Hello everyone, and welcome back to my channel! I’m Michele Irizarry, a trusted REALTOR® serving the beautiful city of Long Branch, New Jersey. Today, I’m excited to bring you the latest market update for September 2023. Whether you’re a buyer or seller, this information will help you make informed decisions in our ever-changing real estate landscape.
Let’s dive right into the numbers, shall we? Currently, we have a 8.16 months supply of inventory in Long Branch. Now, what does this mean? Well, it represents the time it would take for all the homes currently on the market to be sold, given the current sales pace. It’s important to note that a balanced market typically has around six months of inventory, so the current supply suggests a slightly more favorable environment for buyers.
Looking back over the past 12 months, we’ve seen a significant decrease in the Months Supply of Inventory, with a staggering -30.26% change. This tells us that the market has become more competitive, with homes selling at a faster pace. Sellers, this is great news as it indicates a potential increase in demand for your properties.
Now, let’s talk about the List to Sold Price percentage. In Long Branch, we’ve been consistently achieving an impressive 99.1% of the list price when homes are sold. This demonstrates the strength and stability of our market, with buyers willing to pay close to the asking price for well-priced homes. Sellers, this is a clear indication of the value your property holds in today’s market.
Moving on to another important metric, the median days on market. In Long Branch, homes have been spending an average of 44 days on the market before being sold. This shows us that properties are moving relatively quickly, and buyers need to act swiftly when they find the right home. Sellers, with your home priced competitively and presented attractively, you’re likely to see increased interest and a faster sale.
Finally, let’s discuss the median sold price in Long Branch. As of September 2023, the median sold price stands at $630,000. This represents the midpoint of all the prices at which homes have been sold in our area. It’s essential to keep in mind that this figure can vary depending on various factors such as location, size, condition, and amenities. However, it’s a valuable reference point for both buyers and sellers, helping them gauge the market’s overall health and trends.
Thank you all for joining me today for this market update. Remember, information is power in the real estate world, and I’m here to provide you with the knowledge you need to navigate the market confidently. If you have any questions or are considering buying or selling a home in Long Branch, please don’t hesitate to reach out. I’m always here to help! I’m Michele Irizarry selling prime real estate at the Jersey Shore.
