Delaware Valley/Leigh Valley Housing Market Sees Low Inventory Levels in February

March 18, 2013
Long & Foster Market Minute® reports show inventory continued to tighten

CHANTILLY, Va., March 18, 2013—The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to February of last year, according to The Long & Foster Market Minute® reports. In February, active inventory continued to fall.

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

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In February, active inventory continued to steadily decline in the Delaware Valley/Lehigh Valley region. Burlington and Mercer counties saw the largest dip in inventory with decreases of 24 percent and 20 percent, respectively. Gloucester and Camden counties experienced decreases in inventory of 19 percent and 14 percent, respectively.

According to February data, home sales increased in Burlington County by 14 percent while Gloucester County sold a similar number of homes when compared to the same time last year.

Across the region, homes continued to sell at a rapid pace. Camden County had the lowest days on market (DOM) with an average of 113 days, while Mercer and Gloucester counties saw DOMs of 114 days and 118 days, respectively. Burlington County saw an average 140 DOM according to data.

Median sale prices varied throughout the region when compared to the same month last year. Camden County saw an increase of 5 percent.

“As we gear up for the 2013 spring buying season, the local real estate market in the Delaware Valley/Lehigh Valley region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate in some areas, inventory remained low compared to a year ago at this time, and houses were snapped up at a healthy pace – all great signs for a Delaware Valley/Lehigh Valley-area residential real estate market that is headed toward a full recovery.”

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.