The Long & Foster Market Minute

Focus On: Mercer County Housing Market November 2017

Units Sold
354
Active Inventory
1,350
Median Sale Price
$230,000
Days On Market
61
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 22%
Vs. Year Ago
Down -22%
Vs. Year Ago
Down -4%
Vs. Year Ago
Down -31%
Vs. Year Ago

Units Sold
There was an increase in total units sold in November, with 354 sold this month in Mercer County Real Estate versus 321 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 22% versus November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 374 units or 22%. The total number of active inventory this November was 1,350 compared to 1,724 in November 2016. This month's total of 1,350 is lower than the previous month's total supply of available inventory of 1,474, a decrease of 8%.

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Median Sale Price
Last November, the median sale price for Mercer County Homes was $240,000. This November, the median sale price was $230,000, a decrease of 4% or $10,000 compared to last year. The current median sold price is 5% higher than in October.

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

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New Listings
375
Current Contracts
290
Sold Vs. List Price
97.2%
Months of Supply
3.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 13%
Vs. Year Ago
Up 2%
Vs. Year Ago
No Change
Vs. Year Ago
Down -36%
Vs. Year Ago

Months of Supply
In November, there was 3.8 months of supply available in Mercer County, compared to 5.9 in November 2016. 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.

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New Listings & Current Contracts
This month there were 375 homes newly listed for sale in Mercer County compared to 333 in November 2016, an increase of 13%. There were 290 current contracts pending sale this November compared to 284 a year ago. The number of current contracts is 2% higher than last November.

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Sale Price to List Price Ratio
In November, the average sale price in Mercer County was 97.2% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 61, lower than the average last year, which was 89, a decrease of 31%.

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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 TReND 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 TReND or Long & Foster Real Estate, Inc.