Somerset County Real Estate Market Update - New for August 2023

Welcome to our in-depth analysis of the Somerset County real estate market as of July 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!

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

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

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

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!

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

Welcome 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

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.