The Long & Foster Market Minute

Focus On: Essex County Housing Market June 2021

Units Sold
5
Active Inventory
16
Median Sale Price
$219,000
Days On Market
127
Down -17%
Vs. Year Ago
Down -47%
Vs. Year Ago
Down
Vs. Year Ago
Up 25%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 5 sold this month in Essex County Real Estate versus 6 last month, a decrease of 17%. This month's total units sold was lower than at this time last year, a decrease of 17% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 14 units or 47%. The total number of active inventory this June was 16 compared to 30 in June 2020. This month's supply remained stable as compared to last month.

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 Essex County Homes was $228,475. This June, the median sale price was $219,000, a decrease of $9,475 compared to last year. The current median sold price is lower 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
10
Current Contracts
9
Sold Vs. List Price
91.2%
Months of Supply
3.2
No Change
Vs. Year Ago
Up 13%
Vs. Year Ago
Down
Vs. Year Ago
Down -36%
Vs. Year Ago

Months of Supply
In June, there was 3.2 months of supply available in Essex County, compared to 5.0 in June 2020. That is a decrease of 36% 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 10 homes newly listed for sale in Essex County, which is similar to the amount in June 2020. There were 9 current contracts pending sale this June compared to 8 a year ago. The number of current contracts is 13% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Essex County was 91.2% of the average list price, which is lower than at this time last year.

Days on Market
This month, the average number of days on market was 127, higher than the average last year, which was 102, an increase of 25%.

The Long & Foster Market Minute
*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 NNAR 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 NNAR or Long & Foster Real Estate, Inc.