Essex County Housing Report May 2022

Essex County May Housing Report 5/07/2022

After a sluggish Jan and Feb, the April Housing Market (single family & condos) continues to improve. Active Listings and Unit Sales rose 11% and 13% respectively from March. However, compared to April 2021, Active Listings and Unit Sales are still down -34% and -19% respectively. Months of Inventory remains at record low levels: Single Family 1.2 months, Condos 1 Month, Multi-Family 1.4 months. Thus, the strong Sellers’ Market continues.

30 year mortgage rates have risen dramatically since Jan 1st from 3.27% to 5.64% and will likely rise to 6+% as the Federal Reserve fights inflation by raising interest rates and reducing its purchase of Government and Mortgage Backed Securities. This will dampen housing demand and slow the rate of price increases.

Bottom line, the strong Sellers’ Market and rising prices will continue but the rate of price increases will slow.

       Month Over Month, April 2022 vs March 2022,

  • Median Sold Prices up for Singles and Condos but fell for Multies:

    Single Families +4.4%; Condos +7.3%; Multi-Families -2.9%

  • Unit Sales up markedly: â€¨

    Single Families +13.9%, Condos +9.9%, Multi-Families +14.5%

  • Active Listings (Inventory) up double digit:

    Single Families +10.4%, Condos +12.1%, Multi-Families +12.2%

    Year Over Year, April 2022 vs April 2021, Prices Up but Inventory and Unit Sales Down Double Digit