The Long & Foster Market Minute

Focus On: Howell and Farmingdale Housing Market March 2021

Zip Code(s): 07731 and 07727
Units Sold
41
Active Inventory
85
Median Sale Price
$405,000
Days On Market
32
Down -7%
Vs. Year Ago
Down -51%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 41 sold this month in Howell and Farmingdale Real Estate versus 32 last month, an increase of 28%. This month's total units sold was lower than at this time last year, a decrease of 7% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 88 units or 51%. The total number of active inventory this March was 85 compared to 173 in March 2020. This month's total of 85 is lower than the previous month's total supply of available inventory of 94, a decrease of 10%.

Median Sale Price
Last March, the median sale price for Howell and Farmingdale Homes was $349,900. This March, the median sale price was $405,000, an increase of 16% or $55,100 compared to last year. The current median sold price is 6% lower 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
79
Current Contracts
75
Sold Vs. List Price
100.8%
Months of Supply
2.1
Up 1%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 2.6%
Vs. Year Ago
Down -47%
Vs. Year Ago

Months of Supply
In March, there was 2.1 months of supply available in Howell and Farmingdale, compared to 3.9 in March 2020. That is a decrease of 47% 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 79 homes newly listed for sale in Howell and Farmingdale compared to 78 in March 2020, an increase of 1%. There were 75 current contracts pending sale this March compared to 68 a year ago. The number of current contracts is 10% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Howell and Farmingdale was 100.8% of the average list price, which is 2.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 41, a decrease of 22%.

The Long & Foster Market Minute Howell and Farmingdale are defined as properties listed in zip code/s 07731 and 07727.
*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 MOMLS 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 MOMLS or Long & Foster Real Estate, Inc.