Most parts of the Delaware Valley/Lehigh Valley real estate market experienced an increase in the number of homes sold in May, according to the Long & Foster Market Minute reports. The Delaware Valley/Lehigh Valley region includes Burlington, Camden, Gloucester and Mercer counties.
Home sales rose in the majority of the Delaware Valley/Lehigh Valley region last month, with Mercer County experiencing a 7 percent increase and Gloucester County experiencing a 6 percent increase. Median sale prices also rose in much of the region. In Burlington County, the median sale price increased by 5 percent, followed by both Camden and Gloucester counties with a 1 percent increase.
Active inventory levels declined throughout the Delaware Valley/Lehigh Valley region in May. Burlington County saw the largest decline at 20 percent, while the smallest decline was in Mercer County at 11 percent. Homes sold at a steady pace last month, with days on market averages ranging from 50 days to 70 days.
Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.
“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”
Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.
“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.