Essex County Real Estate Market Update - New for February 2024

Essex County Real Estate Market Update: May 2023Have you ever wondered how the real estate market trends can influence your property decisions, especially regarding 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 for February 2024.

Whether you're a buyer, a seller, or just a real estate enthusiast, these insights will help you grasp the market's pulse, enabling smarter decisions. So, are you ready to dive into the fascinating world of real estate and discover what the numbers truly reveal about the homes for sale in Essex County? 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 a licensed real estate professional before proceeding with any real estate transaction.

Essex County Real Estate Trends - January 2024 Update

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Essex County Single Family Stats for January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 325 344 5.8%
Closed Sales 214 213 -0.5%
Days on Market Until Sale 45 41 -8.9%
Median Sales Price* 514,500 579,000 12.5%
Percent of List Price Received* 102.8 104.4 1.6%
Inventory of Homes for Sale 754 503 -33.3%
Months Supply of Inventory 2.1 1.7 -19%
YTD
Jan 2023Jan 2024% (+-)
New Listings 325 344 5.8%
Closed Sales 214 213 -0.5%
Days on Market Until Sale 45 41 -8.9%
Median Sales Price* 514,500 579,000 12.5%
Percent of List Price Received* 102.8 104.4 1.6%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

As we navigate the complexities of the Essex County real estate market in January 2024, understanding the nuances of each segment becomes crucial for making informed decisions. Whether you're looking to buy, sell, or simply keep a pulse on the market trends, our analysis offers valuable insights into the current dynamics at play. From the thriving single-family and townhouse-condo markets to the quieter adult community sector, there are opportunities and considerations for everyone. Let’s explore the detailed trends and what they mean for your real estate aspirations in Essex County.

Essex County's housing market is showing signs that now might be the perfect time for sellers to make their move. In January 2024, we saw a notable uptick in new listings by 5.8% compared to last year, hinting at a growing confidence among homeowners ready to sell. However, the number of closed sales slightly dipped by 0.5%, suggesting that while more homes are entering the market, buyer demand is staying relatively steady.

What's truly eye-catching is the brisk pace at which homes are selling. Properties are spending less time on the market, down from 45 to 41 days. This faster turnaround, coupled with a 12.5% surge in median sales prices to $579,000, indicates a market tilting in favor of sellers. Buyers are willing to pay more, often above the asking price, as evidenced by the increase in the percent of list price received to 104.4%.

However, the inventory of homes for sale has significantly dropped by 33.3%, leading to a tighter market with only a 1.7 months’ supply of inventory. This scarcity is a clear signal to potential sellers that buyers are out there and competition is fierce.

If you're considering selling your home in Essex County, the current market dynamics suggest it's a promising time to do so. With homes selling quicker and at higher prices, and with less competition on the market, listing your property now could be a strategic move to maximize your sale outcome.

Condos & Townhomes in Essex County

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Essex County Townhouses & Condo Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 81 93 14.8%
Closed Sales 57 49 -14%
Days on Market Until Sale 59 37 -37.3%
Median Sales Price* 292,000 335,000 14.7%
Percent of List Price Received* 100.5 106.3 5.8%
Inventory of Homes for Sale 156 138 -11.5%
Months Supply of Inventory 1.8 1.8 0%
YTD
Jan 2023Jan 2024% (+-)
New Listings 81 93 14.8%
Closed Sales 57 49 -14%
Days on Market Until Sale 59 37 -37.3%
Median Sales Price* 292,000 335,000 14.7%
Percent of List Price Received* 100.5 106.3 5.8%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

The townhouse-condo market in Essex County is also bustling with activity, presenting unique opportunities for both sellers and buyers. In January 2024, there was a significant 14.8% increase in new listings, indicating that owners are eager to capitalize on the favorable market conditions. Despite this influx of new options, closed sales have seen a decrease of 14%, which could signal a slight mismatch between what's available and what buyers are looking for, or perhaps a momentary lull in buyer activity.

What stands out is the dramatic improvement in how quickly townhomes and condos are selling—days on the market have plummeted by 37.3%, from 59 to just 37 days. This faster pace, alongside a substantial 14.7% rise in median sales prices to $335,000, showcases a robust demand. Moreover, the average percent of list price received has soared to 106.3%, showing buyers are willing to pay above asking price to secure their desired home.

