In figures, we have 1,031 new homes listed which is a 10% increase in new residential homes listed for May 2021 from the previous month. Which is fantastic because that is what we want. We want more inventory. However, there is an increase of 10% of homes sold (617). Which means, we are technically still in a seller’s market because home sales are outpacing how much inventory is being added.
It is still a great news because a lot of inventory is still coming on a daily basis. So at some point, buyer demand shift is satisfied. Other things you should know about the Morris County Market is that the average home sales price for last month is $605,109, average days on market is 30 days, and the average sale price to list price 102%.
If you want to know more information about your neighborhood, just send me a message.