Home sales increased in much of the Delaware Valley/Lehigh Valley region of New Jersey in September. Despite low inventory, the region’s real estate market remains fairly healthy, according to the Long & Foster Market Minute reports. The Delaware Valley/Lehigh Valley region includes Burlington, Camden, Gloucester and Mercer counties.
Home sales increased in many parts of the Delaware Valley/Lehigh Valley region in September. In Burlington County, the number of homes sold rose by 16 percent, followed by Camden County with an increase of 15 percent. Median sale prices decreased in most parts of the region, though Burlington County saw an increase of 5 percent.
“While many may think that the continued decline in inventory would result in further increases in median sale prices, the market is showing us that there are limits to that,” said Gary Scott, president of Long & Foster Real Estate. “With the exception of inventory, we still see the Delaware Valley/Lehigh Valley market as being fairly healthy.”
Active inventory decreased by double digits throughout the region last month. In Camden County, inventory declined by 24 percent, and in Mercer County, inventory fell by 19 percent. Homes in the region sold in about 9 weeks on average in September. Scott cautioned homeowners planning to sell that they should be as proactive as possible when it comes to preparing their home for the market.
“Just because inventory is low and average days on market are low doesn’t mean that all homes will sell quickly,” Scott said. “Property owners looking for a fast sale still need to make sure their home is in good condition and priced right for the neighborhood, which is where a good agent can be invaluable. An expert in real estate will invest the time, effort and energy in understanding the dynamics of each market on a hyperlocal level.”
For buyers trying to purchase properties in areas where competition is high, Scott said agents should be more inventive in creating inventory opportunities than in the past. That includes reaching out to the owners of listings that expired in previous years to see if they are still interested in selling, and using property records to research homes and write to the owners to see if they might consider selling.
“In this age of technology, social media and digital presence of properties, there is a need to return to the fundamentals,” Scott said. “Agents can connect consumers in the marketplace while being a trusted advisor, helping to educate clients and assist them in interpreting market information. While regional data can provide good insight, it’s really a starting point in the research process for buyers and sellers.”
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.