Union County listing inventory statistics

Anecdotal reports are that inventory is low right now as noted in my previous post. So to continue the analysis, we did an analysis of the single family residential market in Union County as well.


Like Essex County, Union County’s inventory statistics are mixed. There are a number of communities where there is less than 90 days of inventory. There are of course some limitations to this kind of analysis. 90 days is pretty low. A reason for this is that there is always a portion of inventory that is non-prime or mispriced. Non prime properties may have a major defect such as substandard condition or a major location problem. As a result a typical buyer will not even consider purchasing it, and such homes only appeal to a specialized subset of buyers. Mispriced properties will languish on the market in any part of the market cycle. So a 90 day inventory in statistics can still be a very small effective slice of housing available for sale to a typical buyer of a normal prime property.

As low as it is now, it could get substantially more tight if a significant amount of homes don’t come on the market to meet spring demand.

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