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| MAY 2025 | |||
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| Units Sold 8 |
Active Inventory 23 |
Median Sale Price $285,041 |
Days On Market 116 |
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| Up Vs. Year Ago |
Up 53% Vs. Year Ago |
Down -10% Vs. Year Ago |
Down -42% Vs. Year Ago |
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Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 8 sold this month in Essex County Real Estate. This month's total units sold was higher than at this time last year, an increase from May 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 8 units or 53%. The total number of active inventory this May was 23 compared to 15 in May 2024. This month's total of 23 is lower than the previous month's total supply of available inventory of 25, a decrease of 8%. |
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Median Sale Price
Last May, the median sale price for Essex County Homes was $315,000. This May, the median sale price was $285,041, a decrease of 10% or $29,959 compared to last year. The current median sold price is 6% lower than in April. 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 10 |
Current Contracts 11 |
Sold Vs. List Price 94.7% |
Months of Supply 2.9 |
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| Up 100% Vs. Year Ago |
Up Vs. Year Ago |
Down -4.6% Vs. Year Ago |
Down -4% Vs. Year Ago |
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Months of Supply
In May, there was 2.9 months of supply available in Essex County, compared to 3.0 in May 2024. That is a decrease of 4% 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 10 homes newly listed for sale in Essex County compared to 5 in May 2024, an increase of 100%. There were 11 current contracts pending sale this May compared to zero a year ago. |
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Sale Price to List Price Ratio
In May, the average sale price in Essex County was 94.7% of the average list price, which is 4.5% lower than at this time last year. Days on Market
This month, the average number of days on market was 116, lower than the average last year, which was 199, a decrease of 42%. | |||
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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 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. |
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