The Long & Foster Market Minute

Focus On: Mercer County Housing Market March 2021

Units Sold
337
Active Inventory
371
Median Sale Price
$300,150
Days On Market
35
Up 12%
Vs. Year Ago
Down -66%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -53%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 337 sold this month in Mercer County Real Estate versus 269 last month, an increase of 25%. This month's total units sold was higher than at this time last year, an increase of 12% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 708 units or 66%. The total number of active inventory this March was 371 compared to 1,079 in March 2020. This month's total of 371 is lower than the previous month's total supply of available inventory of 428, a decrease of 13%.

Median Sale Price
Last March, the median sale price for Mercer County Homes was $258,000. This March, the median sale price was $300,150, an increase of 16% or $42,150 compared to last year. The current median sold price is 6% 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
553
Current Contracts
553
Sold Vs. List Price
100.2%
Months of Supply
1.1
Up 29%
Vs. Year Ago
Up 81%
Vs. Year Ago
Up 2.9%
Vs. Year Ago
Down -69%
Vs. Year Ago

Months of Supply
In March, there was 1.1 months of supply available in Mercer County, compared to 3.6 in March 2020. That is a decrease of 69% 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 553 homes newly listed for sale in Mercer County compared to 429 in March 2020, an increase of 29%. There were 553 current contracts pending sale this March compared to 305 a year ago. The number of current contracts is 81% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Mercer County was 100.2% of the average list price, which is 2.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 35, lower than the average last year, which was 75, a decrease of 53%.

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 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.