Inventory has tightened, dipping by 11.5%, yet the months supply of inventory remains steady at 1.8 months. This balance suggests that while there are fewer options, the market has not become overly competitive, maintaining a healthy equilibrium between supply and demand.

For those eyeing the Essex County market, the message is clear: for sellers, there's never been a better time to achieve premium prices with quicker sale times. Buyers, on the other hand, should be prepared to act swiftly and possibly above list price for condos and townhouses that tick their boxes.

Adult Community Homes in Essex County

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Essex County Adult Community Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 3 1 -66.7%
Closed Sales 2 0 -100%
Days on Market Until Sale 17 0 -100%
Median Sales Price* 524,500 0 -100%
Percent of List Price Received* 101.1 0.0 -100%
Inventory of Homes for Sale 6 6 0%
Months Supply of Inventory 2.1 3.1 47.6%
YTD
Jan 2023Jan 2024% (+-)
New Listings 3 1 -66.7%
Closed Sales 2 0 -100%
Days on Market Until Sale 17 0 -100%
Median Sales Price* 524,500 0 -100%
Percent of List Price Received* 101.1 0.0 -100%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

The adult community segment of Essex County's housing market has experienced a significant downturn in January 2024, presenting a stark contrast to the broader market trends observed in single-family homes and townhouse-condo spaces. New listings plummeted by an astonishing 66.7%, dropping from 3 to just 1 compared to the same period last year. More notably, closed sales came to a complete halt with a 100% decline, indicating a pause in transactions within this niche market.

The days on market until sale also dropped to zero, a misleading statistic that reflects the absence of closed sales rather than an acceleration in market activity. Consequently, the median sales price and percent of list price received could not be calculated due to the lack of sales, marking a 100% decrease in these metrics and underscoring the standstill in market dynamics for adult communities.

Inventory levels remained unchanged from the previous year, with 6 homes still available for sale. However, the months supply of inventory has increased by 47.6%, from 2.1 to 3.1 months, suggesting that without sales, the existing inventory is taking longer to be absorbed into the market.

For investors and sellers within the adult community market, this slowdown signals a need for patience and possibly reassessment of marketing strategies. Buyers interested in this segment may find opportunities to negotiate more favorable terms given the current market conditions. This trend underscores the variability in real estate dynamics across different market segments, highlighting the importance of tailored strategies for sellers and buyers alike in navigating their specific real estate journeys.

Key Takeaways:

Single-Family Homes:

  • Seller's Market Continues: With a 5.8% increase in new listings and homes selling faster at higher prices, sellers are in a prime position.
  • Prices on the Rise: The median sales price surged by 12.5%, indicating strong demand and a robust market.
  • Inventory Squeeze: A significant drop in inventory (-33.3%) suggests that buyers need to act fast to secure their preferred properties.

Townhouse-Condos:

  • More Options Available: A 14.8% rise in new listings provides more choices for buyers.
  • Quick Sales: A dramatic decrease in days on market (-37.3%) shows high buyer interest and a fast-moving segment.
  • Price Appreciation: With a 14.7% increase in median sales price, investment in this segment appears promising.

Adult Communities:

  • Market Slowdown: A notable decline in new listings (-66.7%) and a complete halt in sales point to a significant slowdown.
  • Inventory Stagnation: Despite unchanged inventory levels, the increased months supply of inventory (+47.6%) indicates a slower absorption rate.
  • Opportunity for Negotiation: Buyers might find negotiation leverage in a segment that’s currently experiencing less activity.

