Hi everyone, and welcome back to another market update with me, Michele Irizarry, your trusted REALTOR® here in beautiful Long Branch, New Jersey. Today, I have some exciting news to share with both buyers and sellers in our area. So, let’s dive right into it.
As of August 2023, we currently have a 9.5 months supply of inventory in our market. This means that if no new homes were listed, it would take approximately 9.5 months to sell all the existing homes. It’s important to note that this figure has decreased significantly over the past 12 months, with a remarkable -26.64% decrease in Months Supply of Inventory. This indicates a more balanced market and increased demand.
Now, let’s talk about the List to Sold Price percentage, which is currently at an impressive 96.1%. This means that on average, homes are selling for 96.1% of their list price. This is great news for sellers, as it indicates a strong market where buyers are willing to pay close to the asking price.
Another key metric to consider is the median days on market, which stands at just 34 days. This means that, on average, homes are selling within a month of being listed. This is a clear indicator of the high demand and competitiveness in our market.
And finally, let’s talk about the median sold price, which currently sits at an impressive $726,250. This figure represents the midpoint of all the homes that have sold in our area over the past month. It’s important to note that this is a strong indicator of the overall health and value of our local real estate market.
So, what does all this data mean for you? Well, if you’re a buyer, it’s essential to act quickly and decisively when you find a home that meets your criteria. With a decreasing supply of inventory and homes selling at a high percentage of their list price, competition is fierce. However, with the help of a knowledgeable REALTOR® like myself, we can navigate through this market and find you the perfect home.
And for those who are considering selling, now is a fantastic time to list your home. With a high list-to-sold price percentage and homes selling within a month, you have the opportunity to maximize your return on investment. As your trusted REALTOR®, I will provide you with a customized marketing strategy to ensure your home stands out in this competitive market.
As always, if you have any questions or would like more information about our local market, please don’t hesitate to reach out to me. I’m here to help you make informed decisions and achieve your real estate goals.
Thank you for joining me today, and remember, when it comes to real estate in Long Branch, New Jersey, I’m here for you every step of the way. Until next time, take care and stay tuned for more exciting updates.
