Somerset County Real Estate Market Update - New for May 2024

Somerset County July Real Estate Market UpdateWelcome to our deep dive into Somerset County's real estate market, where we decode the numbers and reveal the trends shaping the property landscape this past month. Whether you're a homeowner, buyer, or investor, understanding the market dynamics is key to making informed decisions.

In this blog, we will guide you through the intriguing patterns in single-family homes, townhouse-condos, and the unique Adult Community sector, highlighting the shifts, opportunities, and what they mean for you. With a keen eye on the data and a knack for translating stats into stories, let's unravel the layers of Somerset County's real estate market and discover what truly lies beneath the surface in these intriguing times so you can prepare to move to Somerset County!

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

Trends in Somerset County's Real Estate - Market Update 2024

As we delve into the April 2024 real estate data for Somerset County, a fascinating picture emerges, marked by rising demand and a discerning buyer demographic. This vibrant market segment is seeing significant activity, with notable shifts in sales, pricing, and market availability that are shaping the landscape for both buyers and sellers. In this analysis, we'll uncover the key trends and what they signify for stakeholders in this niche market, helping you make informed decisions whether you’re looking to buy or sell in this thriving community.

Somerset County Single-Family Homes

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Somerset County Single Family Stats for April 2024

April
Apr 2023Apr 2024% (+-)
New Listings 256 296 15.6%
Closed Sales 152 162 6.6%
Days on Market Until Sale 29 38 31%
Median Sales Price* 627,250 780,000 24.4%
Percent of List Price Received* 102.9 104.0 1.1%
Inventory of Homes for Sale 401 360 -10.2%
Months Supply of Inventory 1.9 2.1 10.5%
YTD
Apr 2023Apr 2024% (+-)
New Listings 834 844 1.2%
Closed Sales 550 480 -12.7%
Days on Market Until Sale 42 36 -14.3%
Median Sales Price* 575,750 675,000 17.2%
Percent of List Price Received* 100.8 103.2 2.4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 5/29/2024

April 2024’s real estate update for Somerset County shows a vibrant market with significant trends that savvy buyers and sellers should note. Notably, the median sales price of single-family homes surged by 24.4% compared to last year, reaching $780,000. This substantial increase reflects a robust demand in the area, further underscored by a 1.1% rise in the percent of list price received, now at 104%. Interestingly, while new listings grew by 15.6%, the overall inventory of homes for sale dipped by 10.2%, tightening the market further.

For potential sellers, the current conditions are ideal. The increased list price reception and rising median sales prices suggest that homes are not only selling at their asking price but often above. On the flip side, buyers should approach with a strategy. Despite higher prices and competition, the slight increase in days on the market—from 29 to 38 days—offers a small but crucial window to make thoughtful decisions. Acting decisively will be key in navigating this dynamic market.

Somerset County Townhomes & Condos

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Somerset County Townhouses & Condo Sales in April 2024

April
Apr 2023Apr 2024% (+-)
New Listings 100 112 12%
Closed Sales 54 80 48.1%
Days on Market Until Sale 19 21 10.5%
Median Sales Price* 427,500 440,000 2.9%
Percent of List Price Received* 103.7 107.3 3.5%
Inventory of Homes for Sale 116 99 -14.7%
Months Supply of Inventory 1.2 1.2 0%
YTD
Apr 2023Apr 2024% (+-)
New Listings 333 357 7.2%
Closed Sales 229 257 12.2%
Days on Market Until Sale 29 31 6.9%
Median Sales Price* 390,000 433,000 11%
Percent of List Price Received* 102.6 104.9 2.2%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 5/29/2024

The April 2024 real estate update for townhouse-condo markets in Somerset County highlights a burgeoning sector with notable growth, particularly appealing to both first-time buyers and investors. The closed sales have impressively increased by 48.1% compared to last year, indicating a robust demand. Even more compelling is the growth in the percent of list price received, which now stands at 107.3%, up by 3.5%. This suggests that buyers are willing to pay above the asking price to secure desirable properties.

Despite a slight increase in days on the market, from 19 to 21 days, the market remains fast-paced, reflecting only a minor relaxation in buyer urgency. The median sales price saw a moderate rise of 2.9%, now at $440,000, which, combined with the substantial year-to-date increase of 11.0%, signals a steady appreciation in property values.

For potential buyers, the market demands swift and decisive action to capitalize on available opportunities, especially given the 14.7% decrease in inventory, which keeps the competition high. Sellers, meanwhile, can leverage this high-demand, low-supply scenario to maximize returns, particularly if they are positioned in sought-after locations or offer well-maintained properties.

Somerset County 55+ Communities

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Somerset County Adult Community Sales in April 2024

April
Apr 2023Apr 2024% (+-)
New Listings 19 15 -21.1%
Closed Sales 10 14 40%
Days on Market Until Sale 25 20 -20%
Median Sales Price* 485,000 554,950 14.4%
Percent of List Price Received* 101.6 102.1 0.5%
Inventory of Homes for Sale 46 38 -17.4%
Months Supply of Inventory 3.4 2.5 -26.5%
YTD
Apr 2023Apr 2024% (+-)
New Listings 65 73 12.3%
Closed Sales 46 51 10.9%
Days on Market Until Sale 42 34 -19%
Median Sales Price* 482,000 535,000 11%
Percent of List Price Received* 99.5 101.4 1.9%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 5/29/2024

The latest data for April 2024 reveals some intriguing trends in Somerset County's adult community real estate market, indicating a flourishing interest among mature buyers. Despite a significant drop in new listings by 21.1% compared to last April, the closed sales have impressively increased by 40.0%, signaling a high demand for these specialized properties. Additionally, properties are moving faster, with the days on market until sale decreasing by 20.0%, from 25 to 20 days.

The median sales price has also seen a notable increase of 14.4%, climbing to $554,950. This increase is in line with a growing appreciation for quality in adult community living spaces, as more buyers are willing to pay a premium for the right amenities and community environment. The slight rise in the percent of list price received, now at 102.1%, further underscores a market where buyers recognize value and are prepared to meet seller expectations.

For potential sellers in the adult community market, the current trends suggest that now is an opportune time to list, given the combination of high demand, faster sales, and appreciating property values. Buyers, on the other hand, should be prepared to act swiftly and decisively in this competitive market, especially with a decreasing inventory and reduced months' supply of inventory, down by 26.5% to just 2.5 months.

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Somerset County Housing Market Update - March 2024

Are you keeping pace with the ever-evolving real estate landscape in Somerset County? Whether you’re looking to buy your first home, invest in a townhouse, or settle into a vibrant adult community, understanding the latest market trends is crucial. In our March 2024 update, we dive deep into the shifts and turns of Somerset’s real estate scene, offering detailed insights across various segments. Join us as we explore the dynamics that could influence your next big decision in the world of real estate. Ready to discover what opportunities March has brought to your doorstep?

Somerset County Single-Family Home Market

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Somerset County Single Family Stats for March 2024

March
Mar 2023Mar 2024% (+-)
New Listings 256 212 -17.2%
Closed Sales 165 96 -41.8%
Days on Market Until Sale 48 29 -39.6%
Median Sales Price* 565,000 653,250 15.6%
Percent of List Price Received* 100.9 104.5 3.6%
Inventory of Homes for Sale 377 287 -23.9%
Months Supply of Inventory 1.7 1.7 0%
YTD
Mar 2023Mar 2024% (+-)
New Listings 578 544 -5.9%
Closed Sales 398 317 -20.4%
Days on Market Until Sale 46 36 -21.7%
Median Sales Price* 550,250 642,500 16.8%
Percent of List Price Received* 100.0 102.9 2.9%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 4/25/2024

We've seen some intriguing trends this past month that potential homebuyers and sellers should take note of. Firstly, while new listings decreased by 17.2% compared to March 2023, and closed sales saw a significant dip of 41.8%, the median sales price rose impressively by 15.6% to $653,250. This suggests that despite fewer homes entering the market, those that do are fetching higher prices.

