Essex County Real Estate Market Update – October 2023
Let’s start with the “Months Supply of Inventory,” which stands at 1.55. This metric represents the time it would take for all the existing homes on the market to be sold, assuming no new listings are added. A lower supply of inventory usually indicates a seller’s market, where there is high demand for properties.
Next, let’s look at the “12-Month Change in Months of Inventory,” which shows a decline of -14.36%. This means that compared to the previous year, there has been a significant decrease in the number of months it takes to sell the available inventory. This decline suggests a tightening market, where properties are selling at a faster pace.
Now, let’s focus on the “Median Days Homes are On the Market,” which currently stands at 21. This metric indicates the average number of days it takes for a home to go from listing to being sold. With a relatively low median days on the market, it suggests a high demand for properties and a competitive market for buyers.
Moving on to the “List to Sold Price Percentage,” which is at 101.8%. This metric represents the average percentage at which homes are being sold relative to their initial listing price. A value above 100% indicates that, on average, homes are selling for more than their initial asking price. This suggests that there might be bidding wars or strong competition among buyers in this market.
Finally, let’s discuss the “Median Sold Price,” which currently stands at $538,000. This metric represents the middle point of all the sold prices in a given period. A higher median sold price indicates a higher price range for properties, which could be a result of strong demand, limited inventory, or desirable location.
To summarize, the data suggests a real estate market with a low supply of inventory, indicating a seller’s advantage. The decreasing trend in months of inventory over the past year implies a faster pace of sales. With a low median days on the market, it shows a competitive environment for buyers. Moreover, the list to sold price percentage above 100% suggests a market with bidding wars or intense competition. Finally, the median sold price of $538,000 indicates a higher price range for properties in this market.
For buyers, this analysis highlights the need for preparedness and quick decision-making in this competitive market. For sellers, it indicates a favorable environment with potential for higher sale prices. Keep these metrics in mind as you navigate the real estate landscape, and remember to consult with professionals for personalized advice.
