What’s going on in Somerset County real estate? Let’s take a look at how the market performed. Click here to take a better look at the numbers, collated by the New Jersey REALTORS®.
New listings and inventory of homes for sale in Somerset County
Changes were varied when it came to new listings in Somerset County.
Single-family homes
Last April, a total of 550 single-family homes were added to the local inventory. Compared to last year’s 601, this represents a decrease of -8.5 percent. For April 2019, a total of 1,239 single-family homes were listed for sale, which is -5.7 percent less than last year (1,312).
Townhouse-condo
When it comes to townhouses, condos, and adult communities, the changes are more positive. There were 210 townhouses and condos added to the market in April compared to the 198 properties added last year. This is an increase of 6.1 percent. The total number of townhomes and condos for sale jumped from 323 in April 2018 to 349 in April 2019, an 8.8 percent increase.
Adult communities
More options are also available in adult communities. In April 2018, only 16 properties were added to the market. This year, there were 23 new additions, marking an increase of 43.8 percent. Inventory of homes for sale in adult communities increased by 32.7 percent, from 49 to 65.
Median sales price, closed sales, days on market in Somerset County
When it comes to sales closed, the results are mixed. Both closed sales for single-family homes, townhouses, and condos took a dip. These properties, however, spent less time waiting in the market.
Single-family homes
There were 207 single-family homes sold in April 2019, which is a -10 percent decrease from last year’s 230. These properties spent an average of 57 days in the market, which is two days less than last year. The median sales price for single-family homes decreased by nearly 20 percent this April, from $482,500 last year to $396,300.
Townhouse-condo
For townhouses and condos, a total of 104 were sold, representing almost a -3 percent decrease from April 2018’s 107. It took an average of 42 days for a townhouse/condo to be sold this year, one day less than last year. For the same time period, the median sales price is $260,000, only $200 less than what was recorded the same time last year.
Adult communities
It’s much better for adult communities. Compared to the 11 properties sold last year, April brought it a total of 13 closed sales. That’s an 18.2 percent increase. Last year, homes in adult communities also spent an average of over two months on the market. That figure is more than halved this year, as the properties only spent an average of 24 days, representing a -44.2 decrease.
The median sales price for homes in adult communities dropped from $560,000 in April 2018 to $469,000, which is a -16.3 percent decrease.
Want to learn more about Somerset County Real Estate?
Contact Pagnotta Homes today to determine the best time to buy or sell a home in Somerset County communities like Basking Ridge and Bridgewater.