Interestingly, homes are selling faster, with days on market dropping by nearly 40% to just 29 days. This speed, combined with homes selling at 104.5% of their list price—a 3.6% increase from last year—indicates a highly competitive market. Buyers should be ready to act swiftly and possibly above the asking price. For sellers, the current shortage in inventory, highlighted by a 23.9% drop in homes for sale, means it's a prime time to list your home as you'll likely attract multiple offers and a favorable sale price.

Somerset County Condo & Townhome Market

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Somerset County Townhouses & Condo Sales in March 2024

March
Mar 2023Mar 2024% (+-)
New Listings 95 104 9.5%
Closed Sales 73 61 -16.4%
Days on Market Until Sale 28 38 35.7%
Median Sales Price* 395,000 450,000 13.9%
Percent of List Price Received* 103.4 104.2 0.8%
Inventory of Homes for Sale 100 100 0%
Months Supply of Inventory 1.0 1.3 30%
YTD
Mar 2023Mar 2024% (+-)
New Listings 233 245 5.2%
Closed Sales 175 178 1.7%
Days on Market Until Sale 32 35 9.4%
Median Sales Price* 386,000 430,000 11.4%
Percent of List Price Received* 102.3 103.8 1.5%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 4/25/2024

Turning our focus to the townhouse-condo market in Somerset County, we observe a slightly different yet equally compelling trend. There's been a notable increase in new listings, up by 9.5% for March 2024 compared to last year, and a modest growth in year-to-date listings as well. This rise in available properties is a positive sign for those looking to invest in or move into a condo or townhouse.

Despite the uptick in listings, closed sales have dipped by 16.4% for the month, though year-to-date sales are slightly up by 1.7%. This could indicate a bit of hesitancy among buyers, possibly due to the increased median sales price, which has jumped by 13.9% to $450,000. This price rise reflects a robust demand for quality townhouses and condo units in the area.

Buyers should note that the days on market until sale have increased by over 35%, suggesting that while the market is competitive, there is a bit more breathing room to make decisions compared to the single-family home market. The unchanged inventory and increased months' supply of inventory hint at a stabilizing market, but with properties still receiving over 104% of the list price, the competition among buyers remains fierce. For those contemplating a purchase or sale in the townhouse-condo market, the current conditions suggest a market that favors well-prepared buyers and sellers who price their homes competitively. This is a unique opportunity to engage in a market that, while cooling slightly, still benefits from strong demand and favorable selling conditions.

Somerset County 55+ Community Market

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Somerset County Adult Community Sales in March 2024

March
Mar 2023Mar 2024% (+-)
New Listings 16 24 50%
Closed Sales 12 15 25%
Days on Market Until Sale 45 36 -20%
Median Sales Price* 509,500 559,900 9.9%
Percent of List Price Received* 99.9 101.7 1.8%
Inventory of Homes for Sale 44 40 -9.1%
Months Supply of Inventory 3.4 2.7 -20.6%
YTD
Mar 2023Mar 2024% (+-)
New Listings 46 57 23.9%
Closed Sales 36 37 2.8%
Days on Market Until Sale 47 40 -14.9%
Median Sales Price* 482,000 535,000 11%
Percent of List Price Received* 99.0 101.1 2.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 4/25/2024

Shifting our attention to the adult community sector in Somerset County, we see an encouraging trend that reflects an increasingly vibrant market. New listings have surged by an impressive 50% in March 2024 compared to the same period last year, with a 23.9% increase year-to-date. This influx of new properties indicates a growing interest in adult community living, likely driven by the appealing lifestyle and amenities these communities offer.

The number of closed sales has also risen by 25% for the month and shows a modest year-to-date increase. This positive movement in sales underscores a healthy demand, which is further substantiated by the decrease in days on market until sale, dropping 20% to just 36 days. This faster transaction pace is a clear indicator of a competitive market environment.

Moreover, the median sales price has seen a significant increase, up by nearly 10% to $559,900, reflecting the high value placed on homes within these communities. The homes are not only selling for more but also closer to their asking price, with the percent of list price received rising to 101.7%.

The reduction in inventory and months supply of inventory, decreasing by 9.1% and 20.6% respectively, signals a tightening market. Potential buyers should act decisively, as properties are both in demand and selling more quickly. For sellers, the market conditions are ideal to achieve favorable sale terms, reinforcing the strength and appeal of the adult community market in Somerset County.

Somerset County Housing Market Update - February 2024

Somerset County Single-Family Market

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Somerset County Single Family Stats for February 2024

February
Feb 2023Feb 2024% (+-)
New Listings 172 183 6.4%
Closed Sales 103 95 -7.8%
Days on Market Until Sale 45 41 -8.9%
Median Sales Price* 525,000 625,500 19.1%
Percent of List Price Received* 99.0 102.4 3.4%
Inventory of Homes for Sale 373 269 -27.9%
Months Supply of Inventory 1.7 1.6 -5.9%
YTD
Feb 2023Feb 2024% (+-)
New Listings 322 330 2.5%
Closed Sales 233 221 -5.2%
Days on Market Until Sale 45 39 -13.3%
Median Sales Price* 540,000 637,000 18%
Percent of List Price Received* 99.3 102.2 2.9%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 3/25/2024

In Somerset County's real estate market, February 2024's statistics reveal intriguing developments. There was a modest 6.4% increase in the number of new listings compared to February 2023, indicating a slight rise in seller confidence. This development is particularly noteworthy for market observers. The median sales price experienced a significant jump of 19.1%, reaching $625,500, a figure that highlights a strong upward trend in property values. This increase is particularly significant for those considering entering the real estate market at this time.

Despite a minor decline in the number of sales completed and a reduction in the overall inventory, indicating a competitive market environment, the average time properties spent on the market decreased to 41 days. This reduction suggests properties are moving quickly through the sales process, contributing to a dynamic and active market. Furthermore, the fact that properties are selling, on average, for 102.4% of their listed price reflects a market leaning in favor of sellers. However, with a strategic approach, buyers still have the opportunity to discover valuable investments.

The market's current dynamics emphasize the importance of timing and a deep understanding of market conditions for both potential buyers and sellers. For sellers, the rising property values represent an opportune moment to achieve substantial gains. For buyers, despite the competitive landscape, the market still offers viable opportunities, especially for those who navigate it wisely. Engaging with a seasoned real estate expert could significantly enhance one's ability to capitalize on these market trends within Somerset County's lively real estate environment.

Somerset County Condo & Townhome Market

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Somerset County Townhouses & Condo Sales in February 2024

February
Feb 2023Feb 2024% (+-)
New Listings 77 74 -3.9%
Closed Sales 52 69 32.7%
Days on Market Until Sale 36 35 -2.8%
Median Sales Price* 390,000 430,000 10.3%
Percent of List Price Received* 101.6 103.7 2.1%
Inventory of Homes for Sale 97 78 -19.6%
Months Supply of Inventory 0.9 1.0 11.1%
YTD
Feb 2023Feb 2024% (+-)
New Listings 138 142 2.9%
Closed Sales 102 117 14.7%
Days on Market Until Sale 35 34 -2.9%
Median Sales Price* 362,500 420,000 15.9%
Percent of List Price Received* 101.5 103.6 2.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 3/25/2024

Delving into the specifics of the townhouse and condo segment in Somerset County, this area of the market presents a unique set of conditions. There was a slight 3.9% decrease in new listings for February 2024 when compared with the year before. However, the sector saw a notable 32.7% increase in closed sales and a 10.3% rise in median sales prices to $430,000. These figures indicate a robust demand within this more accessible segment of the market, signaling a beacon of opportunity for first-time buyers and investors.

The decrease in the average time on the market to 35 days, along with homes selling for an average of 103.7% of their listing price, points to a highly competitive market. This environment demands strategic planning and quick action from both buyers and sellers. For those considering engaging with this heated market, the current trends underline the necessity for informed decision-making. The expertise of a real estate consultant becomes invaluable under these conditions, offering a significant advantage to those looking to navigate the complexities of Somerset County's townhouse and condo market.

