The Long & Foster Market Minute

Focus On: Essex Housing Market March 2021

Zip Code(s): 21221
Units Sold
39
Active Inventory
37
Median Sale Price
$265,700
Days On Market
27
Down -5%
Vs. Year Ago
Down -61%
Vs. Year Ago
Up 18%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 39 sold this month in Essex Real Estate versus 33 last month, an increase of 18%. This month's total units sold was lower than at this time last year, a decrease of 5% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 57 units or 61%. The total number of active inventory this March was 37 compared to 94 in March 2020. This month's supply remained stable as compared to last month.

Median Sale Price
Last March, the median sale price for Essex Homes was $224,900. This March, the median sale price was $265,700, an increase of 18% or $40,800 compared to last year. The current median sold price is 24% 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
55
Current Contracts
48
Sold Vs. List Price
100.0%
Months of Supply
0.9
Up 4%
Vs. Year Ago
Up 20%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -59%
Vs. Year Ago

Months of Supply
In March, there was 0.9 months of supply available in Essex, compared to 2.3 in March 2020. That is a decrease of 59% 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 55 homes newly listed for sale in Essex compared to 53 in March 2020, an increase of 4%. There were 48 current contracts pending sale this March compared to 40 a year ago. The number of current contracts is 20% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Essex was 100.0% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 27, lower than the average last year, which was 69. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Essex are defined as properties listed in zip code/s 21221.
*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.