George's Open House: Four Year Sales Trend for the Five B's

Four Year Sales Trend for the Five B's

Whether you are an active buyer or seller, it is always wise to keep yourself updated on sale price trends in communities that interest you.  Shown below is the average sale price in the Five B's (Bedminster, Bernards Township, Bernardsville, Branchburg, and Bridgewater) for the past four years.  The data is based on information available from the Garden State MLS and does not include all trabsactions, particularly "for sale by owners."

  • Bedminster
    • 2006          245 Sales          $444,499
    • 2007          229 Sales          $512,023
    • 2008          162 Sales          $373,531
    • 2009          195 Sales          $427,908
  • Bernards Township
    • 2006          491 Sales          $750,263
    • 2007          474 Sales          $662,036
    • 2008          316 Sales          $680,906
    • 2009          370 Sales          $604,844
  • Bernardsville
    • 2006          102 Sales          $1,140,704
    • 2007            96 Sales          $1,100,786
    • 2008            76 Sales          $906,632
    • 2009            68 Sales          $876,740
  • Branchburg
    • 2006          204 Sales          $483,802
    • 2007          197 Sales          $437,480
    • 2008          141 Sales          $402,527
    • 2009          145 Sales          $391,684
  • Bridgewater
    • 2006          576 Sales          $486,927
    • 2007          596 Sales          $471,986
    • 2008          450 Sales          $457,716
    • 2009          467 Sales          $419,438
  • Five Town Totals
    • 2006          1,618 Sales       $601,235
    • 2007          1,592 Sales       $567,978
    • 2008          1,145 Sales       $530,369
    • 2009          1,245 Sales       $497,610

These numbers are based on aggregate sales and should only be used as a starting point when looking at sale price trends.  Nevertheless, two trends are clear: total sales volume and average sale price have dropped over the four year period.  This should not be a shock to anyone who has kept up with the market.  On a positive note, sales volume has shown signs of rebounding from 2008 to 2009, in part thanks to the First Time Home Buyer's Credit.

For homeowners in the area, these numbers may be seen as bad news.  On the other hand, buyers may rejoice at the idea of buying a home for 15% less than they could have four years ago.  The irony is that since most sellers are also buyers, the decline in prices represents a mixed bag for almost everyone who is actively in the market.  In my next blog, I will look at this in more detail. 

Comment balloon 0 commentsInactive Agent • January 12 2010 08:17AM

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