%. Read here to find out the very latest information on your local Basking Ridge NJ Real Estate market!

Closed Sales in Basking Ridge increased significantly by 24% for the month of May as compared to this same period last year (31 sales in May 2012 as compared to 25 in May 2011). Year-to-Date sales are also up by 15% through May as compared to the same period last year (122 sales in 2012 vs.106 sales in 2011).

It is still too soon to tell if this trend will continue throughout the rest of the year, however it is a very positive good sign of the market finally heading in the right direction.

There has rarely been a time where both prices and interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

There is a certain amount of "pent-up demand" on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Look below to see the individual homes that sold in Basking Ridge NJ for the month of MAY in 2012.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through May through the same period.

Basking Ridge NJ Real Estate Market - Closed Sales (SOLD) - MAY 2012

Follow the link below to read the rest of this report:

Basking Ridge NJ Real Estate - Closed Sales MAY 2012

For more information on Basking Ridge including its award winning school system, follow this link:


All you need to know about Basking Ridge NJ

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