The Long & Foster Market Minute

Focus On: Newark and Glasgow Housing Market March 2021

Zip Code(s): 19702, 19711 and 19713
Units Sold
121
Active Inventory
39
Median Sale Price
$259,000
Days On Market
15
Up 4%
Vs. Year Ago
Down -75%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -57%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 121 sold this month in Newark and Glasgow Real Estate versus 97 last month, an increase of 25%. This month's total units sold was higher than at this time last year, an increase of 4% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 114 units or 75%. The total number of active inventory this March was 39 compared to 153 in March 2020. This month's total of 39 is lower than the previous month's total supply of available inventory of 42, a decrease of 7%.

Median Sale Price
Last March, the median sale price for Newark and Glasgow Homes was $239,900. This March, the median sale price was $259,000, an increase of 8% or $19,100 compared to last year. The current median sold price is 2% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
131
Current Contracts
120
Sold Vs. List Price
100.1%
Months of Supply
0.3
Down -13%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Down -76%
Vs. Year Ago

Months of Supply
In March, there was 0.3 months of supply available in Newark and Glasgow, compared to 1.3 in March 2020. That is a decrease of 76% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 131 homes newly listed for sale in Newark and Glasgow compared to 150 in March 2020, a decrease of 13%. There were 120 current contracts pending sale this March compared to 127 a year ago. The number of current contracts is 6% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Newark and Glasgow was 100.1% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 15, lower than the average last year, which was 35, a decrease of 57%.

The Long & Foster Market Minute Newark and Glasgow are defined as properties listed in zip code/s 19702, 19711 and 19713.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.