Somerset County 55+ Community Market

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Somerset County Adult Community Sales in February 2024

February
Feb 2023Feb 2024% (+-)
New Listings 11 21 90.9%
Closed Sales 17 10 -41.2%
Days on Market Until Sale 55 55 0%
Median Sales Price* 437,000 480,000 9.8%
Percent of List Price Received* 99.1 100.3 1.2%
Inventory of Homes for Sale 36 34 -5.6%
Months Supply of Inventory 2.6 2.4 -7.7%
YTD
Feb 2023Feb 2024% (+-)
New Listings 30 33 10%
Closed Sales 24 22 -8.3%
Days on Market Until Sale 48 42 -12.5%
Median Sales Price* 453,500 475,000 4.7%
Percent of List Price Received* 98.5 100.8 2.3%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 3/25/2024

The narrative continues within Somerset County's 55+ community segment, showcasing a marked increase in interest paired with cautious optimism. New listings in this niche market soared by 90.9% in February 2024 compared to the same month in the previous year, reflecting a significant interest from sellers aiming to leverage the growing demand. However, this enthusiasm is balanced by a 41.2% drop in closed sales, suggesting a discrepancy between the properties offered and the specific demands of buyers.

The stability in the average time on the market, holding steady at 55 days, speaks to the enduring appeal of 55+ communities. These communities continue to attract attention, moving at a pace that reflects both the lifestyle they offer and the deliberate nature of transactions within this market segment. A respectable 9.8% increase in median sales prices to $480,000 further emphasizes the value these communities offer to those seeking a particular way of life.

Interestingly, properties in these communities are slightly exceeding their asking prices, with the percent of list price received rising by 1.2% to 100.3%. This trend suggests a market where buyers are prepared to pay a premium for the ideal home, highlighting the importance of accurate pricing and property presentation. With a slight dip in inventory and a marginal decrease in the months supply of inventory, the market dynamics hint at sustained interest but also suggest the need for better alignment between what buyers are seeking and the market's offerings.

For sellers within the 55+ communities, the data indicates a potentially favorable moment to list, considering the significant surge in new listings and buyers' willingness to meet asking prices. Conversely, buyers should navigate this market with a strategy that blends promptness with patience, acknowledging the unique aspects of purchasing within a 55+ community. Consulting with a knowledgeable real estate expert can offer invaluable insights, aiding in making informed decisions in this distinct segment of Somerset County's real estate market.

Somerset County Market Update - January 2024

In Somerset County, a fascinating story unfolds across the vibrant tapestry of its real estate market. From bustling family homes to serene adult communities, January 2024 has been a month of intriguing shifts and trends. But what do these changes mean for you? Whether you're a first-time buyer, a family looking for more room, or someone considering the tranquil lifestyle of an adult community, the latest data offers valuable insights.

Single-Family Homes in Somerset County, NJ

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Somerset County Single Family Stats for January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 150 148 -1.3%
Closed Sales 130 126 -3.1%
Days on Market Until Sale 45 37 -17.8%
Median Sales Price* 553,000 662,500 19.8%
Percent of List Price Received* 99.6 102.0 2.4%
Inventory of Homes for Sale 371 247 -33.4%
Months Supply of Inventory 1.6 1.4 -12.5%
YTD
Jan 2023Jan 2024% (+-)
New Listings 150 148 -1.3%
Closed Sales 130 126 -3.1%
Days on Market Until Sale 45 37 -17.8%
Median Sales Price* 553,000 662,500 19.8%
Percent of List Price Received* 99.6 102.0 2.4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

In the brisk winds of January 2024, Somerset County's housing market whispered tales of subtle shifts and notable trends. With new listings nearly holding steady at 148, down just a tad from last year's 150, the market's heartbeat maintained its rhythm. However, closed sales saw a slight dip of 3.1%, from 130 to 126, hinting at a more selective buyer's arena. The real chatter, though, buzzed around the days on market until sale, dramatically improving by 17.8%, from a 45-day linger to a brisk 37 days. This suggests that homes, once listed, hurried off the market at a noticeably faster pace.

The plot thickens with the median sales price soaring to $662,500, marking a robust 19.8% climb from the previous year's $553,000. This leap, paired with homes fetching 102.0% of their list price, up from 99.6%, paints a clear picture: sellers are in a sweet spot. Yet, the inventory of homes for sale took a steep dive by 33.4%, tightening the grip on available homes.

For those pondering a market dive, this narrative spells opportunity. Sellers, the stage is yours, with prices peaking and buyers willing to pay a premium. Buyers, while the selection may be slimmer, the accelerated sales pace means staying alert and decisive is key. The market's melody is swift and sweet for sellers, but for buyers, it's a call to swift action in a landscape where hesitation can mean missing out.

Condos & Townhomes in Somerset County, NJ

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Somerset County Townhouses & Condo Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 61 68 11.5%
Closed Sales 50 48 -4%
Days on Market Until Sale 34 31 -8.8%
Median Sales Price* 317,500 399,893 26%
Percent of List Price Received* 101.4 103.5 2.1%
Inventory of Homes for Sale 105 78 -25.7%
Months Supply of Inventory 1.0 1.0 0%
YTD
Jan 2023Jan 2024% (+-)
New Listings 61 68 11.5%
Closed Sales 50 48 -4%
Days on Market Until Sale 34 31 -8.8%
Median Sales Price* 317,500 399,893 26%
Percent of List Price Received* 101.4 103.5 2.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

As we delve further into Somerset County's real estate dynamics, the townhouse-condo market unfolds its own story of vibrancy and demand. January 2024 saw a refreshing uptick in new listings, climbing by 11.5% to 68, compared to the previous year. This influx offers a beacon of hope for prospective buyers navigating the competitive landscape, hinting at a slight easing in the tight embrace of the market.

However, closed sales dipped slightly by 4.0%, suggesting that while more properties are entering the market, the path to closing deals remains intricate and selective. The days on market until sale contracted by 8.8%, indicating that, similar to their single-family counterparts, townhouses and condos are also being snapped up more quickly, a testament to their enduring appeal in a fast-moving market.

The median sales price for townhouses and condos experienced a significant leap of 26.0%, rocketing to $399,893. This surge surpasses the single-family home price increase, showcasing the intense desirability and competitive edge of these more accessible home options. Sellers are seeing returns exceed their listing prices, with homes fetching 103.5% of their ask—a clear signal of buyer willingness to stretch budgets for the right fit.

Despite a tightening inventory, which shrank by 25.7%, the months' supply of inventory remains unchanged, indicating a balanced pace between new listings and sales. This segment of the market beckons buyers with a promise of variety and possibility, urging swift action to capitalize on emerging opportunities. Sellers, meanwhile, can revel in the advantageous position of commanding higher prices and witnessing their properties being eagerly pursued, often above asking price. In Somerset County's townhouse-condo market, the time is ripe for both buyers and sellers to make their move, underscored by a landscape rich with potential and reward.

Active Adult Communities in Somerset County, NJ

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Somerset County Adult Community Sales in January 2024

January
Jan 2023Jan 2024% (+-)
New Listings 19 11 -42.1%
Closed Sales 7 12 71.4%
Days on Market Until Sale 32 32 0%
Median Sales Price* 469,999 467,500 -0.5%
Percent of List Price Received* 97.2 101.1 4%
Inventory of Homes for Sale 40 28 -30%
Months Supply of Inventory 2.8 2.0 -28.6%
YTD
Jan 2023Jan 2024% (+-)
New Listings 19 11 -42.1%
Closed Sales 7 12 71.4%
Days on Market Until Sale 32 32 0%
Median Sales Price* 469,999 467,500 -0.5%
Percent of List Price Received* 97.2 101.1 4%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 2/28/2024

In Somerset County's adult community sector, January 2024 revealed an intriguing narrative of shifting dynamics and emerging opportunities. The landscape is marked by a stark 42.1% plunge in new listings, dwindling from 19 to a mere 11. This significant inventory reduction introduces a scarcity that could stir urgency among potential buyers, underscoring the importance of readiness to act swiftly in a tightening market.

