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| FEBRUARY 2025 | |||
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| Units Sold 12 |
Active Inventory 104 |
Median Sale Price $208,595 |
Days On Market 59 |
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| Down Vs. Year Ago |
Up 8% Vs. Year Ago |
Up Vs. Year Ago |
Down -13% Vs. Year Ago |
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Units Sold
With relatively few transactions, there was a decrease in total units sold in February, with 12 sold this month in Somerset County Real Estate. This month's total units sold was lower than at this time last year, a decrease from February 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 8 units or 8%. The total number of active inventory this February was 104 compared to 96 in February 2024. This month's total of 104 is lower than the previous month's total supply of available inventory of 108, a decrease of 4%. |
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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last February, the median sale price for Somerset County Homes was $140,000. This February, the median sale price was $208,595, an increase of $68,595 compared to last year. The current median sold price is higher than in January. 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 25 |
Current Contracts 20 |
Sold Vs. List Price 94.8% |
Months of Supply 8.7 |
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| Down -26% Vs. Year Ago |
Up 43% Vs. Year Ago |
Down -1% Vs. Year Ago |
Up 90% Vs. Year Ago |
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Months of Supply
In February, there was 8.7 months of supply available in Somerset County, compared to 4.6 in February 2024. That is an increase of 90% 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 25 homes newly listed for sale in Somerset County compared to 34 in February 2024, a decrease of 26%. There were 20 current contracts pending sale this February compared to 14 a year ago. The number of current contracts is 43% higher than last February. |
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Sale Price to List Price Ratio
In February, the average sale price in Somerset County was 94.8% of the average list price, which is 1.0% lower than at this time last year. Days on Market
This month, the average number of days on market was 59, lower than the average last year, which was 68, a decrease of 13%. | |||
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| *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. | |||
 Information 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. |
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