Long & Foster Market Minute® reports show increase in median sale prices

The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to April of last year, according to The Long & Foster Market Minute® reports. In April, the number of homes sold increased throughout the entire region. The median sales price also increased across much of the area.

The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

According to April data, home sales increased in the Delaware Valley/Lehigh Valley region. Burlington County experienced a significant 36 percent increase while Mercer County saw an increase of 22 percent in homes sold when compared to the same time last year. Camden and Gloucester counties saw increases of 12 percent and 3 percent, respectively.

Median sale prices increased or remained the same throughout the region when compared to the same month last year. Mercer County saw an increase of 11 percent, while Burlington and Camden counties saw increases of 9 percent and 1 percent, respectively. Gloucester County saw no change when compared to a year ago.

In April, active inventory continued to steadily decline in the. Burlington and Mercer counties both saw the largest dip in inventory with decreases 23 percent. Gloucester and Camden counties experienced decreases in inventory of 17 percent and 14 percent, respectively.

Across the region, homes continued to sell at a rapid pace. Mercer County had the lowest days on market (DOM) with an average of 98 days, while Camden and Gloucester counties saw DOMs of 106 days and 108 days, respectively. Burlington County saw an average 125 DOM according to data.

“The residential real estate market continues to bloom in the suburban Delaware Valley/Lehigh Valley region this spring. Market conditions remain on the upward trend – including job growth, home affordability and consumer confidence – and those interested in the local market are researching what it has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“Although housing inventory is still low, limiting buyers’ options, the Delaware Valley/Lehigh Valley market continues to show a number of positive trends, such as appreciating home prices, an increasing number of homes sold and decreasing average days on market. These indicators are all good signs for the Delaware Valley/Lehigh Valley region’s local housing market, and just go to show it’s a great time for those considering buying to fulfill their dreams of homeownership.”

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 users can subscribe to free updates for the reports in which they’re interested.