Contrasting the dip in listings, closed sales in the active adult community market surged impressively by 71.4%, from 7 to 12, defying the tightening noose of inventory constraints. This uptick in sales activity, despite fewer listings, signals a robust demand within this niche, potentially driven by buyers seeking the lifestyle and amenities that adult communities uniquely offer.

The stability in days on market, holding steady at 32, suggests that while the inventory is scarcer, the time it takes for properties to sell remains consistent. Buyers seem to be making decisions at a pace similar to the previous year, indicating a balanced sentiment in the urgency to secure purchases against the backdrop of limited availability.

Interestingly, the median sales price saw a slight decline of 0.5%, settling at $467,500. This minor adjustment in pricing, amidst a broader context of rising sales and dwindling listings, could reflect a nuanced interplay of specific property values, buyer preferences, or even seller motivations within the adult community market. However, properties are fetching a higher percentage of their list price, up by 4.0% to 101.1%, underscoring a market where buyers are willing to meet, if not exceed, sellers' expectations to secure their desired homes. The inventory of homes for sale contracted by 30.0%, paired with a significant 28.6% reduction in the months' supply of inventory, now at 2.0 months. This contraction indicates a shift towards a seller's market, where fewer homes are available to meet demand, potentially leading to competitive bidding scenarios.

For buyers eyeing the adult community lifestyle in Somerset County, the message is clear: agility and decisiveness are key. The current trends suggest the importance of being prepared to act promptly when the right opportunity presents itself. Sellers, on the other hand, find themselves in an advantageous position, likely to attract serious buyers ready to meet or exceed asking prices, making it an opportune time to list properties in this coveted segment.


Decoding Somerset County's Real Estate Trends - December 2023

Single-Family Home Sales in Somerset County

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Somerset County Single Family Stats for December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 96 83 -13.5%
Closed Sales 196 143 -27%
Days on Market Until Sale 42 33 -21.4%
Median Sales Price* 600,000 635,000 5.8%
Percent of List Price Received* 100.1 102.7 2.6%
Inventory of Homes for Sale 377 228 -39.5%
Months Supply of Inventory 1.6 1.3 -18.8%
YTD
Dec 2022Dec 2023% (+-)
New Listings 3,490 2,439 -30.1%
Closed Sales 2,883 2,047 -29%
Days on Market Until Sale 33 34 3%
Median Sales Price* 600,000 660,000 10%
Percent of List Price Received* 103.1 103.3 0.2%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

As we wrap up December 2023 in Somerset County, the real estate market has given us some fascinating insights. In a market that’s visibly tightening, we're seeing a substantial decrease in new listings and closed sales, down by 13.5% and 27% respectively, compared to last year. The year-to-date figures echo this trend, with a 30.1% drop in new listings and a 29% fall in sales. This suggests fewer properties are entering the market, and the pace of sales is slowing down.

However, homes are selling faster, indicated by a 21.4% decrease in the days on market for December. Despite the dip in listings and sales, the demand remains robust, leading to quicker sales. Meanwhile, the financial aspect paints a brighter picture for sellers. Median sales prices are rising, up by 5.8% in December and 10% over the year. Moreover, homes are selling at a premium, with the sale price often exceeding the list price.

The most striking aspect is the inventory crunch, a massive 39.5% drop in available homes, coupled with a reduced 1.3-month supply, signaling a strong seller's market.

Somerset County's single-home market is dynamic, favoring sellers with higher prices and quicker sales despite fewer homes on the market. The competition is fierce for buyers, but opportunities exist in a market where value appreciation is evident. Navigating this market requires agility and informed decision-making, whether you're selling, buying, or investing.

Condo & Townhome Sales in Somerset County

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Somerset County Townhouses & Condo Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 45 47 4.4%
Closed Sales 99 62 -37.4%
Days on Market Until Sale 26 29 11.5%
Median Sales Price* 389,000 435,000 11.8%
Percent of List Price Received* 101.1 105.4 4.3%
Inventory of Homes for Sale 104 79 -24%
Months Supply of Inventory 1.0 1.0 0%
YTD
Dec 2022Dec 2023% (+-)
New Listings 1,425 1,051 -26.2%
Closed Sales 1,329 942 -29.1%
Days on Market Until Sale 26 24 -7.7%
Median Sales Price* 362,000 416,056 14.9%
Percent of List Price Received* 104.2 104.4 0.2%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

In Somerset County's townhouse-condo market, December 2023 unveiled unique trends. A 4.4% uptick in new listings contrasted the yearly trend, which decreased 26.2% overall, suggesting a complex market. Closed sales, however, declined by 37.4% monthly and 29.1% yearly, indicating a cooling in transaction activities.

Interestingly, these properties spent longer on the market in December (a 11.5% increase), but overall, the yearly trend showed a 7.7% increase in sales pace. This could imply a seasonal adjustment or changing buyer preferences. Financially, townhouse and condo sellers had reasons to celebrate. Median sales prices soared 11.8% for December, and 14.9% yearly, and properties often sold above the asking price, highlighting a competitive market.

Despite a 24% decrease in inventory, the months supply remained constant, suggesting a balanced dynamic, unlike the tighter single-family home segment. For potential buyers and investors, this segment offers growth opportunities but requires quick, strategic decisions in a market with fewer options but increasing value.

Active Adult Community Sales in Somerset County

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Somerset County Adult Community Sales in December 2023

December
Dec 2022Dec 2023% (+-)
New Listings 14 7 -50%
Closed Sales 10 10 0%
Days on Market Until Sale 35 38 8.6%
Median Sales Price* 483,500 493,750 2.1%
Percent of List Price Received* 99.4 99.9 0.5%
Inventory of Homes for Sale 43 35 -18.6%
Months Supply of Inventory 3.2 2.4 -25%
YTD
Dec 2022Dec 2023% (+-)
New Listings 207 192 -7.2%
Closed Sales 168 170 1.2%
Days on Market Until Sale 33 31 -6.1%
Median Sales Price* 512,250 514,500 0.4%
Percent of List Price Received* 101.2 101.3 0.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 1/29/2024

In the adult community segment of Somerset County's real estate market, December 2023 and the year-to-date statistics reveal a distinctive pattern. New listings in December fell by 50%, yet over the year, the decrease was more moderate at 7.2%. This sharp monthly drop suggests a significant hesitation among sellers to list properties during the holiday season or could indicate a larger trend of holding onto properties in this segment.

Stability is the word for closed sales, with no change in December and a slight increase of 1.2% throughout the year. This steadiness in sales, despite the sharp drop in new listings for December, suggests a consistent demand for homes in adult communities. The days on market saw a slight increase in December, up by 8.6%, yet over the year, homes sold slightly faster, indicating an overall robust and swift-moving market in this sector.

Price-wise, there's a steady climb. The median sales price in December grew modestly by 2.1%, and the annual increase was a marginal 0.4%. Homes are selling close to their listing price, showing a market where pricing is well-aligned with buyer expectations.

Inventory constraints are evident, with an 18.6% drop in available homes and a significant 25% reduction in the months’ supply of inventory. This tightening inventory could lead to more buyer competition in the coming months.

For those looking at the adult community market in Somerset County, the data suggests a stable but tightening market. While prices are not skyrocketing, the consistent demand and decreasing inventory mean that potential buyers should be prepared for competition, and sellers might find it a favorable time to list their properties.


