Aug 201721

Home Sales Rose in Most of the Delaware Valley/Lehigh Valley Region in July

Aug 201721

Home Sales Rose in Most of the Delaware Valley/Lehigh Valley Region in July

Market Minute Logo 2017The number of homes sold increased in many parts of the Delaware Valley/Lehigh Valley region of New Jersey in July when compared to year-ago figures, according to The Long & Foster Market Minute reports. The region includes Burlington, Camden, Gloucester and Mercer counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Suburban NJ Market Minute Chart July 2017

According to July data, much of the Delaware Valley/Lehigh Valley region experienced an increase in the number of units sold compared to the same month in 2016. In Burlington County, the number of homes sold rose by 17 percent, while Camden County saw an increase of 14 percent. Gloucester County saw the number of homes sold increase by 10 percent, and in Mercer County home sales declined by 1 percent.

Median sale prices fell in most of the Delaware Valley/Lehigh Valley region in July, though Mercer County saw an 8 percent increase compared to last year. In Gloucester County, the median sale price decreased by 2 percent, while it fell by 3 percent in Camden County. Burlington County experienced a 4 percent decrease in median sale price.

Active inventory levels fell in the entire Delaware Valley/Lehigh Valley region in July compared to year-ago levels, with Camden County seeing a 24 percent decrease. In Mercer County, active inventory fell by 23 percent, and in both Burlington and Gloucester counties it decreased by 12 percent.

The days on market (DOM) average remained steady in the region with homes selling in about two and a half months or less on average. Burlington County experienced a days on market (DOM) average of 58 days in July, followed by Mercer County with a DOM average of 63 days. In Camden County, the DOM average was 65 days, and in Gloucester County the DOM average was 67 days.

“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate.