Delaware Valley/Lehigh Valley Sees Increased Median Sale Prices in Some Areas in May 2014

June 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 May of last year, according to The Long & Foster Market Minute reports. Median sale prices increased in some areas, and inventory remained low in most 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.

L&F Market Minute NJ Suburbs May 2014 chart

According to May data, median sale price increased in some areas of the Delaware Valley/Lehigh Valley region compared to the same month in 2013. Gloucester County experienced a 14 percent increase, while Mercer County experienced a 10 percent increase. Camden County saw no change, while Burlington County experienced a 9 percent decrease in median sale price.

Active inventory levels declined in most of the Delaware Valley/Lehigh Valley region in May compared to year-ago levels. Camden County experienced a 9 percent decline in inventory, while Gloucester County saw a 7 percent decrease and Mercer County saw a 4 percent decrease. Burlington County saw the only increase at 1 percent.

The number of homes sold decreased in most of the region, although Gloucester County saw no change compared to the same month in 2013. Camden County experienced a 2 percent decrease in the number of homes sold, Mercer County saw a 12 percent decrease, and Burlington County saw a 14 percent decrease.

The days on market (DOM) average remained steady with homes selling in about two to three months on average. Mercer County saw a days on market (DOM) average of 71 days, while Camden County experienced a DOM of 86 days. Other areas experienced DOMs of 89 to 95 days.

“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry 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.