Somerset County Real Estate Market Update: October 2023

Single-Family Homes in Somerset County

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Somerset County Single Family Stats for October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 198 205 3.5%
Closed Sales 230 163 -29.1%
Days on Market Until Sale 38 34 -10.5%
Median Sales Price* 607,500 615,000 1.2%
Percent of List Price Received* 100.8 104.2 3.4%
Inventory of Homes for Sale 563 320 -43.2%
Months Supply of Inventory 2.4 1.8 -25%
YTD
Oct 2022Oct 2023% (+-)
New Listings 3,217 2,202 -31.6%
Closed Sales 2,466 1,749 -29.1%
Days on Market Until Sale 32 34 6.3%
Median Sales Price* 605,000 660,000 9.1%
Percent of List Price Received* 103.5 103.4 -0.1%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

As autumn colors Somerset County, its real estate market reveals a unique pattern. October 2023 data paints a picture of a market adjusting to new rhythms. While new listings barely increased by 3.5% compared to last October, the overall yearly listings dipped significantly by 31.6%. It's like more homeowners are holding onto their properties, creating a tighter market.

Sales, however, took a different route. Closed sales in October dropped by a notable 29.1% from last year, paralleling the yearly trend. It seems buyers are either hesitating or finding fewer options that match their needs. The homes that did sell, sold quicker! The Days on Market Until Sale dropped to 34 days, hinting at a still competitive environment for those prized listings.

Interestingly, the Median Sales Price saw a modest increase, rising by 1.2% in October and 9.1% year-to-date. Despite the market cooling in some aspects, home values are persistently marching upward. The dwindling inventory, down by a staggering 43.2%, combined with a 25% decrease in the Months Supply of Inventory, underscores a market with limited choices for buyers. This scarcity is nudging the prices upward and maintaining a seller's market atmosphere.

In summary, Somerset County's real estate landscape is morphing. Fewer homes are entering the market, yet those that do, don't linger long, often fetching prices close to or above the asking price. It's a mixed bag of trends, reflecting a market that's recalibrating in the face of evolving demands and supplies.

Condos & Townhomes in Somerset County

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Somerset County Townhouses & Condo Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 109 78 -28.4%
Closed Sales 88 86 -2.3%
Days on Market Until Sale 31 22 -29%
Median Sales Price* 350,000 435,000 24.3%
Percent of List Price Received* 102.4 104.8 2.3%
Inventory of Homes for Sale 162 106 -34.6%
Months Supply of Inventory 1.4 1.3 -7.1%
YTD
Oct 2022Oct 2023% (+-)
New Listings 1,302 937 -28%
Closed Sales 1,129 801 -29.1%
Days on Market Until Sale 26 24 -7.7%
Median Sales Price* 361,000 415,000 15%
Percent of List Price Received* 104.6 104.4 -0.2%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

As we delve into Somerset County's townhouse-condo real estate segment for October 2023, a captivating story unfolds. The market, though navigating through some intriguing twists, displays resilience and vibrancy. New listings took a significant dip of 28.4% compared to October last year, mirroring a similar 28.0% decrease year-to-date. This suggests a tightening market where fewer owners are willing to sell, creating a sense of scarcity.

Despite this reduction in new listings, the closed sales figures are almost holding steady, showing just a slight 2.3% decrease. This resilience in closed sales, against a backdrop of fewer listings, highlights a persistent demand for townhouses and condos in Somerset County. The pace of the market has quickened considerably. Days on Market Until Sale plummeted by 29.0%, indicating that properties are being snapped up much faster than last year. It's a market that waits for no one!

A standout statistic is the Median Sales Price, which saw a significant jump of 24.3% in October and an impressive 15.0% increase year-to-date. This surge underlines a market where values are not just holding but robustly growing, likely fueled by the high demand and limited supply. Buyers are seemingly willing to pay close to, if not more than, the asking price, as shown by the Percent of List Price Received. This figure has slightly increased to 104.8%, a small but telling indicator of a competitive market. The inventory of available townhouses and condos has contracted by 34.6%, and the Months Supply of Inventory also saw a decrease. This tightening inventory scenario could be adding heat to the market dynamics.

To encapsulate, Somerset County's townhouse-condo market in October 2023 is a dynamic mix of rising prices, quick sales, and scarce inventory. It's a market that's rapidly evolving, challenging buyers and sellers alike to adapt to its brisk pace and limited choices.

Age-Restricted Communities in Somerset County

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Somerset County Adult Community Sales in October 2023

October
Oct 2022Oct 2023% (+-)
New Listings 16 18 12.5%
Closed Sales 13 16 23.1%
Days on Market Until Sale 28 21 -25%
Median Sales Price* 430,000 562,500 30.8%
Percent of List Price Received* 100.5 102.0 1.5%
Inventory of Homes for Sale 45 42 -6.7%
Months Supply of Inventory 3.2 2.9 -9.4%
YTD
Oct 2022Oct 2023% (+-)
New Listings 183 174 -4.9%
Closed Sales 145 146 0.7%
Days on Market Until Sale 31 32 3.2%
Median Sales Price* 509,500 509,500 0%
Percent of List Price Received* 101.7 101.2 -0.5%
Inventory of Homes for Sale -- -- 0%
Months Supply of Inventory -- -- 0%

*Data pulled from MLS on 10/30/2023

In October 2023, Somerset County's adult community real estate market displayed intriguing dynamics, marked by growth and evolving trends. Let's dive into this segment's unique journey over the past year.

A slight uptick in new listings was observed in October, with a 12.5% increase, though the year-to-date figures show a modest 4.9% decrease. This indicates a cautious but growing interest among sellers in the market, creating a slightly more diverse choice for potential buyers. What's particularly notable is the increase in closed sales, up by 23.1% in October and showing a stable year-to-date growth. This suggests that despite the fluctuating number of listings, buyer interest remains strong and consistent.

Properties are moving faster, as seen in the 25.0% decrease in Days on Market Until Sale. It reflects a market where buyers are quick to make decisions, likely driven by the limited but quality choices available. The Median Sales Price witnessed a significant leap, soaring by 30.8% in October.

However, the year-to-date figure remains steady, indicating a possible recent shift in the market dynamics or the availability of more premium properties. While the Percent of List Price Received saw a slight increase, suggesting that buyers are willing to pay close to or at the asking price, the year-to-date figure shows a marginal decline. This could indicate a market that's stabilizing in terms of pricing expectations. The inventory of homes for sale and the months supply of inventory both saw a decrease, reinforcing the idea of a market with limited but sought-after options.

In essence, Somerset County's adult community real estate market in October 2023 is marked by quick sales, rising prices, and a consistent buyer interest. It's a market that seems to be finding its equilibrium, balancing between the demand and the somewhat limited supply of homes tailored to adult living.


Somerset County Real Estate Market: September 2023

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Somerset County Single Family Stats for September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 296 183 -38.2%
Closed Sales 286 199 -30.4%
Days on Market Until Sale 33 32 -3.0%
Median Sales Price* $575,000 $749,000 +30.3%
Percent of List Price Received* 101.9% 104.3% +2.4%
Inventory of Homes for Sale 642 329 -48.8%
Months Supply of Inventory 2.6 1.8 -30.8%
YTD
Sep 2022Sep 2023% (+-)
New Listings 3,019 1,997 -33.9%
Closed Sales 2,236 1,585 -29.1%
Days on Market Until Sale 31 33 +6.5%
Median Sales Price* $605,000 $669,000 +10.6%
Percent of List Price Received* 103.8% 103.3% -0.5%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/30/2023

September 2023 in Somerset County’s real estate market reveals a compelling story of dwindling supply and soaring prices. Single-family home listings have taken a sharp 38.2% dive from the previous year, with closed sales following suit at a 30.4% decrease. This trend holds through the year-to-date data, showcasing a consistent drop in market activity by 33.9% in new listings and 29.1% in closed sales.

Homes in Somerset County are selling marginally faster, indicated by a slight 3% decrease in days on the market until sale, though there’s a notable 6.5% increase when observing the year-to-date data. The real headline, however, is the staggering 30.3% increase in median sales price, catapulting from $575,000 to $749,000 within a year.

