Essex County Real Estate Market Update - New for August 2023

Have you ever wondered how the real estate market trends can influence your property decisions, especially when it comes to specific property types like single-family homes, townhouses, condos, or adult communities? Welcome to our latest Essex County real estate market update, where we unravel the intriguing patterns and shifts of July 2023.

Whether you're a buyer, a seller, or just a real estate enthusiast, these insights will help you grasp the pulse of the market, enabling smarter decisions. So, are you ready to dive into the fascinating world of real estate and discover what the numbers truly reveal about Essex County's market? Let's get started! If you’re selling a home in or moving to Essex County, stay tuned for a concise breakdown of the market trends and expert advice.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Essex County Real Estate Market: July 2023

Ready to dive into Essex County real estate as it stood in July 2023? Hold onto your hats; it's a rollercoaster ride of opportunity and challenge! First off, new listings plummeted by a whopping 32.1% compared to last year, from 586 to just 398 this July. Year-to-date data also shows a dramatic 28.3% fall in new listings. What does this mean for you? A tighter market, folks!

Despite the lower supply, properties are spending slightly more time on the market—29 days this year compared to 26 last year, an 11.5% increase. But don't be fooled; this is still a seller's market. How do we know? The median sales price has risen 6.2% to $690,000 for July 2023, from last year's $650,000. However, sellers, don't get too complacent. Buyers are ever so slightly pushing back; homes sold for 109.4% of the list price, down 1.2% from last year's 110.7%.

Plus, inventory levels have nosedived by a staggering 43.9%, leaving just a 2-month supply on hand. To sum it up, fewer homes, higher prices, and less inventory underscore the classic economic struggle of supply and demand. Buyers, gear up for a tougher hunt, and sellers, while you still hold the cards, they might just be slightly less golden than last year!

Condos & Townhomes in Essex County

If you thought the single-family market was sizzling, the townhouse and condo sector is red-hot! With new listings plunging by 36.6% to just 85 properties in July 2023, compared to 134 last year, you've got fewer options but fierce competition. Year-to-date numbers echo the trend, recording a 27.5% drop in new listings.

However, those Essex County townhouses and condos that do make it to market are flying off the shelves, staying on the market for just 24 days in July 2023, down a remarkable 27.3% from last year. Talk about a fast-paced market! But, brace yourselves, prospective buyers! Median sales prices have skyrocketed by an astounding 24.6%, jumping from $325,000 last July to $405,000 this year. Year-to-date, we're looking at a robust 9.1% growth, standing at $337,553 now.

Interestingly, sellers are receiving a slightly better deal as well, with 105.5% of the list price received, a marginal but telling increase of 0.6% from last year. If you're window-shopping for a townhouse or condo, better make it quick! Inventory has tanked by a nerve-wracking 50.4%, leaving a meager 1.6-month supply. It's crystal clear: the townhouse and condo market is sizzling with demand far outstripping supply.

In summary, whether you're buying or selling, timing and strategy are everything. With limited choices and fast-rising prices, both sectors confirm that Essex County is the place to watch, for rapid real estate action!

Adult Community Homes in Essex County

Essex County's adult community real estate is a small but dynamic sector that you simply can't ignore. First, let's talk about choice: new listings are actually up by 50% this July compared to last year—though this only means an increase from 2 to 3 listings! However, the year-to-date figures paint a contrasting picture, showing a 30.8% drop. So, a burst of activity recently, but a more constrained market overall.

Now, let's talk speed. Homes in this sector are virtually flying off the market, with a dramatic 58.8% decrease in days on market until sale—down to just two weeks! Year-to-date data also confirms a mind-blowing 68.1% decline in days on the market, standing at 22 days now. Financially, it's looking up for sellers: the median sales price for July soared to $620,000, a 6.5% uptick from last year. Year-to-date, the growth is even more compelling at 13.9%.

