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Several reports out last week indicated that the recovery in the real estate market is continuing, and that buyers continue to be motivated by today’s high home affordability and the fact that owning a home is now less expensive than renting in many areas.

In March, sales of existing single-family homes, townhomes, condominiums and co-ops increased 3.7 percent from February, according to the National Association of Realtors (NAR). Given that existing-home sales have risen in six of the past eight months, Lawrence Yun, NAR chief economist, is confident that real estate is clearly on a recovery path. Separately, NAR reported that its Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.1 percent. Because this data reflects contracts but not closings, which normally occur with a lag time of one or two months, it means modest near-term gains in existing-home sales are likely.

In addition, the Commerce Department announced Monday that in March, sales of new single-family homes rose 11 percent, and that the median price of a new home rose nearly 3 percent from February.

Click here for information about buying a home in Bedminster.  For a free home evaluation please click here.

Eleven new happy home-owners in Bedminster!

• 17 Wescott Rd – Wynnewood  The Hills – listed for $206,900, sold for $200,000 in 30 days
• 80 Ashley Ct – Crestmont The Hills – listed for $285,000, sold for $265,000 in 24 days
• 41 Ashley Ct – Crestmont The Hills – listed for $290,000, sold for $286,000 in 19 days
• 363 Wren Ln – The Hills – listed for $329,900, sold for $329,000 in 5 days
• 28 Cambridge Rd – Stone Run II The Hills – listed for $359,900, sold for $354,000 in 54 days
• 14 Heatherwood Ln – Four Oaks The Hills – listed for $369,000, sold for $363,000 in 33 days
• 28 Stone Run Rd – Stone Run I The Hills – listed for $399,000, sold for $385,000 in 97 days
• 92 S Edgewood Rd – Edgewood The Hills – listed for $449,900, sold for $432,000 in 50 days
• 12 Cobble Ln – Gatehouse – SHORT SALE – listed for $839,900, sold for $755,000 in 190 days
• 1 Elizabeth Ln – SHORT SALE – listed for $855,000, sold for $795,000
• 33 Gatehouse Rd – Gatehouse – listed for $950,000, sold for $950,000 in 48 days

With the exception of the short  sales, most of these properties sold quickly within 2-4% of their list price.  Right Pricing is what this market is all about!  For more sales data, visit Bedminster Real Estate.

If you would like a free market analysis for your Beminster home, I am happy to provide it.  We can get together for a few minutes to walk through the house and then I will send you a report.  Whether you are ready now, next month or three years from now, I’m happy to meet you and become your real estate resource!

 

Closed Sales in March

There are now two new happy homeowners in March in Bedminster.   The following properties have closed this month:

27 BENTLEY CT  $289,999  $278,000
77 AUTUMN RIDGE RD $769,900    $745,000

26  new listings came on the market this month, and 9 listings have gone under contract.  To see these new listings or to start your search, click on Bedminster Homes For Sale.

Please note:  2 additional properties sold in February but were not reported online until March.  Those properties are:

147 CORTLAND LN  $99,999  $99,999
15 WENTWORTH RD  $259,999  $252,500

So that brings the total sold homes in Bedminster in February to 5.

Absorption Rate

I explained what the absorption rate is in a previous posting, but basically it is a way to help us determine how much market activity there is at a given time in the market.  A market absorption rate of less than 5 months is considered a Seller’s Market, between 5 – 6 months is a Normal or Balanced Market, and inventory levels greater than 6 months indicates a Buyer’s Market.

There are currently a total of 95 listings on the market in Bedminster.  17 properties went under contract in the last 30 days, so that gives us a current market absorption rate of 5.6 months in Bedminster.  Which indicates that currently the market in Bedminster is a balanced market.

If you are considering a move into or out of Bedminster, it pays to plan ahead.  Start your search or understand the value of your home at Bedminster-Real-Estate.com

Closed Sales in February

There are now three new happy homeowners in February in Bedminster.   The following properties have closed this month:

5 SAGE CT  $175,000  $175,000
5 BENTLEY CT $309,000    $309,000
335 ENCLAVE LN    $384,000    $372,000

Twenty-five new listings came on the market this month, and 14 listings have gone under contract.  To see these new listings or to start your search, click on Bedminster Homes For Sale.

Absorption Rate

I explained what the absorption rate is in my last posting, but basically it is a way to help us determine how much market activity there is at a given time in the market.  A market absorption rate of less than 5 months is considered a Seller’s Market, between 5 – 6 months is a Normal or Balanced Market, and inventory levels greater than 6 months indicates a Buyer’s Market.

There are currently a total of 81 listings on the market in Bedminster.  14 properties went under contract in the last 30 days, so that gives us a current market absorption rate of 5.8 months in Bedminster.  Which indicates that currently the market in Bedminster is a balanced market.

If you are considering a move into or out of Bedminster, it pays to plan ahead.  Start your search or understand the value of your home at Bedminster-Real-Estate.com

Closed Sales in February

Since my last posting, there are now two new happy homeowners in February in Bedminster.   The following properties have closed this month:

5 BENTLEY CT $309,000    $309,000
335 ENCLAVE LN    $384,000    $372,000

Eleven new listings came on the market this month, and 1 of those listings has already gone under contract.  To see these new listings or to start your search, click on Bedminster Homes For Sale.