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Essex County's Real Estate Pulse - December 2023 Update

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Essex County Single Family Stats for December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 193 172 -10.9%
Closed Sales 307 297 -3.3%
Days on Market Until Sale 42 38 -9.5%
Median Sales Price* 530,000 600,000 13.2%
Percent of List Price Received* 103.0 107.2 4.1%
Inventory of Homes for Sale 767 470 -38.7%
Months Supply of Inventory 2.1 1.6 -23.8%
YTD
Dec 2022Dec 2023% (+-)
New Listings 5,868 4,455 -24.1%
Closed Sales 4,527 3,494 -22.8%
Days on Market Until Sale 33 36 9.1%
Median Sales Price* 585,000 625,000 6.8%
Percent of List Price Received* 107.8 107.2 -0.6%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

Are you ready to navigate the ever-changing tides of Essex County's real estate market? December 2023 has unfolded a fascinating story, filled with twists and turns for buyers and sellers alike. From the snug townhouses and condos to the niche adult community market, each segment tells a unique tale. Whether it's the swift sales, rising prices, or the tightening grip on inventory, there's something for everyone to be interested in in this dynamic landscape. Buckle up as we dive into the intriguing details of Essex County's real estate saga, where every statistic tells a story!

Essex County's real estate single famliy market in December 2023 is a whirlwind of activity! Here's the scoop: New listings and closed sales have dipped by 24.1% and 22.8% year-to-date, signaling a tighter market with fewer homes up for grabs. Yet, properties are selling faster, with days on the market down from 42 to 38 days. This quick pace shows buyers are keen and ready to seal deals swiftly.

Now, let's talk about rising prices - a significant trend! The median sales price has jumped to $600,000, a 13.2% increase from last year, making it an opportune moment for sellers. Homes are fetching over their asking price, a clear sign of a seller's market.

But here's a twist: the inventory of homes has plunged by 38.7%, intensifying competition among buyers. So, Essex County dwellers, for sellers, it's time to shine, and for buyers, it’s time to be bold and strategic in this dynamic market!

Condos & Townhomes in Essex County

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Essex County Townhouses & Condo Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 50 40 -20%
Closed Sales 64 58 -9.4%
Days on Market Until Sale 55 37 -32.7%
Median Sales Price* 310,000 320,000 3.2%
Percent of List Price Received* 100.7 104.9 4.2%
Inventory of Homes for Sale 151 113 -25.2%
Months Supply of Inventory 1.7 1.5 -11.8%
YTD
Dec 2022Dec 2023% (+-)
New Listings 1,278 1,065 -16.7%
Closed Sales 1,153 884 -23.3%
Days on Market Until Sale 40 34 -15%
Median Sales Price* 320,000 359,900 12.5%
Percent of List Price Received* 102.7 104.0 1.3%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

The latest data from Essex County's townhouse-condo market for December 2023 unveils some intriguing shifts. For those eyeing this segment, here’s a quick, engaging rundown:

There’s a noticeable tightening in the market. New listings have decreased by 20% in December and 16.7% year-to-date, while closed sales have dropped by 23.3% over the year. This trend points towards fewer choices for buyers, but it’s not all grim news.

The pace of sales is speeding up! The days on the market have dramatically reduced by 32.7% in December alone, showing that even with fewer options, condos and townhouses are being snapped up faster than before. Pricing dynamics are especially interesting. The median sales price has gently increased by 3.2% to $320,000 in December, while the year-to-date rise is a notable 12.5%. This gradual price growth indicates steady market appreciation, a positive sign for both buyers and sellers. Sellers, take note: properties are consistently selling above the asking price, with an increase of 4.2% over last year. It’s a clear seller’s advantage in this climate.

Lastly, the inventory squeeze is real. A 25.2% decline in homes for sale and an 11.8% drop in the months' supply of inventory underscore the increasing demand. In essence, Essex County’s townhouse-condo market is vibrant but challenging, with faster sales and rising prices amidst limited inventory. Buyers should be prepared to act swiftly and decisively, while sellers can expect favorable conditions and strong offers. The key? Stay informed and agile in this dynamic market!