Sellers are gaining more from their listings, receiving 104.3% of the list price, a 2.4% increase. The data clearly showcases a seller’s market in Somerset County, with soaring prices due to scarce inventory, which has diminished by 48.8%, creating a competitive environment for buyers yet a lucrative opportunity for sellers.

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Somerset County Townhouses & Condo Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 114 88 -22.8%
Closed Sales 131 91 -30.5%
Days on Market Until Sale 27 20 -25.9%
Median Sales Price* $360,000 $430,000 +19.4%
Percent of List Price Received* 102.7% 104.5% +1.8%
Inventory of Homes for Sale 168 103 -38.7%
Months Supply of Inventory 1.5 1.2 -20.0%
YTD
Sep 2022Sep 2023% (+-)
New Listings 1,193 859 -28.0%
Closed Sales 1,041 714 -31.4%
Days on Market Until Sale 25 24 -4.0%
Median Sales Price* $362,000 $410,500 +13.4%
Percent of List Price Received* 104.8% 104.4% -0.4%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/30/2023

The September 2023 real estate data for townhouses and condos in Somerset County unveils a striking shift in market dynamics. New listings have taken a considerable 22.8% dip compared to the previous year, with a 28% decrease observed year-to-date. This contraction in available properties is mirrored in closed sales, which have decreased by 30.5% for September and an even steeper 31.4% for the year-to-date comparison.

Despite the shrinking inventory, properties are moving off the market faster, with days on market until sale dropping by a substantial 25.9%. This expedited selling pace is an indicator of a highly competitive market. Additionally, property values have experienced a healthy surge, with median sales prices climbing up by 19.4% in September and 13.4% in the year-to-date analysis, reaching $430,000 and $410,500 respectively.

Sellers are also gaining a larger slice of their asking price, receiving 104.5% of the list price, marking a 1.8% increase. However, it’s worth noting a slight decrease of 0.4% in the year-to-date percent of list price received, suggesting a marginal adjustment in buyer-seller negotiations over time.

The shrinking inventory, which has dropped by 38.7%, coupled with a 20% reduction in months supply of inventory, underscores the intensity of the market. For buyers, the landscape is competitive with limited options and escalated prices. For sellers, the current conditions are optimal, with properties selling swiftly and at impressive price points, making it an opportune time to engage in the Somerset County real estate market.

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Somerset County Adult Community Sales in September 2023

September
Sep 2022Sep 2023% (+-)
New Listings 14 22 +57.1%
Closed Sales 15 17 +13.3%
Days on Market Until Sale 26 27 +3.8%
Median Sales Price* $570,000 $509,000 -10.7%
Percent of List Price Received* 101.4% 102.8% +1.4%
Inventory of Homes for Sale 40 43 +7.5%
Months Supply of Inventory 2.7 3.1 +14.8%
YTD
Sep 2022Sep 2023% (+-)
New Listings 167 156 -6.6%
Closed Sales 132 130 -1.5%
Days on Market Until Sale 31 33 +6.5%
Median Sales Price* $517,500 $504,500 -2.5%
Percent of List Price Received* 101.8% 101.1% -0.7%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/30/2023

Somerset County’s Adult Community real estate sector showcased unique trends in September 2023. Straying from the broader market’s tight inventory, this segment experienced a robust 57.1% increase in new listings, though the year-to-date figures depict a 6.6% decrease, indicating potential variability in the market. Closed sales enjoyed a 13.3% rise, while the overall annual trend remained relatively stable with a slight 1.5% dip.

Homes took a tad longer to find their new owners, as days on market until sale increased by 3.8%. The median sales price saw an unexpected 10.7% decline, settling at $509,000, contrasting sharply with the escalating prices in other property types. Despite this dip, sellers received a generous 102.8% of their asking price, though the annual data suggests a minor negotiation shift in favor of buyers.

The inventory landscape also differed, with a 7.5% increase in available homes and a 14.8% rise in the months supply of inventory. This Adult Community market snapshot reveals a buyer-friendly environment, with more options and competitive pricing, marking Somerset County’s Adult Community sector as a unique opportunity in an otherwise seller-dominated landscape.


Somerset County Real Estate Market: August 2023

Welcome to our in-depth analysis of the Somerset County real estate market as of August 2023! Whether you're a seasoned investor, a first-time homebuyer, or simply a local resident keen on understanding your neighborhood's property pulse, we've got some riveting insights for you. From single-family homes to townhouses and adult communities, each sector shows its own unique set of trends. It’s a sizzling seller's market in some areas, but with intriguing nuances you won't want to miss. Get ready to dive into a whirlpool of stats and interpretations that will arm you with the knowledge to make savvy decisions. Stay tuned!

Somerset County Real Estate Market: August 2023

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Somerset County Single Family Stats for August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 303 202 -33.3%
Closed Sales 311 189 -39.2%
Days on Market Until Sale 25 30 +20%
Median Sales Price* $620,111 $690,000 +11.3%
Percent of List Price Received* 103.2% 105.7% +2.4%
Inventory of Homes for Sale 639 350 -45.2%
Months Supply of Inventory 2.6 1.9 -26.9%
YTD
Aug 2022Aug 2023% (+-)
New Listings 2,723 1,808 -33.6%
Closed Sales 1,950 1,385 -29.0%
Days on Market Until Sale 31 34 +9.7%
Median Sales Price* $613,594 $655,000 +6.7%
Percent of List Price Received* 104.1% 103.2% -0.9%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/2/2023

As the golden hues of autumn begin to grace Somerset County, the real estate market too brings forth its own set of shades. But beyond the raw numbers and percentages, what story does the real estate data truly tell us about Single Family Homes, Townhouse-Condos, and Adult Communities? Are we in a buyer's paradise, a seller's market, or somewhere in between? Dive in as we decode the trends, interpret the stats, and unearth the opportunities. So, ask yourself: are you ready to discover what Somerset's property scene has in store for you this year?

Firstly, it's evident there's a significant drop in new listings, plunging by 33.3% from 2022. Year-to-date figures echo the same, with a decrease of 33.6%. Potential sellers are holding back, leading to fewer closed sales; a dip of 39.2% in August and 29% throughout the year. However, it's not all about shrinking numbers. Median sale prices for homes in Somerset County are on the rise! Properties in August fetched an impressive 11.3% more than the previous year, with the year's median settling at a healthy 6.7% increase. Sellers also squeezed more from their asking prices, averaging 105.7% of the list price in August — that's a 2.4% growth!

Yet, buyers must brace themselves. Homes are spending a slightly longer time on the market (an increase of 20% in August), and the inventory of homes available for purchase has shrunk drastically by 45.2%. This translates to a tighter market, with only 1.9 months of inventory available, down by 26.9%.

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Somerset County Townhouses & Condo Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 117 88 -24.8%
Closed Sales 139 110 -20.9%
Days on Market Until Sale 27 21 -22.2%
Median Sales Price* $400,000 $425,000 +6.3%
Percent of List Price Received* 103.4% 104.5% +1.1%
Inventory of Homes for Sale 159 111 -30.2%
Months Supply of Inventory 1.3 1.3 --
YTD
Aug 2022Aug 2023% (+-)
New Listings 1,079 736 -31.8%
Closed Sales 910 599 -34.2%
Days on Market Until Sale 25 24 -4%
Median Sales Price* $362,000 $410,000 +13.3%
Percent of List Price Received* 105.1% 104.3% -0.8%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/2/2023

Townhouses and condos in Somerset County have their own narrative this August, distinct from their single-family counterparts. Starting with the listings, there's a palpable drop, with August seeing a decline of 24.8%. Year-to-date metrics reinforce this trend, slumping down by a significant 31.8%. There's also a notable decline in closed sales both in August (20.9%) and across the year (34.2%). The marketplace isn’t as bustling with options as it was in 2022.

