The Long & Foster Market Minute

Focus On: Somerset County Housing Market December 2022

Units Sold
27
Active Inventory
59
Median Sale Price
$192,500
Days On Market
65
No Change
Vs. Year Ago
Down -26%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 30%
Vs. Year Ago

Units Sold
There was an increase in total units sold in December, with 27 sold this month in Somerset County Real Estate, an increase of 17%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 26%. The total number of active inventory this December was 59 compared to 80 in December 2021. This month's total of 59 is lower than the previous month's total supply of available inventory of 74, a decrease of 20%.

Median Sale Price
Last December, the median sale price for Somerset County Homes was $199,900. This December, the median sale price was $192,500, a decrease of 4% or $7,400 compared to last year. The current median sold price is 2% higher than in November.

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


New Listings
12
Current Contracts
15
Sold Vs. List Price
98.5%
Months of Supply
2.2
Down -43%
Vs. Year Ago
Down -50%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -26%
Vs. Year Ago

Months of Supply
In December, there was 2.2 months of supply available in Somerset County, compared to 3.0 in December 2021. That is a decrease of 26% 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 12 homes newly listed for sale in Somerset County compared to 21 in December 2021, a decrease of 43%. There were 15 current contracts pending sale this December compared to 30 a year ago. The number of current contracts is 50% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Somerset County was 98.5% of the average list price, which is 2.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 65, higher than the average last year, which was 50, an increase of 30%.

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.