Home Sales Rose in Much of the Delaware Valley/Lehigh Valley Region for September 2016

October 18, 2016

Market Minute LogoThe number of homes sold increased in most parts of the Delaware Valley/Lehigh Valley region of New Jersey in September 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.

SuburbanNJ MarketMinute September 2016

According to September data, the number of units sold increased in many areas of the Delaware Valley/Lehigh Valley region compared to September of last year. In Mercer County, the number of homes sold rose by 18 percent, while Camden County saw an increase of 9 percent. Gloucester County experienced a 3 percent increase in the number of homes sold, and in Burlington County the number of homes sold did not change from the previous year.

Median sale prices varied in the Delaware Valley/Lehigh Valley region in September, with Mercer County seeing a 7 percent increase compared to last year. Camden County experienced a 3 percent increase, and in Gloucester County the median sale price remained the same compared to September 2015. In Burlington County, the median sale price declined by 5 percent.

Active inventory levels were low in the entire Delaware Valley/Lehigh Valley region in September compared to year-ago levels, with Burlington County seeing a 19 percent decrease. In Mercer County, active inventory declined by 17 percent, and it fell by 9 percent in both Camden and Gloucester counties.

The days on market (DOM) average remained steady in the region with homes selling in less than three months on average. Gloucester County saw a days on market (DOM) average of 74 days in September, followed by Mercer County with a DOM average of 75 days. In Camden County, the days on market average was 80 days, and the DOM average in Burlington County was 86 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Delaware Valley/Lehigh Valley region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.