The Long & Foster Market Minute

Focus On: Upper Township Housing Market June 2021

Zip Code(s): 08223, 08230, 08270, 08248 and 08250
Units Sold
16
Active Inventory
67
Median Sale Price
$425,000
Days On Market
34
Up
Vs. Year Ago
Down -36%
Vs. Year Ago
Up
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in June, with 16 sold this month in Upper Township Real Estate. This month's total units sold was higher than at this time last year, an increase from June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 37 units or 36%. The total number of active inventory this June was 67 compared to 104 in June 2020. This month's total of 67 is lower than the previous month's total supply of available inventory of 76, a decrease of 12%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last June, the median sale price for Upper Township Homes was $265,000. This June, the median sale price was $425,000, an increase of $160,000 compared to last year. The current median sold price is higher than in May.

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


New Listings
20
Current Contracts
22
Sold Vs. List Price
97.8%
Months of Supply
4.2
Down -41%
Vs. Year Ago
Up 16%
Vs. Year Ago
Up 4.9%
Vs. Year Ago
Down -40%
Vs. Year Ago

Months of Supply
In June, there was 4.2 months of supply available in Upper Township, compared to 6.9 in June 2020. That is a decrease of 40% 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 20 homes newly listed for sale in Upper Township compared to 34 in June 2020, a decrease of 41%. There were 22 current contracts pending sale this June compared to 19 a year ago. The number of current contracts is 16% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Upper Township was 97.8% of the average list price, which is 4.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 109. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Upper Township are defined as properties listed in zip code/s 08223, 08230, 08270, 08248 and 08250.
*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 SJSMLS 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 SJSMLS or Long & Foster Real Estate, Inc.