– Supply: 1.24 months supply of inventory; a tight real estate market with a -22% one-month inventory change.
– Price: Median sold price at $650,000, reflecting a -10% month-over-month change.
– Days: Median days in RPR at 21; a 17% increase month-over-month indicates longer market times.
– Exclusivity: High-end properties remain in demand despite a slight increase in days on market.
– Price Trends: Strong demand in premium price tiers with a 106.38% sold-to-list price ratio.
1. Evaluate Pricing: Assess market conditions to set competitive prices that attract discerning buyers.
2. Enhance Marketing: Invest in premium marketing strategies to showcase luxury features effectively.
3. Consult Experts: Partner with professionals to navigate market intricacies and maximize property value.
Essex County boasts attractions like the South Mountain Reservation and the Montclair Art Museum, contributing to its unique appeal. For personalized advice on selling luxury properties in Essex County, connect with Yaw Chan at CENTURY 21 Cedarcrest Realty, Inc. at tracyychan@gmail.com.
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