Here’s a quick market update in Morris County, New Jersey from March 2021.
In March 2021, we have 852 new residential listings in the market, 494 homes sold, and the estimated month of inventory was 1.72 for both February and March 2021.
To consider, we are in a Seller’s Market. Being on a Seller’s market, there will be multiple offers and that’s quite competitive.
COMPARISON FROM MARCH 2020 TO MARCH 2021
March 2020 had 1,651 new active listings down to 852 new active listings last March 2021, which gives us a 52% difference. In terms of sales, we are up by 40%. March 2020, we’ve sold 355 homes, and this March 2021, we are at 494 homes sold. The average selling price has also gone up by 25%. Last March 2020, the average sold price is $470,000, and this March 2021 the average is at $585,590. A high number in buyers’ demand and a low number in inventory drives this increase in average selling price and that leads to multiple offers and the prices are being driven up.
Fig.1 Fig. 2
Based on the numbers, this competitive market is going to continue until we see demand drastically wane or inventory levels skyrocket. Neither of which seems likely, in the near future, given the most recent data trends.
If you are thinking of making a move, it’s a good idea to reach out to a trusted local expert to help navigate you through the current market.