However, here's a silver lining for sellers: properties are being snatched up faster! The days on market until sale for townhouses and condos shrank by 22.2% in August, and the yearly rate showed a modest 4% decrease. Price-wise, the scenario looks inviting. The median sales price in August jumped by 6.3%, and the yearly rise was even more dramatic at 13.3%. While the achieved percentage of list price remained pretty stable, sellers are managing to clinch slightly above their asking price at 104.5% in August.

On the inventory front, options have dwindled by 30.2%. Yet, the month's supply of inventory remains unchanged at 1.3 months, signaling a steady demand-supply balance.

What's the takeaway? For prospective buyers, if you find a townhouse or condo fitting your dreams, don't hesitate! Sellers, your assets are in demand; pricing correctly can fetch you a pretty penny in this dynamic market.

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Somerset County Adult Community Sales in August 2023

August
Aug 2022Aug 2023% (+-)
New Listings 18 14 -22.2%
Closed Sales 23 20 -13.0%
Days on Market Until Sale 26 29 +11.5%
Median Sales Price* $630,000 $435,000 -31.0%
Percent of List Price Received* 102.0% 102.4% +0.4%
Inventory of Homes for Sale 47 37 -21.3%
Months Supply of Inventory 3.2 2.7 -15.6%
YTD
Aug 2022Aug 2023% (+-)
New Listings 153 133 -13.1%
Closed Sales 117 113 -3.4%
Days on Market Until Sale 32 34 +6.3%
Median Sales Price* $509,500 $490,000 -3.8%
Percent of List Price Received* 101.9% 100.7% -1.2%
Inventory of Homes for Sale -- -- --
Months Supply of Inventory -- -- --

*Data pulled from MLS on 10/2/2023

Somerset County's adult community homes offer a unique blend of serenity and community spirit, and the latest market update sheds light on some interesting dynamics.

There's a tapering off in new listings; August recorded a dip of 22.2% compared to last year. The year-to-date figures echo this, but with a milder 13.1% reduction. In terms of sales, August experienced a slight softening with a 13% decline, while the year-to-date sales relatively held their ground, dropping only by 3.4%.

Properties in these adult communities are spending a tad more time on the market. August witnessed a rise of 11.5% in days until sale, and this year has consistently seen a 6.3% increase in this metric. The eye-catching aspect is the pricing. August’s median sales price dropped significantly by 31.0% from last year, and the annual figures similarly show a 3.8% decline. However, sellers are still fetching more than their asking prices, with an average of 102.4% list price received in August.

Inventory-wise, fewer homes are up for grabs (a decline of 21.3%), leading to a tighter market reflected by a 15.6% drop in the months of inventory supply. In a nutshell? Prospective buyers, there’s a window of opportunity with softer prices in these cherished adult communities. But act with decisiveness! For sellers, it's essential to understand this evolving market and price judiciously to attract potential homeowners.


Somerset County Real Estate Market: July 2023

Somerset County Real Estate Market: July 2023

The real estate landscape in Somerset County is going through a fascinating roller coaster! If you're a seller, it's time for a happy dance. Why? Median Sales Prices for homes in Somerset County are up a robust 16.4% year-over-year for July, skyrocketing to $750,000 from $644,500 last year. You read that right, homes are pricier than ever! However, the scene has a few caveats. The market is tightening—New Listings have plummeted 38.8%, dropping to 227 from 371 last July. This massive reduction in listings is echoed in a drastic 52.3% drop in Inventory and a 41.4% decrease in the Months Supply of Inventory. It's a feeding frenzy out there for buyers, and they need to act fast!

Days on Market have slightly increased, meaning homes are taking a smidge longer to sell. But let's be real, with just 29 days from listing to sale, homes are still flying off the shelf. Lastly, while homes are selling close to their list price at 104.4%, it's a tiny dip of 0.4% from last year. But if we look at the Year to Date figure, a 1.3% drop suggests sellers are becoming a bit more negotiable. So, what's the takeaway? It's a sizzling seller's market, but with fewer choices and slightly more wiggle room on price. Buyers, brace yourselves for an ultra-competitive market!

Somerset County Condos & Townhomes

Hold on to your seats, because the Townhouse-Condo market is serving up its own set of thrills! Just like single-family homes, the Median Sales Prices for townhouses and condos in Somerset County are riding high. We're talking about a leap of 17.8% in July alone, catapulting the price to a handsome $430,000 from last year's $365,000. Year to Date, that's an impressive 12.5% rise!

But here comes the kicker—Closed Sales are down a staggering 38.8% compared to last July. New Listings aren't faring well either, dropping by 24.1%. The result? A parched market with inventory levels shrinking 41.5% and Months Supply of Inventory down 18.8%. Buyers, you better have your game face on; it's a tough arena! Interestingly, homes are selling almost as fast as last year. The Days on Market until Sale is practically a blink at just 20 days, slightly faster than last year. And while the percent of list price received has dipped a minuscule 0.2%, sellers are still getting a grand 105.6% of their asking price.

In a nutshell, if you're a seller in the townhouse-condo space, the odds are heavily in your favor—just not as many takers. For buyers, it’s a mad dash for a shrinking pool of options, but hey, you might just land a quicker deal!

Somerset County Adult Community Homes

The Adult Community segment in Somerset County seems to be marching to a different drumbeat, offering what you could call a more "balanced" market. Let's dive in.

The New Listings have mildly tapered off, a drop of just 4.8% in July. Year to Date, that's an 11.9% decline. It seems like fewer homes are entering the market, but not to an alarming degree. Closed Sales are also relatively stable, showing only a minor 7.7% dip in July. Year to Date figures echo this steadiness. Now, here's something intriguing—homes are taking considerably longer to sell. We're talking about a 68.8% jump in the Days on Market until Sale, leaping to 27 days this July. Maybe buyers are taking a bit more time to make decisions?

And what about prices? Ah, a plot twist! While the median sales price for single-family homes and townhouses soared, adult community homes for sale in Somerset County saw a 5.3% decrease in July to $625,000. Yet, Year to Date figures indicate an 8.7% increase. Talk about a mixed bag! In terms of getting asking prices, sellers are almost there, with a slight 0.4% drop to 101.6% of list price received. Inventory and Months Supply of Inventory have decreased, but not as drastically as in other segments.

In summary, the Adult Community market offers a slower-paced drama—less frenzied, with a mix of price dynamics and more time to make decisions. It's a more forgiving landscape for buyers while still offering sellers decent returns.


Welcome to our latest real estate update! In this blog, we delve into the riveting narratives woven by the 2023 local real estate market trends in Somerset County. Whether it's the suspense of dwindling listings, the thrill of quick sales, or the drama of price fluctuations, we have it all covered. So, ready to embark on this exciting journey? Let's dive in!

In the exciting realm of single-family homes for sale in Somerset County, the region has been maneuvering through some rather intriguing tides through the first half of 2023. The market has experienced a precipitous 50.7% decrease in new listings for June year-on-year, creating a significant squeeze in available homes for sale in Somerset County—a scenario reminiscent of popular concert tickets selling out in record time!

Somerset County Real Estate Market: June 2023

Somerset County Real Estate Market: June 2023

This tightening of supply has contributed to a 27.1% decline in closed sales in June compared to last year, further unveiling a market grappling with a shortage of single-family homes. However, despite the dwindling choices, buyers have had to be swift, mirrored in the marginal decrease in days-on-market until sale, from 28 to 26 days.

Amid this supply-demand tussle, the median sales price for single-family homes ascended by 5.1% to $735,640 in June 2023, indicative of a robust seller's market. Yet, sellers aren't having a total field day, as the percentage of list price received witnessed a slight dip. A depleted inventory, now 50.4% leaner than last year—and a plunge in months’ supply of inventory by 40.7%—signals a dynamic and competitive market landscape for single-family homes. Somerset County is living its own thrilling, suspenseful real estate saga, and we're all on the edge of our seats to see how the latter half of 2023 pans out.