Adult Community Homes in Essex County

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Essex County Adult Community Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 2 1 -50%
Closed Sales 0 0 0%
Days on Market Until Sale 0 0 0%
Median Sales Price* 0 0 0%
Percent of List Price Received* 0.0 0.0 0%
Inventory of Homes for Sale 8 6 -25%
Months Supply of Inventory 3.0 2.8 -6.7%
YTD
Dec 2022Dec 2023% (+-)
New Listings 36 25 -30.6%
Closed Sales 28 26 -7.1%
Days on Market Until Sale 61 22 -63.9%
Median Sales Price* 572,250 622,500 8.8%
Percent of List Price Received* 100.8 99.9 -0.9%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

December 2023 brought some interesting developments in Essex County's adult community real estate market. Here's a concise and engaging summary:

  • Firstly, the market seems to be tightening, with new listings down a significant 50% in December and 30.6% year-to-date. This means options for buyers in this niche market are becoming scarcer.
  • Interestingly, there were no closed sales in December, consistent with the previous year. However, looking at the broader picture year-to-date, the number of closed sales slightly dipped by 7.1%. It suggests a stable but somewhat less active market.
  • A standout point is the dramatic decrease in days on the market, plunging by 63.9% year-to-date. This acceleration indicates that while there are fewer properties available, those that are listed are moving quickly.
  • Pricing is on the rise, with the median sales price up by 8.8% year-to-date. It's a clear sign of growing value in adult community homes.
  • The slight decline in inventory and months' supply of inventory, by 25.0% and 6.7% respectively, further emphasizes a market with limited supply but persistent demand.

In summary, Essex County's adult community real estate is experiencing a constricted but dynamic market. Potential buyers must be ready to act swiftly due to the limited availability and fast-moving properties. Sellers, on the other hand, can leverage the market scarcity to achieve favorable sales conditions.


Essex County Real Estate in Focus: October 2023 Market Dynamics Across Sectors

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Essex County Single Family Stats for October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 378 333 -11.9%
Closed Sales 285 239 -16.1%
Days on Market Until Sale 40 38 -5%
Median Sales Price* 525,000 599,000 14.1%
Percent of List Price Received* 104.0 105.9 1.8%
Inventory of Homes for Sale 1,000 632 -36.8%
Months Supply of Inventory 2.6 2.1 -19.2%
YTD
Oct 2022Oct 2023% (+-)
New Listings 5,361 4,006 -25.3%
Closed Sales 3,875 2,911 -24.9%
Days on Market Until Sale 32 36 12.5%
Median Sales Price* 595,000 627,000 5.4%
Percent of List Price Received* 108.6 107.1 -1.4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

Hello, Essex County Real Estate enthusiasts! Let's explore the latest real estate trends for October 2023, revealing some intriguing shifts in our local market. Firstly, there's been a noticeable dip in new listings, down 11.9% compared to last year, and a significant 25.3% year-to-date decrease. This suggests homeowners are holding onto their properties, possibly waiting for the right market conditions.

Interestingly, closed sales also dropped by 16.1% in October and 24.9% overall for the year. What does this mean for potential buyers and sellers? Well, it could indicate a more competitive market with fewer options available. The median sales price, however, paints a different picture. Climbing to $599,000 in October, a robust 14.1% increase from 2022, it reflects continued demand and possibly a shift towards higher-end properties. The year-to-date growth also supports this, showing a 5.4% increase.

Homes are moving slightly faster than last year, with days on market decreasing by 5%, but there's a year-to-date increase, suggesting some fluctuations in how quickly properties are selling. Finally, the decreasing inventory, down by 36.8%, combined with a reduced months supply of inventory, down 19.2%, indicates a tighter market. This could be an opportunity for sellers, as fewer choices might lead to better offers.

In summary, Essex County's real estate scene in October 2023 is a mix of dwindling listings and sales but rising prices, reflecting a potentially lucrative market for sellers while posing challenges for buyers navigating fewer choices and higher prices.

Condos & Townhomes in Essex County

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Essex County Townhouses & Condo Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 92 88 -4.3%
Closed Sales 97 96 -1%
Days on Market Until Sale 40 30 -25%
Median Sales Price* 354,000 401,250 13.3%
Percent of List Price Received* 101.9 103.5 1.6%
Inventory of Homes for Sale 198 137 -30.8%
Months Supply of Inventory 2.0 1.8 -10%
YTD
Oct 2022Oct 2023% (+-)
New Listings 1,181 941 -20.3%
Closed Sales 1,019 762 -25.2%
Days on Market Until Sale 39 34 -12.8%
Median Sales Price* 318,000 359,900 13.2%
Percent of List Price Received* 103.0 103.7 0.7%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

Continuing our journey through Essex County's real estate landscape, let’s delve into the townhouse-condo sector for October 2023. Building on our earlier insights, the market here tells its unique story. New listings have seen a modest reduction of 4.3%, with a more significant 20.3% drop year-to-date. This mirrors the broader trend of fewer properties entering the market. However, sales are resilient, showing just a 1% decline from last year, indicating sustained buyer interest despite the reduced inventory.

