Posts Tagged ‘Bedminster Market Absorption’

 

There is no doubt that this is a great time to buy a house.  Purchasing a home has remained affordable, primarily because of the extended period of historically low interest rates that has continued for more than two years.  A wide variety of properties from which to choose and affordable prices sweetens the opportunity for homebuyers.

The general public agrees, and so does the secretary of the U.S. Department of Housing and Urban Development.

 

 

Consider these recent reports:

 

• According to a recent Gallup poll, 69 percent of Americans believe that now is a good time to buy a house.

• Responding to a recent New York Times/CBS News poll, 9 in 10 Americans said homeownership is an important part of the American Dream.

• The National Association of Realtors‘ ninth housing pulse survey showed that the overwhelming majority of Americans (72 percent) say that buying a home is a good financial decision.  Almost two-thirds (64 percent) say that now is a good time to buy a home.

• During a recent interview broadcast on CNN, Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, urged Americans to purchase homes.  He said, “In the long run, it is a good time to become a homeowner because it’s so affordable today compared to where it’s been for generations.”

For more information on Buying and Selling Homes in Bedminster, go to www.Bedminster-Real-Estate.com.

 

 

 

 

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!

5 closings since 10/1/2010:

• 47 Heatherwood Lane
• 2 Bedminster Terrace
• 58 Encampment Drive
• 45 Stevens Court
• 70 Wentworth Road

There are 85 active listings, there were 13 contract sales – making the market absorption (or inventory level) about 6.5 months; this is a relatively normal market in Bedminster, NJ.  If you are considering a move, now might be the time!  Interest rates are still outrageously low and there is alot to choose from! Contact me directly and we can talk through the details of purchasing – or selling – your home!

I just spent a few minutes downloading closed sales information for my Bedminster Real Estate website.  It didn’t take very long – there were only TWO sales in Bedminster during the month of January.  Market Absorption in Bedminster is surprisingly high – at the end of last year, it was hovering between 3 and 5 months, during any other economic time period that would have been considered a clear seller’s market!  However, given the nature of today’s economy and recent housing “slump”, even though the inventory numbers were low, buyers still had the advantage.  All month, Bedminster’s market absorption has been climbing – wrapping up at 8 months!  There are currently 72 listings and there were only 9 sales in the last 30 days.  There were 23 new listings this month and I expect that there will be at least that many each month through the end of April.  Hopefully for seller’s buyer activity will pick up – my recommendation if you are planning to buy in Bedminster is to do so NOW.  While there is lots of inventory, and few buyers and while there is still time to qualify for one of the tax credits!

Get ahead of the game, visit my website to learn about homes for sale in Bedminster, NJ: from condos to luxury properties.  I honestly believe that it’s a great time to get a great deal in Bedminster!

Market absorption is defined as the rate at which current inventory will be sold based on the number of buyers in the last thirty days.  A normal market (favoring neither buyers nor sellers) is between 5 and 6 months.  A buyers market is anything over 6 months of inventory and a sellers market is anything under 5 months of inventory. 

Current rates as of the end of the week of 1/3/10:

Basking Ridge 5.5 months
Bernardsville 16 months
Bedminster 11 months
Bridgewater 8.5 months
Long Hill  9.5 months
Harding  7.5 months
Warren  7.5 months

If you are considering a move into or out of Bedminster, please contact me for a buyer consultation or a market analysis of your current Bedminster home.  Visit my Bedminster Real Estate site to search homes for sale – whether you are looking for a condo, a single family home or a luxury property.  I’m happy to help!