Delaware Valley/Lehigh Valley Sees Increased Homes Sold in Some Areas in June 2014

July 17, 2014

Market Minute LogoThe residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to June of last year, according to The Long & Foster Market Minute reports. The number of homes sold increased in some areas, and median sale prices improved in parts of the region.

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

NJ Suburbs Market Minute June 2014

The number of homes sold varied throughout the region compared to the same month in 2013. Camden and Gloucester counties experienced increases of 5 percent and 3 percent, respectively. Burlington County saw a 2 percent decrease, and Mercer County experienced a 10 percent decline.

According to June data, median sale price increased in some areas of the Delaware Valley/Lehigh Valley region compared to June 2013. Gloucester County experienced a 7 percent increase, while Burlington County had a 4 percent jump. Camden County saw a 1 percent decrease, while Mercer County experienced a 14 percent decline in median sale price.

Active inventory levels declined in parts of the Delaware Valley/Lehigh Valley region in June compared to year-ago levels. Gloucester County saw a 9 percent decrease, while Camden County saw an 8 percent drop. Mercer County experienced a 1 percent increase, and Burlington County saw a 2 percent jump in active inventory levels.

The days on market (DOM) average remained steady in the region with homes selling in about two to three months on average. Mercer County saw a days on market (DOM) average of 67 days, while Gloucester County experienced a DOM of 76 days. Other areas experienced DOMs of 78 to 84 days.

“We’re now halfway through 2014, and this year has brought many positive developments like increasing sale prices and quick home sales,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Overall, the market is stabilizing and that will help keep the industry healthy and ready for future growth.”

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.