Basking Ridge January 2009 Residential Market Stats with Comparison to Previous Years

Bernards Township(Basking Ridge) Residential House Stats
Mon/Yr	Active Listings			New Listings
	#	Avg. LP	Med. LP		#	Avg. LP	Med. LP
Jan,2009	219	$846,699	$679,900		51	$706,210	$598,000
Jan,2008	219	$956,831	$699,000		56	$836,559	$639,000
Jan,2007	271	$933,513	$659,000		76	$847,976	$559,900
Jan,2006	218	$915,265	$685,000		75	$844,832	$699,000
Jan,2005	179	$865,467	$622,500		71	$684,083	$569,000
Jan,2004	177	$853,807	$595,000		67	$652,636	$520,000
	Under Contract			Sold Listings
	#	Avg. LP	Med. LP	Avg.	#	Avg. SP	Med. SP	Avg.	SP/LP
				DOM				DOM
Jan,2009	14	$536,250	$379,900	118	11	$671,850	$369,000	72	94%
Jan,2008	15	$611,560	$385,000	107	14	$551,335	$440,000	72	95%
Jan,2007	36	$606,914	$434,900	80	31	$629,855	$525,000	101	96%
Jan,2006	25	$681,092	$594,900	73	25	$681,796	$630,000	51	99%
Jan,2005	55	$679,922	$549,900	50	40	$581,804	$510,000	49	98%
Jan,2004	46	$612,894	$519,000	48	39	$551,690	$471,010	51	99%

The market in January is not significantly different than the same time last year. Overall the price of homes has held up fairly well compared to national and even statewide averages. The amount of unsold inventory is not historically high nor is the market being flooded with new listings. However consumer confidence and a suspect job market are keeping more buyers from making a decision. This bears out in the decrease of under contract and sold homes compared to previous years. With interest rates low and with a chance of going even lower, this may be the time for buyers to take advantage of the lowered prices and the choice of homes to get a good value going forward. Sellers need to keep aware that price and condition play an even more prominent role in this market due to the buyer's current state of mind. Contact me for further details on this and any of the surrounding towns.