The pace of the market is quickening, evidenced by a 25% reduction in days on market until sale. Properties are being snapped up faster, a sign of strong demand and possibly competitive bidding. Financially, it's a seller's market. The median sales price has risen by 13.3% to $401,250, reflecting both the high quality of available properties and a competitive market environment. This is corroborated by the fact that sellers are receiving a higher percentage of their asking price, now at 103.5%.

Inventory constraints continue, with a 30.8% decrease in available homes. This scarcity is further highlighted by a 10% reduction in the months supply of inventory, making the market more competitive for buyers. In summary, the townhouse-condo market in Essex County is robust, with fast-moving sales, rising prices, and a favorable environment for sellers, but presenting challenges for buyers due to limited options.

Adult Community Homes in Essex County

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Essex County Adult Community Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 3 1 -66.7%
Closed Sales 3 0 -100%
Days on Market Until Sale 50 0 -100%
Median Sales Price* 560,000 0 -100%
Percent of List Price Received* 98.4 0.0 -100%
Inventory of Homes for Sale 7 5 -28.6%
Months Supply of Inventory 2.1 2.4 14.3%
YTD
Oct 2022Oct 2023% (+-)
New Listings 33 23 -30.3%
Closed Sales 25 23 -8%
Days on Market Until Sale 67 21 -68.7%
Median Sales Price* 560,000 620,000 10.7%
Percent of List Price Received* 100.6 99.8 -0.8%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

As we continue our real estate journey through Essex County, let's shift focus to the adult community sector for October 2023. This niche market presents some stark contrasts compared to the broader trends we've observed. A significant change is evident in new listings, which have plummeted by 66.7% compared to last year, and a year-to-date decrease of 30.3%. This drastic reduction suggests a market that's becoming increasingly scarce in terms of new options for potential buyers.

The most striking data is the total absence of closed sales in October 2023, a stark contrast to the 3 sales in October 2022. The year-to-date figures also show a slight decrease. This could reflect a very specific market shift or possibly a temporary anomaly in this particular sector.

Days on market until sale shows an extraordinary shift, dropping to zero. This might indicate a temporary halt in transactions or reporting anomalies in October 2023. Interestingly, the year-to-date median sales price has increased by 10.7% to $620,000, despite the current inactivity. This suggests that earlier in the year, the market was more vibrant, with properties fetching higher prices.

The percentage of list price received has also dropped to 0% in October, aligning with the absence of sales. The year-to-date figure shows a slight decrease, suggesting that earlier in the year, sellers were getting almost their asking price. Inventory has decreased by 28.6%, and the months supply of inventory has slightly increased. This indicates a smaller pool of available properties, yet a slight easing in the market pace compared to last year.

In summary, October 2023 presents a unique scenario in Essex County's adult community real estate market. The absence of sales and new listings in October indicates a market pause, but the increase in year-to-date median sales price suggests a previously active market. It's a sector currently marked by scarcity and inactivity, awaiting potential future developments.


A Comprehensive Dive into Essex County's Housing Market - September 2023 Update

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Essex County Single Family Stats for September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 480 392 -18.3%
Closed Sales 390 286 -26.7%
Days on Market Until Sale 32 33 3.1%
Median Sales Price* 600,000 622,500 3.8%
Percent of List Price Received* 105.8 106.6 0.8%
Inventory of Homes for Sale 1,087 677 -37.7%
Months Supply of Inventory 2.8 2.3 -17.9%
YTD
Sep 2022Sep 2023% (+-)
New Listings 4,983 3,668 -26.4%
Closed Sales 3,590 2,668 -25.7%
Days on Market Until Sale 32 36 12.5%
Median Sales Price* 600,000 630,000 5%
Percent of List Price Received* 108.9 107.2 -1.6%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

