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

The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to December of last year, according to The Long & Foster Market Minute® reports. In December, the number of units sold increased across the region and median sale price rose in several areas.

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

Inventory continued to decline in the entire Delaware Valley/Lehigh Valley region in December. Mercer County experienced a 16 percent decline in inventory, while Camden County experienced a 10 percent decline. Gloucester County experienced a 9 percent decrease in active inventory compared to December of last year, and Burlington County saw a 7 percent decrease.According to December data, median sale price increased in most of the Delaware Valley/Lehigh Valley region. Mercer County experienced a 6 percent increase, while Burlington County saw a 5 percent increase. Camden County saw a 2 percent increase in median sale price, and Gloucester County saw the only decrease at 8 percent.

Homes in the region are selling in about three to four months on average. Mercer County had the lowest days on market (DOM) with an average of 91 days, while Burlington County saw a DOM of 93 days. Gloucester County experienced a DOM of 101 days, while Camden County’s DOM was 111 days.

“We’re continuing to see many improvements throughout the real estate market on the East Coast, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas are experiencing rising sale prices and increases in the number of homes sold. These developments bode well for the market in 2014, and we expect to see continued improvement in the housing market, meaning better opportunities for both home buyers and sellers.”

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.