Union County Real Estate Market Update - New for August 2023

Welcome to our latest review of real estate in Union County, a thrilling saga filled with unexpected twists and turns. We'll delve into key metrics that shape the local market, bringing you a nuanced understanding of the current trends.

Ever wondered how fluctuations in new listings, closed sales, or median sales prices can impact you as a buyer, seller, or investor? Or are you thinking about moving to Union County? As we navigate the dynamic market terrain for single-family homes, townhouses, condos, and adult communities, we invite you to ponder this question: in the dance of supply and demand, who is leading in Union County's real estate market—the buyer or the seller? Read on to find out.

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

Union County Real Estate Market Update: July 2023

Welcome to our comprehensive local market update for Union County! Whether you're a buyer, seller, or simply a real estate enthusiast, you'll find crucial insights here. From the single-family sector to townhouses to adult communities, our July 2023 analysis has it all!

Union County Market Statistics for Sellers & Buyers

Firstly, the housing inventory is gasping for breath, with new listings falling 20.5% compared to July 2022. Year-to-date, we're down 28.2%, making it a strong seller's market. The razor-thin inventory has caused closed sales to fall by 33% this July, affecting year-to-date sales, which have contracted by 25.2%. But wait, there's a silver lining for sellers: the median sales price saw a solid uptick, rising to $595,000—a 5.1% increase over last year. Year-to-date, we're up by 6.7%, which means your equity is likely growing if you already own a home here.

Buyers are facing less competition but at a higher price point. You'll have to act fast, as properties are getting snapped up in about 25 days, down from 27 last year. However, the list-to-sales price ratio has slightly tipped in buyers' favor year-to-date, with sellers receiving just a smidgen less than they expected.

If you're a seller in Union County, you're in a great position to capitalize on the scarcity and likely get over your asking price. If you're a buyer, you'll need to hustle and be prepared to dig a little deeper into your pockets.

Townhouses & Condos in Union County

The number of new listings for townhouses and condos in Union County in July 2023 is nearly halved, dropping by 52.5% compared to the same month last year. Year-to-date, there has been a 21.7% decrease. There has also been a downturn in closed sales, which fell by 8.7% in July and 22.7% year-to-date. This suggests that fewer people are buying, perhaps put off by the reduced inventory and rising prices.

The days on market tell an intriguing story. In July 2023, these homes stayed on the market for an average of 33 days, an increase of 22.2% over last year. However, year-to-date, there's been a slight dip in market duration. This means sellers might need a touch more patience this summer.

Price-wise, there's an anomaly. While the median sales price in July actually dropped by 1.3% to $339,000, the median price soared by 23.3% to $351,500. These price swings could signal seasonal fluctuations or reflect a changing landscape of what’s available in the market. Buyers are still paying close to asking price, as evidenced by a 1.2% uptick in July and a 0.8% increase year-to-date in the percent of list price received. In summary, townhouse and condo sellers in Union County may need to brace for a slower market, but rising year-to-date prices indicate your asset is likely appreciating. Buyers, you have a window of opportunity—fewer bidding wars and more room for negotiation. However, options are limited, so if you see something you love, don't procrastinate!

Adult Community Homes in Union County

The adult community sector in Union County has seen a seismic shift that is nothing short of jaw-dropping. This is truly a landscape-altering trend that demands attention. New listings have fallen by 77.8% in July, and year-to-date numbers have shrunk by 61.5%. Not surprisingly, closed sales have fallen drastically, down 83.3% for July and 76.5% year-to-date. 

However, an absolute bombshell is the median sales price for July 2023: a whopping $1,676,000, marking a gargantuan leap of 533.6%! Year-to-date, the median price is up 66.9%. Clearly, something unique is happening. It's possible that a few ultra-luxury sales have skewed the figures, but this demands scrutiny from both buyers and sellers. While homes are scarce, those that do list are flying off the shelves—sold in just 11 days, a decrease of 56% in the time on market compared to last July. However, year-to-date, the days on the market for adult community homes in Union County have seen a small increase. In terms of what sellers are receiving, the percentage of list price has shot up to 115.6% in July, although the year-to-date figure dipped slightly by 2.9%.