Essex County's housing market has exhibited notable shifts as we delve into the September 2023 Local Market Update. A striking 18.3% reduction in new single-family listings compared to September 2022 reveals a substantial market contraction, falling from 480 to 392. This trend intensifies in the Year-to-Date comparison, decreasing by 26.4%, indicating a consistent withdrawal of sellers from the market. Closed sales have mirrored this decline, dropping by 26.7% within the month and 25.7% in the annual overview. Despite this, the market's pace, measured by days on market until sale, has remained relatively stable, increasing marginally by 3.1%. However, a 12.5% spike in the Year-to-Date metrics suggests a slight slowing down in transaction speed over the year.

Interestingly, the shrinking inventory hasn't deterred price growth. The median sales price for single-family homes has risen by 3.8% in September 2023, reaching $622,500, while the annual figure boasts a 5% increase, hinting at a resilient demand. Sellers are fetching a slightly higher percentage of their list price, seeing a 0.8% monthly and a subtle decrease of 1.6% annually.

A dramatic 37.7% decrease in the inventory of homes for sale underscores the market's tightening, aligning with a 17.9% decrease in the months' supply of inventory, shifting from 2.8 to 2.3 months. This data paints a picture of a market grappling with limited supply, maintaining buyer interest and price growth, but revealing underlying challenges with reduced activity and a slight deceleration in transaction velocity.

Condos & Townhomes in Essex County

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Essex County Townhouses & Condo Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 86 86 0%
Closed Sales 118 92 -22%
Days on Market Until Sale 37 29 -21.6%
Median Sales Price* 344,450 431,250 25.2%
Percent of List Price Received* 102.2 104.8 2.5%
Inventory of Homes for Sale 196 127 -35.2%
Months Supply of Inventory 2.0 1.7 -15%
YTD
Sep 2022Sep 2023% (+-)
New Listings 1,089 847 -22.2%
Closed Sales 922 667 -27.7%
Days on Market Until Sale 38 35 -7.9%
Median Sales Price* 315,000 350,000 11.1%
Percent of List Price Received* 103.1 103.8 0.7%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

The townhouse-condo segment of Essex County's housing market has shown a mixed bag of trends in September 2023, as illustrated in the Local Market Update. In a surprising turn of events, the number of new listings remained stagnant compared to September 2022, with both periods seeing 86 new listings. However, the Year-to-Date analysis paints a different picture, showing a 22.2% dip in new listings, from 1,089 to 847, highlighting a substantial decrease in available properties over the year.

Closed sales have followed suit with a sharp 22.0% decline within the month and an even more pronounced 27.7% drop annually, showcasing the challenges buyers are facing in securing properties. Nevertheless, properties that make it to the market are selling faster, as evidenced by a 21.6% reduction in days on market until sale for September and a 7.9% decrease in the Year-to-Date figures.

From a pricing perspective, the townhouse-condo market has exhibited remarkable strength. The median sales price has skyrocketed by 25.2% in September 2023, reaching an impressive $431,250. The annual data also reflects a robust 11.1% increase, indicating a sustained buyer demand and willingness to pay a premium for available properties. Sellers are gaining a larger share of their asking price, with a 2.5% monthly and a 0.7% annual increase in the percent of list price received.

Despite these pricing gains, the market is tightening considerably. Inventory of homes for sale has falled by 35.2%, and there's a noticeable 15.0% decrease in the months' supply of inventory, moving from 2.0 to 1.7 months. This data underscores a market grappling with scarcity while maintaining a competitive edge with rising prices and quicker sales, highlighting the resilience and dynamism of the townhouse-condo sector in Essex County.