But buyers are pushing back a tiny bit, with the percent of list price received dipping by 1.4% to 99.1%. Lastly, inventory is tighter than ever—down by 44.4% to just 5 homes available. The month's supply has also shrunk to 2.2, a 12% decrease from last year.

In essence, the adult community sector in Essex County is like a boutique market: limited options, but high-quality and fast-moving. Buyers, you'll need to act swiftly, and sellers, the ball is mostly in your court, but maybe not as firmly as you'd like. Either way, the dynamics of this sector are fascinating and worth your attention!

Essex County Real Estate Market: June 2023

Essex County real estate has been quite the roller coaster this June, showing us some intriguing patterns that deserve a closer look. A contraction in new listings by 33.6% over the past year, from 744 in June 2022 to 494 this June, coupled with a 19.8% decline in closed sales, signals a tightening market. This also reflects a year-to-date contraction of 27.7% in new listings and 25% in closed sales.

Further, the market's pace has decelerated as properties lingered longer before selling, with days on market increasing by 24% year-over-year. As the market adjusts, median sales prices have dipped slightly by 1.0% in June but shown a modest increase of 2.6% on a year-to-date basis. The seller's market became more pronounced as inventory shrunk drastically by 46.1%, leaving just a 1.9 month supply. Concurrently, sellers received slightly less of their asking prices compared to last year, indicating a slight cooling.

Condos & Townhomes in Essex County

The Essex County townhouse and condo market has indeed been stirring up some compelling conversations this year. It's been a tight squeeze with new listings for these properties plunging by 33.8% from 157 in June 2022 to a mere 104 in June 2023. The year-to-date metrics show a similar trend, with new listings dwindling by 26.5%.

The supply-demand tension is evident in the 10.4% decrease in closed sales for June and a sharper 30.4% drop on a year-to-date basis. A noticeable dip in the inventory of homes by 51%, along with the supply dwindling down to just 1.6 months, signifies the increasing pressure on the market.

Interestingly, properties were not swept off the market any quicker. June saw a slight uptick in the average days on market, whereas the year-to-date figure witnessed a modest decrease. Prices tell a nuanced story. Despite a 9.8% dip in the median sales price to $325,000 in June, the year-to-date comparison saw a bounce back with a 6.6% increase. Furthermore, sellers pocketed a marginally higher percentage of their list price compared to June last year, hinting at resilient pricing.

Adult Community Homes in Essex County

Continuing our journey into the intriguing landscape of Essex County's real estate, we turn our attention to the adult community sector. The property scene here has shown some resilient stability in June 2023, with the same number of new listings and closed sales as the previous year.

As we delve into the year-to-date stats, we observe a significant 41.7% drop in new listings and a mild 13.3% reduction in closed sales. This hints at a decrease in the housing availability in these communities. An exciting development is the reduction in the average days on market, which plummeted by a remarkable 65.8% year-to-date, even though June 2023 witnessed a 28.9% increase compared to June 2022. Prices, on the other hand, have soared. The median sales price escalated by 17.4% in June and 16.8% year-to-date, suggesting a trend towards a stronger sellers' market.

However, sellers received a slightly lower percent of their list price compared to last year, which, along with a 54.5% decrease in inventory and a 14.3% decrease in the months supply of inventory, creates an intricate tapestry of dynamics. The adult community sector of the Essex County real estate market surely keeps us on our toes!

Essex County Real Estate Market: May 2023

May 2023's real estate market in Essex County painted an intriguing picture! The county saw a considerable contraction with new listings plummeting by 25.5% (from 644 to 480) and closed sales sliding by 25.6% (from 410 to 305), compared to May 2022. This shrinking availability may have fueled competition, nudging the days on market until sale up by 31%, a significant jump from last year's brisk 29 days.

Interestingly, the median sales price of homes in Essex County dropped by 6% to $625,000; however, YTD figures reflected a slight 1.8% rise to $560,000. With the percentage of list price received also taking a slight dip, and the inventory of homes falling by 36.7%, buyers had fewer options but seemed to haggle a bit more. As a result, the supply of inventory reduced further, indicating a tightening market.