The Bottom Line for July in Union County

In essence, the adult community market in Union County is red-hot but is also experiencing very low availability. Sellers, if ever there was a "Golden Ticket" moment, this might be it. Buyers, if you can find that rare gem, be prepared for a sprint and a higher price tag, but also know that you're investing in a segment that's currently behaving like high-stakes real estate.

Union County Real Estate Market: June 2023

In Union County's real estate market, we've observed a fascinating shift this June 2023 compared to last year. In this cut-throat housing market, the competition has heated up, reflected by a staggering 39.1% decrease in new listings and a 23.0% drop in closed sales from last year.

However, these contracting numbers have given rise to a sellers' paradise. The median sales price has swelled by 5.1% to $594,025, painting a lucrative picture for homeowners. Despite this, buyers seem slightly more cautious, evidenced by a marginal drop of 0.3% in the percent of list price received. The market is undeniably tightening, with homes spending more time on the market, 26 days this June compared to 23 last year. The inventory of homes for sale has been nearly halved, underlining the heightened competition among buyers. With a 37.5% drop in months’ supply of inventory, Union County's market is currently running hotter than ever, favoring sellers to a significant degree.

Condos & Townhomes in Union County

As we turn the page on the first half of 2023, Union County's townhouse-condo market displays a dynamic tapestry of shifts. A distinct plunge of 33.3% in new listings occurred in June 2023 compared to the same month last year, trickling down to a year-to-date decrease of 16.5%. Sales, despite dipping slightly by 4.1% in June, saw a more significant year-to-date slump of 25.2%. A faster market rhythm echoed as properties spent 18.8% fewer days until sale in June, mirroring a year-to-date contraction of 10.5%.

The scarcity narrative on one hand has shaped a contrasting, optimistic backdrop for sellers. Median sales prices have leaped by a robust 21.5% in June, pushing the year-to-date average up by a whopping 25.6% - undoubtedly, a golden goose for homeowners. Buyers are increasingly willing to pay more, nudging the percentage of list price received upwards. Alas, a dwindling inventory landscape persists with a 33.1% drop in June, shrinking the months supply of inventory by 15.4%. This tug-of-war between buyer eagerness and seller reluctance is sketching Union County's real estate canvas for 2023.

Adult Community Homes in Union County

Diving into Union County's adult community real estate in June 2023, we observe a captivating medley of trends. The number of new listings witnessed a robust surge of 33.3% in June, but the overall year-to-date scenario shows a dramatic drop of 56.7%. Sale closings in June sharply dropped by 75%, echoed by an identical year-to-date decrease.

The quickening pace of the market is evident as properties stayed 68.4% fewer days on the market in June, though, intriguingly, the year-to-date figure saw a small increase of 7.5%. Pricing dynamics have shown an inverse trend. Despite a small 3.6% dip in median sales prices in June, the year-to-date figures have soared by an impressive 49.5%.

Buyers had the upper hand in negotiating terms in June, with sellers receiving 9.2% less of their list price, a trend slightly softened in the year-to-date figure. Inventory remains a concern, dwindling by 62.5% in June, and consequently, the months' supply of inventory plummeted by 41.2%. Buckle up as we delve further into this intriguing market landscape.

Union County Real Estate Market: May 2023

The Union County housing market of May 2023 showcased some intriguing shifts. A chill swept over new listings, plunging 31.3% from last year's figures. Closed sales similarly saw a drop, diving 9.0% year-over-year, a reflection of the 27.4% decrease in total listings year-to-date. Homes for sale in Union County enjoyed longer market tenures, with a 41.7% surge in days until sale, but this didn't dampen prices.

The median sales price bloomed a rosy 12.4%, even while the percentage of list price received shrunk slightly by 0.8%. A dry spell hit inventory, down a staggering 44.2%, intensifying the market's scarcity with the supply of inventory dipping 28.6%.

Home seekers, brace yourselves — this market's not for the faint-hearted!

