The number of homes sold increased in parts of the Delaware Valley/Lehigh Valley region of New Jersey in April 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.
According to April data, areas of the Delaware Valley/Lehigh Valley region experienced an increase in the number of units sold compared to the same month in 2016. In Camden County, the number of homes sold rose by 9 percent, while Mercer County saw an increase of 4 percent. Both Burlington and Gloucester counties experienced no year-over-year change in the number of homes sold.
Median sale prices varied in the Delaware Valley/Lehigh Valley region in April, with Mercer County seeing a 9 percent increase compared to last year. In Camden County, the median sale price increased by 5 percent, while it fell by 8 percent in Burlington County. Gloucester County experienced an 11 percent decrease in median sale price.
Active inventory levels fell in the entire Delaware Valley/Lehigh Valley region in April compared to year-ago levels, with Camden County seeing a 24 percent decrease. In Mercer County, active inventory fell by 19 percent, while in Burlington County it decreased by 14 percent. In Gloucester County, active inventory declined by 11 percent.
The days on market (DOM) average remained steady in the region with homes selling in about three months or less on average. Camden County experienced a days on market (DOM) average of 62 days in April, followed by Burlington County with a DOM average of 72 days. In Mercer County, the DOM average was 78 days, and in Gloucester County the DOM average was 89 days.
“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”
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.