September 2011 Backlog Report

 

Source

br active trend

11 09  01 Somerset Hills Backlog.xls

11 09  01 Somerset Hills Backlog.xls

Although the absorption rate in Basking Ridge is strong (sellers market) it is reasonably consistent to where we were one year ago.

This is the first time since I have been charting that the ncl backlog is less than the cl backlog

One thing driving this is the reduction in active ncl listings between Sept 2010 (103 active listings) and Sept 2011 (85 active listings) a decrease of mobile porn 17%

The ranges that the reduction in active listings sith the greatest impact (ncl)

  • under 600K – went from 33 listings in 2010 to 25 in 2011. backlog went from 6.6 mos to 4.2 mos
  • between 750K and 900K -went from 18 listings in 2010 to 11in 2011. backlog went from 3.4 mos to 2.2 mos
  • over 1,500K  -went from 23 listings in 2010 to 31in 2011. backlog went from forever (69 mos)  to a more reasonable 7.8 mos
  • Basking Ridge could use additional quality listings in the 750k to 900k price range

What is interesting is that the reduction in listings in Basking Ridge has not been seen in the balance of Somerset Hills. NCL listings in Somerset Hills (without Basking Ridge) have actually increased from 155 (Sept 2010) to 160 (Sept 2011)

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