2023 - "A Tale of Two Markets"
Commentary on Video
Is a Tale of Two Markets emerging? Yes!
Home sales in the Somerset Hills rose sharply since early in the pandemic. Our desirable towns always offered outdoor space, amenities, great schools, community, and homes for every lifestyle. Commuting was a concern, and the pandemic removed it. Enter late 2022-2023 - mortgage rates have more than doubled, inflation continues, and news outlets predict layoffs and a recession. While this has rattled the housing market nationally, a hyper-local view paints quite a different picture in our towns.
Sales are down in our area, primarily because of a severe shortage of homes to buy. Many homes are still receiving multiple offers the first weekend. Today, (1/31), in the towns of Basking Ridge, Bedminster, and Bernardsville combined, there are only 44 single family homes available for sale. At the end of 2019, there were 70 such homes for sale in Basking Ridge alone, vs. 20 there today.
Across our towns, there are 43 single family homes under contract, 12 of which had less than 30 days on market. There is less than a one-month supply of available homes due to demand, yet some homes are building days on market -- yes, it's a "Tale of Two Markets."
Let's discuss!
If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525.
- Our market continues to be insulated with the severe shortage of available homes.
- Buyers have become more discerning, competing for many homes, but not all.
Home sales in the Somerset Hills rose sharply since early in the pandemic. Our desirable towns always offered outdoor space, amenities, great schools, community, and homes for every lifestyle. Commuting was a concern, and the pandemic removed it. Enter late 2022-2023 - mortgage rates have more than doubled, inflation continues, and news outlets predict layoffs and a recession. While this has rattled the housing market nationally, a hyper-local view paints quite a different picture in our towns.
Sales are down in our area, primarily because of a severe shortage of homes to buy. Many homes are still receiving multiple offers the first weekend. Today, (1/31), in the towns of Basking Ridge, Bedminster, and Bernardsville combined, there are only 44 single family homes available for sale. At the end of 2019, there were 70 such homes for sale in Basking Ridge alone, vs. 20 there today.
Across our towns, there are 43 single family homes under contract, 12 of which had less than 30 days on market. There is less than a one-month supply of available homes due to demand, yet some homes are building days on market -- yes, it's a "Tale of Two Markets."
Let's discuss!
If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525.
