Shift select middlesex3/1/2024 ![]() While there are fewer properties coming up for sale and a drop in closed sales, prices are nevertheless climbing. In a nutshell, our townhouse-condo market is undergoing an intriguing shift. ![]() Homes are also selling faster, with days on the market until sale decreasing both in October and year-to-date. Speaking of inventory, it's down markedly by 37.4%, and the months supply of inventory has shrunk by 18.5%. This implies that demand remains resilient, and buyers are willing to pay more, possibly due to the lower inventory. There's a significant 9.9% increase in the median sales price for October and a 10.1% rise year-to-date. But here's a twist - despite these trends, the median sales price is climbing. This points to a cooling off in buyer activity or possibly a reflection of limited choices due to fewer new listings. The year-to-date figures echo this, with a 26.0% decrease. Now, shifting our focus to sales: Closed sales in October have seen a notable decline of 21.2% from last year. This suggests that while October saw a small rise, the overall trend for the year has been towards fewer townhouses and condos hitting the market. However, when we zoom out and look at the year-to-date data, it's a different story - new listings have dropped by a substantial 27.3%. There's a slight increase in new listings this October compared to last year, a modest 0.7% uptick. This year has brought subtle but significant changes, painting a picture of a market that's adjusting to new dynamics.įirst off, let's talk listings. The Middlesex County townhouse-condo market is telling a unique story in 2023, especially when we dissect the latest October figures. Buyers and sellers alike need to navigate this market with strategic insights and adapt to these evolving trends. In a nutshell, Middlesex County's real estate market is experiencing a cooling phase with fewer listings and sales, yet prices continue to climb, suggesting that demand remains relatively strong amidst limited supply. This indicates a tighter market, where buyers have fewer options to choose from. Inventory levels have plummeted by a striking 41.7%, and there's now just a 2.6-month supply, down from 3.4 last year. Homes are also lingering slightly longer before being sold, with days on the market increasing by 10.8% year-to-date. Closed sales have taken a hit, down by 22.9% in October and 24.7% year-to-date, reflecting a more cautious approach from buyers or perhaps a mismatch in market expectations. ![]() However, the market isn't just about rising prices. It appears that even with fewer houses for sale, the demand remains robust, pushing prices up. This trend holds year-to-date as well, with a 7.3% increase. The median sales price has risen to $510,111, a 6.3% increase from last year. Interestingly, this decrease in new listings hasn't stymied the prices. This suggests that fewer homeowners are putting their houses on the market. New listings have dropped by 21.6% in October, with a steeper decline of 29.6% year-to-date. This year, the market has cooled down a bit compared to the bustling activity of 2022. A notable shift is evident when we look at the numbers closely. Real Estate Trends in Middlesex County: October 2023 UpdateĪs we dive into Middlesex County's real estate landscape for October 2023, a fascinating narrative unfolds. Always consult with a licensed real estate professional before proceeding with any real estate transaction. If you're considering selling a home in or moving to Middlesex County, don't miss out on the answers to these questions and more as we guide you through the essential information you need to make informed decisions in this ever-evolving market.įor informational purposes only. Join us as we explore the current landscape, uncovering the driving forces behind these trends and offering insights to help you navigate the dynamic Middlesex County real estate market. With fluctuating inventory levels, varied sales performance, and shifting median prices, the housing market is presenting unique opportunities and challenges for both buyers and sellers. Are new listings dwindling or surging? How have closed sales been impacted? What are the current median prices, and how do they compare to last year's figures? Welcome to our comprehensive overview of the Middlesex County real estate market for 2023! In this blog post, we'll delve into the latest trends and changes across three major property segments: single-family homes, condos/townhouses, and adult communities.
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