Condos & Townhomes in Essex County

The heat in Essex County's condos and townhomes market this May 2023 was palpable! Listings dipped by 24.3% year on year, creating a competitive landscape that accelerated sales closures to an average of 33 days, down 8.3% from 2022. But while the number of closed sales took a significant plunge (-49.1%), market temperatures soared with a modest 3.3% uplift in median sales price to $362,000.

Sellers received an almost equal proportion of their asking price as last year, hinting at a stable buyers' stance despite the shrinking inventory (-42.7%). The tightening market supply forecasts fiery months ahead.

Adult Community Homes in Essex County

Essex County's adult community witnessed some significant shifts in May 2023. New listings plummeted by a striking 80%, and closed sales also took a hit, reducing by 40% compared to the same month in 2022. Meanwhile, properties were snapped up considerably faster, with a 70.9% decrease in days on the market. The silver lining? Sellers received a median price increase of 7.3%, reaching $589,000.

Despite a slight drop in the percent of list price received, adult community homes in Essex County sold for a healthy 99.9% of their asking price. However, a drop in inventory means it's a tighter market for potential buyers, with a 36.7% drop in the month's supply of inventory.

Essex County Real Estate Market: April 2023

The April data reveals an interesting landscape for single-family homes in Essex County. New listings have plummeted by a significant 30.6%, indicating a scarcity of available properties. This scarcity is further reflected in the 29.1% decrease in closed sales, as buyers face a more competitive market. 

UPS & DOWNS IN ESSEX COUNTY

While homes are spending slightly longer on the market, with a 24.1% increase in days until sale, the median sales price has surged by 9.9% to reach an impressive $625,000. This upward trend in prices signifies strong demand and a willingness to pay a premium for desirable properties. Despite the increase in prices, sellers are receiving a slightly lower percentage of their list price, down 3.9% from the previous year. This suggests that buyers are becoming more discerning and negotiating harder on price. The dwindling inventory, down 32.5%, and reduced months' supply of inventory (down 13.6%) present challenges for buyers, as finding available homes becomes more competitive and time-consuming.

Essex County Condos & Townhomes

The townhouse-condo segment in Essex County has experienced some intriguing shifts. New listings have seen a significant decline of 32.8%, indicating a tightening market for buyers. This reduced supply is also reflected in the 22.1% decrease in closed sales, suggesting a more competitive environment. Homes in this segment are selling faster, with a substantial 43.5% decrease in days on market until sale. This accelerated pace can be attributed to the strong demand and limited inventory available. 

The median sales price for condos and townhomes for sale in Essex County has surged by an impressive 35.4%, reaching $386,000. This substantial increase showcases the desirability of townhouse-condo properties and the willingness of buyers to invest in this market. Sellers are receiving a slightly higher percentage of their list price, up 0.4% from last year, indicating strong buyer interest and competitive offers. The declining inventory, down 35.6%, and reduced months' supply of inventory by 15.8% emphasize the challenging conditions for buyers, as the number of available properties continues to shrink.

Adult Community Homes: Flying Off the Shelves

The adult community market in Essex County has shown some interesting trends. While the number of new listings has seen an increase of 50%, the overall volume remains low. Similarly, closed sales have remained steady with no change from last year, indicating a stable level of activity within this market segment. Remarkably, the days on market until sale have significantly decreased by an impressive 85.7%. 

This suggests that adult community homes in Essex County are in high demand, with buyers acting swiftly to secure their desired homes. Although the median sales price has experienced a slight decrease of 3.0% to $593,825, it is important to note the substantial year-to-date increase of 36.0%. This highlights the overall upward trend in adult community prices, making it a potentially lucrative market for sellers. Buyers in this segment are willing to pay above the list price, as indicated by the 5.1% increase in the percent of list price received. This competitive atmosphere may be attributed to the limited inventory available, down 61.5%, and the reduced months' supply of inventory by 40.0%.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.