South Jersey Market Update 11.8.2022

South Jersey Market Update - November 2022

October Numbers are in!
Comparing Inventory
Units Listed: 1,855 | Down 19% from Oct. 2021 | Down 12.5% from Sept. 2022
Units Under Contract: 1,306 | Down 19.73% from Oct. 2021 | Down 10% from Sept. 2022
Units Sold: 1,280 | Down 31.5% from Oct. 2021 | Down 13.6% from Sept. 2022
Months Supply of Inventory: 1.5

Comparing Values
Average List Price: $386,216 | Up 30% from Oct. 2021 | Up .5% from Sept. 2022
Average Sales Price: $325,216 | Up 10.36% from Oct. 2021 | Down 1.7% from Sept. 2022

What does this mean?
We are seeing far fewer homes hitting the market, than we did last year and even last month. The volatility of the economy may be discouraging homeowners from listing their homes and buyers from purchasing homes until interest rates come back down. Days on market are creeping up and the sales to list price is down from 99% to 84%. It's more important than ever to be pricing your homes correctly in a changing market. If the average sales price is decreasing, list price should be as well! Gone are the days of naming your price. Due to the inventory still being very low, the prices of homes are not drastically declining. They remain steady, especially for homes in desirable neighborhoods in move-in ready condition.

Questions about how this market will affect you and your real estate goals? Call me and we can discuss.

To participate in my biweekly market updates and ask your questions, join me every other Monday at 9:00 am EST on Facebook.

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