Adult Community Homes in Essex County

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Essex County Adult Community Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 3 2 -33.3%
Closed Sales 1 2 100%
Days on Market Until Sale 69 32 -53.6%
Median Sales Price* 655,000 812,500 24%
Percent of List Price Received* 97.0 96.7 -0.3%
Inventory of Homes for Sale 6 5 -16.7%
Months Supply of Inventory 1.7 2.4 41.2%
YTD
Sep 2022Sep 2023% (+-)
New Listings 30 22 -26.7%
Closed Sales 22 23 4.5%
Days on Market Until Sale 69 21 -69.6%
Median Sales Price* 565,500 620,000 9.6%
Percent of List Price Received* 100.9 99.8 -1.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

The Adult Community segment of Essex County's real estate market has showcased some intriguing patterns in September 2023, as revealed in the Local Market Update. The number of new listings witnessed a substantial drop of 33.3%, from three to two. This contraction is echoed in the Year-to-Date statistics, showcasing a 26.7% decrease in new listings, indicating a constricted availability of properties in this niche market segment.

In stark contrast, closed sales have shown a remarkable improvement, doubling from 1 in September 2022 to 2 in September 2023, marking a 100% increase. The Year-to-Date comparison also displays a positive trend, with a 4.5% increase in closed sales. This signals a growing interest and successful transactions within the adult community living spaces. The days on market until sale has seen a dramatic reduction of 53.6% in September and an even more impressive 69.6% in the Year-to-Date analysis. This highlights a quicker turnaround in property transactions, suggesting that fewer listings are available, and those that do hit the market are being snapped up more rapidly.

Pricing in this segment has shown strength and resilience. The median sales price soared by 24.0% in September 2023, reaching $812,500. The Year-to-Date figures also show a healthy 9.6% increase, reflecting a sustained buyer willingness to invest in adult community properties. However, the percent of list price received has seen a slight dip of 0.3% in September and a 1.1% decrease Year-to-Date, suggesting a slight adjustment in pricing expectations between buyers and sellers.

The inventory of homes for sale has decreased by 16.7%, though the months' supply of inventory has increased by 41.2%, moving from 1.7 to 2.4 months. This indicates a subtle shift, with properties staying on the market slightly longer, providing a bit more breathing room in what appears to be a rapidly moving and competitive market segment.

What Does This Mean for Buyers in Essex County?

In summary, Essex County's Adult Community housing market is moving at a brisk pace, with quicker sales and rising prices. However, the availability of properties remains challenging, painting a picture of a market in high demand but with limited supply.


Essex County Real Estate Market: August 2023

Greetings, Essex County residents! The real estate market data for August 2023 is in, and there are some trends worth noting.

The Robert Dekanski Team Logo

Essex County Single Family Stats for August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 456 356 -21.9%
Closed Sales 527 374 -29.%
Days on Market Until Sale 31 26 -16.1%
Median Sales Price* 625,000 760,500 21.7%
Percent of List Price Received* 106.6 109.8 3%
Inventory of Homes for Sale 1,093 668 -38.9%
Months Supply of Inventory 2.8 2.2 -21.4%
YTD
Aug 2022Aug 2023% (+-)
New Listings 4,503 3,266 -27.5%
Closed Sales 3,200 2,380 -25.6%
Days on Market Until Sale 32 36 12.5%
Median Sales Price* 600,000 630,000 5%
Percent of List Price Received* 109.3 107.3 -1.8%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/2/2023

First, homeowners seem more hesitant to list their properties. Compared to August 2022, new listings have dropped by a significant 21.9%, and year-to-date figures show an even steeper decline at 27.5%. It's clear that available choices for potential homebuyers are narrowing, evidenced by a 38.9% drop in the inventory of homes for sale.

However, this scarcity is likely sweetening the deal for sellers. The median sales price shot up by a remarkable 21.7% from last August, now standing at $760,500. And homes are selling slightly faster than last year, spending just 26 days on the market, down from 31 days. But there's more. Sellers are also fetching prices closer to, if not exceeding, their asking amounts. The percentage of list price received climbed to 109.8% this August. Despite these promising figures, year-to-date data suggests a mild cooling trend, with a slight dip of 1.8% in the percent of list price received compared to 2022.

It's a prime moment for homeowners contemplating a sale: the market is ripe with keen buyers, prices are flourishing, and homes are selling briskly. Buyers, however, might need a touch more patience, as options are limited.