Mixed Trends for Condos & Townhomes in Union County

The market for condos and townhomes in Union County during May 2023 hinted at a mixed bag of trends. New listings went down a notch by 1.6% from the previous year, paralleled by a year-to-date decrease of 11.9%. On the brighter side, closed sales bounced up, celebrating a 17.1% increase, despite a significant year-to-date reduction of 30.7%.

While homes took a slightly longer four-day vacation on the market, the median sales price enjoyed a 3.9% hike, leading to a significant 24.5% year-to-date growth. Despite receiving a smaller slice of the list price, inventory contracted by 13.9%, leading to a 14.3% rise in supply.

Gear up, homebuyers – a dynamic market awaits!

Days on Market & Median Sales Prices Up for Adult Community Homes in Union County

The adult community real estate landscape of Union County in May 2023 reveals an acute contraction. New listings experienced a sharp dip of 66.7%, with closed sales halving compared to May 2022. The market stretched its patience, witnessing a more than doubled time on market until sale (+104.8%). Despite these shifts, prices for adult community homes in Union County saw a silver lining, with the median sales price soaring by a solid 33.0% year-over-year, culminating in an impressive 45.7% year-to-date growth. However, sellers reeled back their expectations slightly, receiving 1.8% less of the list price.

With inventory plunging 80.0%, resulting in a drastic 72.7% drop in supply, it's clear this market is heating up!

Union County Real Estate Market: April 2023

This rapid acceleration paints an intricate picture of a market grappling with supply constraints and increased demand. Read on to dive deeper into the intricacies of this fascinating housing market evolution. It's a roller-coaster ride you won't want to miss!

Mixed Indicators for Union County Single-Family Homes

April 2023 has seen an interesting shift in Union County's local housing market. New listings and closed sales for single-family homes in Union County have dipped significantly, down by 34.2% and 32.1%, respectively. The homes aren't selling as swiftly either, with the average 'Days on Market Until Sale' ticking up from 36 to 42, a rise of 16.7%. 

Amid these trends, homebuyers can find a silver lining. The median sales price has risen by 8.3% to $550,000, hinting at a seller’s market. However, with the percent of list price received shrinking slightly and the inventory of homes for sale plunging by almost 40%, buyers might find themselves in a tight spot. Buckle up for an exciting property journey in Union County!

Prices Surge for Condos & Townhomes

While new listings for condos and townhomes in Union County have seen a contraction, sliding down 24.1% from last year's figures, and closed sales also taking a significant dip of 55.6%, the story is far from gloomy. On the contrary, buyers are more willing to pay premium prices, as demonstrated by a remarkable 27.7% surge in median sales prices compared to the same time last year. These trends suggest a market where supply is contracting, but demand remains strong, leading to price increases.

Interestingly, the percentage of list price received has remained relatively stable, with only a marginal decrease of 0.7% year-over-year. This stability indicates sellers are managing to command prices close to their expectations. Notably, the year-to-date percent change reveals a positive 1.6% increase, cementing this trend of sustained seller confidence.

The time taken to close a deal, however, has seen a modest increase, with properties staying on the market for 44 days on average, a 25.7% increase from last year's 35 days. Yet, year-to-date figures show a marginal 2.3% decrease, suggesting a relatively steady selling pace in 2023. The inventory of homes has decreased by 21.2%, keeping the month's supply of inventory steady at 2.2. This sustained level indicates a balanced market leaning towards a sellers' market due to shrinking inventory. Stay tuned as we continue to watch these trends in Union County.

Adult Community Homes: Selling for a Premium

The Union County adult community housing market experienced dramatic shifts in April 2023. Listings and sales took a sharp dive, dropping by 66.7% and 90.0%, respectively, from 2022. The sales slowdown is also mirrored in the year-to-date figures. Homes are selling faster, evidenced by a 48.3% reduction in days on the market. However, the market has become notably pricier. The median sales price for adult community homes in Union County skyrocketed by a staggering 309% to $1.45 million thanks to one closed sale, and this trend is persistent in the year-to-date median increase of 30.3%. Interestingly, sellers are receiving slightly less of their asking price, which could indicate a possible market adjustment in the future. Inventory is tightening, adding further complexities for potential buyers.

If you’re thinking of buying or selling a home in Union 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.