Absorption Rate

I explained what the absorption rate is in my last posting, but basically it is a way to help us determine how much market activity there is at a given time in the market.  A market absorption rate of less than 5 months is considered a Seller’s Market, between 5 – 6 months is a Normal or Balanced Market, and inventory levels greater than 6 months indicates a Buyer’s Market.

There are currently a total of 74 listings on the market in Bedminster.  Eleven properties went under contract in the last 30 days, so that gives us a current market absorption rate of 6.7 months in Bedminster.  Which indicates that currently the market in Bedminster is a buyer’s market

If you are considering a move into or out of Bedminster, it pays to plan ahead.  Start your search or understand the value of your home at Bedminster-Real-Estate.com

Closed Sales

There are now twelve new happy homeowners in January in Bedminster, as the following properties have closed:
(Closed properties since last week are in bold)

And there are now 20 new listings, two which have come on the market since last week.

To see these new listings or to start your search, click on  Bedminster homes for sale .

Absorption Rates

The Market Absorption Rate helps to determine the type of market we are in given the current months supply of homes and how it affects you as a buyer or seller.  Please keep in mind that inventory levels (supply of homes) does not predict how long it will take to sell a given home.  They just help us determine how much market activity there is in a given market at a given price point and allow us to plan accordingly when marketing a home for sale.

Inventory levels less than 5 months indicate a Seller’s Market.  Conversely, inventory levels greater than 6 months indicate a Buyer’s Market.  When inventory levels are between 5 – 6 months, this is considered a Normal Market or Balanced Market.

There are currently 72 active listings in Bedminster and there were 10 sales in the last 30 days which is a market absorption rate of 7.2 for all of Bedminster, which as I mentioned above indicates that Bedminster as a whole is currently in a Buyers Market.  I thought I would go one step further and break it down by type of housing and then by price point:

Condos/Townhouses/Duplex:  50 available, 9 sold in the last 30 days = inventory of 5.5 months

Single Family Homes:  22 available, 1 sold in the last 30 days = inventory of 22 months

Under $500,000:  52 available, 9 sold in the last 30 days = inventory of 5.8 months

$500,000 – $799,999:  5 Available, no sales in the last 30 days

$800,000 – $999,999:  5 available, 1 sale in the last 30 days = inventory of 5 months

$1,000,000 – $1,999,999:  3 available, no sales in last 30 days

$2,000,000 and over:  7 available, no sales in last 30 days

So when I breakdown the area by style of housing and price point you can see that although Bedminster as a whole is considered to be in a Buyer’s Market, “Condos/Townhouses/Duplexes” and housing in the price point of  “Under $500,000″ is considered to be a Normal Market.  If you are considering a move into or out of  Bedminster, it pays to plan ahead.  Start here to search for homes for sale in Bedminster, or here to understand the value of your current home.  We focus on Bedminster, but we are well prepared to discuss other areas as well:  Basking Ridge, Bernardsville, Berkeley Heights and New Providence — most of Somerset and Union counties as well as parts of Hunterdon and Morris!

Since my last Market Update last week, there haven’t been any properties that have gone under contract.  So that leaves the five properties went under contract last week in Bedminster, which are:  four townhouses listed for $299,900, $309,000, $345,000 and $420,000, and a duplex listed for $384,000.

There are now 9 new happy homeowners this month in Bedminster, as the following properties have closed:
(Closed properties since last week are in bold)

And there are now 18 new listings, five which have come on the market since last week.

Start your search on Bedminster homes for sale so you can take advantage of the currently low interest rates!

According to Remodeling Magazine’s 2010-2011 “Cost vs. Value Report,” even despite the challenging economy, investing in your home still pays off at resale – and it doesn’t have to cost a lot. The report also showed that home sellers consider first impressions to be a top priority, with 9 out of the top 13 projects being exterior replacements that contribute to curb appeal and help attract buyers.

Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top two projects were also the least expensive. A mid-range entry door replacement returns more than 102.1 percent of project costs upon resale, followed by a mid-range garage door replacement, at 83 percent.

While considered upscale, the third-best project, fiber-cement siding replacement, has been a consistently high performer, recouping 80 percent of costs this year, and also showing the smallest cost increase of any project (less than 1 percent).

The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.

 Click here to access the “Cost vs. Value” website, where you can download data for 80 cities.

Some additional numbers for those of you who are wondering about  kitchens and baths – – a minor kitchen remodel (refacing cabinets, changing out hardware, replacing oven and cooktop, changing countertops, painting trim and refreshing the floor) returns almost 73%. The addition of a deck also returns about 73%.

Surprisingly, according to this study a bathroom renovation returns only about 53%.

Please note that these numbers are based on national averages. I will admit that I have a hard time getting my head around these numbers – – I think there are too many variables… but I suppose that it’s all relative. Projects that improve first impressions allow the biggest bang for the buck and kitchens are more valuable than bathrooms.

Visit Bedminster Real Estate to see what’s selling in town – new kitchens and bathrooms or not!

Five properties have gone under contract in Bedminster so far this month: four townhouses listed for $299,900, $309,000, $345,000 and $420,000, and a duplex listed for $384,000.

There are 7 new happy homeowners so far this month, as the following properties closed:

And there are thirteen new listings.  Start your search for Bedminster homes for sale so you can take advantage of the currently low interest rates!