The Robert Dekanski Team Logo

Essex County Townhouses & Condo Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 108 113 4.6%
Closed Sales 126 81 -35.7%
Days on Market Until Sale 31 31 0%
Median Sales Price* 315,000 380,000 20.6%
Percent of List Price Received* 104.1 105.6 1.4%
Inventory of Homes for Sale 224 143 -36.2%
Months Supply of Inventory 2.2 1.9 -13.6%
YTD
Aug 2022Aug 2023% (+-)
New Listings 1,003 762 -24%
Closed Sales 804 574 -28.6%
Days on Market Until Sale 39 36 -7.7%
Median Sales Price* 311,750 340,000 9.1%
Percent of List Price Received* 103.2 103.6 0.4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/2/2023

Attention, townhouse and condo enthusiasts of Essex County! August's data reveals some intriguing shifts in the market that could affect your property decisions. For starters, while the overall real estate market is experiencing a squeeze in listings, townhouses and condos are swimming against the tide. New listings have modestly surged by 4.6% in comparison to August 2022. However, it's essential to keep a broad perspective. The year-to-date data still displays a considerable drop of 24.0% in new listings, aligning with the general market sentiment.

Interestingly, while more condos and townhouses were up for grabs, closed sales dwindled by a substantial 35.7% this August. This disparity between supply and demand didn’t hinder the sellers' profits, though. The median sales price made an impressive leap of 20.6% year-over-year, settling at $380,000. Yearly data paints a consistent story, with a median sales price elevation of 9.1%. Homes remained on the market for 31 days, unchanged from last year. But the broader picture hints at a quicker pace, with year-to-date figures showing a reduction of nearly 8% in days on market.

The inventory of homes available for sale saw a sharp contraction, decreasing by 36.2%. This scarcity is further emphasized by a reduction in the months supply of inventory, down 13.6% from last year. In a nutshell, if you're a seller, it appears the townhouse-condo market is leaning in your favor with rising prices and eager buyers. Prospective buyers, on the other hand, should brace themselves for competitive bids, given the squeezed inventory.

The Robert Dekanski Team Logo

Essex County Adult Community Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 1 2 100%
Closed Sales 3 4 33.3%
Days on Market Until Sale 70 11 -84.3%
Median Sales Price* 709,000 636,250 -10.3%
Percent of List Price Received* 98.8 102.2 3.4%
Inventory of Homes for Sale 7 4 -42.9%
Months Supply of Inventory 2.1 1.7 -19%
YTD
Aug 2022Aug 2023% (+-)
New Listings 27 20 -25.9%
Closed Sales 21 21 0%
Days on Market Until Sale 69 20 -71%
Median Sales Price* 549,000 615,000 12%
Percent of List Price Received* 101.1 100.1 -1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/2/2023

For adult community homes in Essex County, August 2023 witnessed an unprecedented 100% increase in new listings from last year - a jump from just one to two properties. Although this might seem small in absolute numbers, percentage-wise, it’s noteworthy. Yet, zooming out to the year-to-date perspective, new listings have seen a 25.9% decline, indicating that 2023 is generally quieter on the listing front compared to 2022.

Closed sales in August rose by 33.3%, with a total of four sales, showing a growing interest among buyers. This aligns perfectly with another staggering statistic: homes in the adult community are being scooped up faster than ever. The average days on the market fell by a whopping 84.3%, with homes now spending a mere 11 days up for grabs. The year-to-date reduction of 71% in days on the market reinforces this swift sales trend.

Despite the fast-moving market, the median sales price for August took a dip of 10.3%, settling at $636,250. However, a bird's eye view shows a rise of 12.0% in the median sales price over the year, suggesting the dip might be a momentary adjustment. Sellers in the adult community should rejoice, as they're fetching closer to their asking price, with a 3.4% increase from last August, now at a healthy 102.2%. Inventory has shrunk by 42.9%, with only four homes available for sale this August, leading to a tighter market with 19% less supply in comparison to the same time last year.

Summing it up, for potential sellers in the adult community, now might be an opportune moment given the speed at which homes are being purchased. Buyers, a word of advice: act swiftly, as homes are not staying on the market for long. Until next time, keep living your best life in Essex County!


Essex County Real Estate Market: July 2023

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 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

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

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.

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