The number of homes sold in much of the Delaware Valley/Lehigh Valley region of New Jersey increased in March when compared to year-ago figures, according to The Long & Foster Market Minute reports. Median sale prices also improved in parts of the region, which includes Burlington, Camden, Gloucester and Mercer counties. 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 March data, the number of units sold increased in most of the Delaware Valley/Lehigh Valley region compared to March 2014. Both Camden and Mercer counties experienced a 21 percent jump in the number of homes sold, and Burlington County saw a 6 percent increase. The number of homes sold in Gloucester County fell by 7 percent.

Median sale prices varied in the region last month, with Burlington County experiencing a 5 percent increase. Mercer County also saw an increase in median sale price with a 3 percent boost. Camden and Gloucester counties experienced decreases of 1 percent and 5 percent, respectively.

Active inventory levels remained low in the Delaware Valley/Lehigh Valley region in March compared to year-ago levels. Burlington, Camden and Gloucester counties each saw an 8 percent decrease in inventory, followed by Mercer County with a 4 percent decrease.

The days on market (DOM) average remained steady in the region with homes selling in about three months on average. Gloucester County saw a days on market (DOM) average of 88 days, and Mercer County experienced a DOM of 92 days. Burlington and Gloucester counties both had a DOM average of 95 days.

“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Delaware Valley/Lehigh Valley region, where we saw increases in the number of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing market.”

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.