Somerset County Condos & Townhomes

The townhouse-condo market in Somerset County has seen a dramatic plot twist in 2023. The saga began with a 30.5% year-on-year plunge in new listings in June, mirroring a mystery novel with vital pages missing! This dearth of options led to a sharp 41.3% fall in closed sales, painting a picture of a market thirsty for new listings. Interestingly, potential buyers had to linger a bit longer on their quest for the perfect home, with the days on market increasing by a significant 31.6%. It's like a treasure hunt where the treasure is cleverly hidden, taking more time to uncover!

Despite this, the median sales price climbed a respectable 9.6% to $416,500 in June, depicting a market still eager to reward sellers. However, it wasn't all sunshine for sellers, with a minor 0.6% dip in the percentage of list price received for condos and townhomes for sale in Somerset County. With the inventory of homes shrinking by a staggering 46.8%, and the months supply of inventory dwindling by 26.7%, the Somerset County townhouse-condo market is turning the pages to a riveting new chapter in 2023, and we can't wait to see how the story unfolds!

Somerset County Adult Community Homes

In Somerset County's adult community market, 2023 has emerged like an unexpected twist in a novel. New listings for adult community homes for sale in Somerset County dipped by a substantial 40% compared to 2022, resembling the suspense in a thriller where important clues are missing! Yet, in a surprising turn of events, closed sales rose by 6.3%, maintaining a steady heartbeat of activity in the market. A sense of urgency echoed with a remarkable 51.1% decrease in the number of days on market until sale. It's as if buyers are competing in a race against time!

Despite the intriguing action, the median sales price saw a modest 2% growth to $481,000 in June, hinting at a steadying storyline. However, sellers experienced a slight plot twist with a 2.5% decrease in the percentage of list price received. With a marginal 13.6% reduction in the inventory of homes and a stable supply of inventory, the adult community market in Somerset County is brewing an intriguing tale. As the story continues, we eagerly anticipate the unfolding chapters in the second half of 2023!


Are you curious to know how the real estate market is performing in Somerset County in June 2023? Are you a homeowner wondering if it's the right time to sell or a prospective buyer keen on discovering the residential opportunities in Somerset County's best towns? Well, you're in the right place!

Our detailed analysis will help you understand the market dynamics across various housing sectors: Single Family, Townhouse-Condo, and Adult Community. We'll discuss trends, interpret data, and paint a picture of the current real estate landscape. So, grab a cup of coffee, sit back, and let's delve into the world of Somerset County real estate.

Somerset County Real Estate Market: May 2023

Somerset County Real Estate Market: June 2023

A subtle storm brews in Somerset County's housing market. New listings and closed sales have slumped by 25.1% and 38.1%, respectively, compared to May 2022, and year-to-date data shows a similar downswing. As homes for sale in Somerset County linger 21.7% longer on the market, competition softens, and the average list-to-sale price ratio slips by 1.5%.

Despite this, property values hold steady with a 3.8% rise in the median sale price, rewarding patient homeowners. Inventory drops by a drastic 34%, tightening the market to a lean 1.8 months supply. Amid challenges, Somerset real estate proves resilient, even attractive for potential sellers.

Somerset County Condos & Adult Community Homes

Somerset County's condo market has experienced a turbulent journey. The market has contracted significantly, with new listings and closed sales of Somerset County condos plunging 34.9% and 37.3%, respectively, in comparison to May 2022. As the year rolls on, the downshift continues, reflected in the year-to-date numbers. However, it's not all turbulence. The market remains efficient with days on market unaltered and a slim reduction of 1.5% in the list-to-sale price ratio. Most notably, sellers are smiling wider as median sale prices surge impressively by 16.1%, a beacon of positivity in an otherwise shrinking market.

Reduced inventory—down by a hefty 42.6%—and a tighter supply of just 1 month offer an enticing opportunity for prospective sellers.

The Adult Community sector in Somerset County seems to be dancing to a different beat. While new listings of adult community homes in Somerset County remain steady compared to last year and even experienced a slight rise in year-to-date figures, closed sales are modestly ticking upwards. However, patience is now a virtue, as homes take over twice as long to sell compared to May 2022. There is a tinge of disappointment for sellers, with a 23.6% dip in the median sales price compared to the previous year and a slight drop in the sale-to-list price ratio.

Nonetheless, with a 36.7% increase in inventory and a lengthening sales cycle, it's an opportune time for buyers looking to immerse themselves in an engaging, adult community lifestyle.

Thank you for joining us on this journey through Somerset County's real estate landscape. Stay tuned for more updates, insights, and trends. Until then, happy house hunting (or selling)! If you’re thinking of buying or selling a home in Somerset County’s dynamic real estate market, The Robert Dekanski Team is ready to help: contact us today for any and all of your real estate needs!


Somerset County Real Estate Market Update: April 2023Welcome to our April 2023 real estate update for Somerset County, where we decipher the ebb and flow of the market across three distinct categories: single-family homes, condos/townhomes, and adult community homes. How have market conditions evolved over the year? What are the implications for sellers and homebuyers moving to Somerset County?

With single-family homes in Somerset County, we observed a market under tension, with a reduction in new listings and sales, faster turnover, and soaring prices. For condos and townhomes, the supply crunch is palpable, pushing up prices amidst faster sales. Meanwhile, the adult community sector shows a mixed bag, with more listings but slightly fewer sales, alongside a surge in prices.

Join us as we dive deep into these trends and unravel what this might mean for you, whether you're looking to buy, sell, or simply keep an eye on Somerset County's dynamic real estate scene. Stay tuned!

Somerset County Real Estate Market: April 2023

Middlesex County Real Estate Market: April 2023

The April 2023 real estate data for Somerset County indicates a tightening market, characterized by reduced supply and increased demand. New listings are down significantly by 33.1%, indicating fewer homeowners are putting their properties on the market. Concurrently, closed sales have also fallen by 22.7%, signifying a potentially cooling market. However, homes are selling quicker with a 25.6% reduction in 'Days on Market Until Sale'. Median sales prices have surged by 10.1%, suggesting strong buyer demand despite fewer homes being available. Interestingly, sellers are receiving slightly less than their listing price, a possible indication of buyers resisting the elevated prices. Overall, the market is experiencing high prices and quick sales, but with fewer transactions due to a lack of supply.

Somerset County Condos & Adult Community Homes

The April 2023 numbers indicate that Somerset County's townhouse-condo market presents a dynamic landscape. New listings and closed sales have taken a substantial dip by 45.1% and 49.5% respectively, suggesting a contracted market. The 'Days on Market Until Sale' have decreased by 32.1%, indicating quicker sales despite fewer transactions. The shrinking supply, with inventory down by 45.0%, is pushing median prices up by 12.5% to $427,500. Sellers are experiencing a marginal drop of 1.8% in the percentage of list price received. The data tells a tale of a high-demand, low-supply market, with swift transactions and rising prices for condos and townhomes in Somerset County.

The Adult Community real estate scene in Somerset County for April 2023 showcases unique trends. Despite the increase of new listings by 11.8%, closed sales have slightly decreased by 9.1%, suggesting potential buyers are showing cautious interest. However, Somerset County’s adult community homes are selling faster, with a 26.5% decrease in 'Days on Market Until Sale'. Median sales prices have surged by 16.9% to $485,000, underlining a strong demand. Sellers are receiving close to asking price, with only a marginal 0.2% drop. An 18.2% increase in inventory indicates a healthier market with more options for buyers, creating a vibrant and competitive real estate environment.

As we wrap up our deep dive into Somerset County's real estate market, it's clear that the dynamics of supply and demand continue to shape the landscape. Single Family Homes and Townhouses-Condos have seen a reduction in listings and sales, and an increase in prices. The Adult Community sector stands out, with more listings, steady sales, and significant price increases.

Thank you for joining us on this journey through Somerset County's real estate landscape. Stay tuned for more updates, insights, and trends. Until then, happy house hunting (or selling)! If you’re thinking of buying or selling a home in Somerset County’s dynamic real estate market, The Robert Dekanski Team is ready to help: contact us today for any and all of your real estate needs!

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

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