Long & Foster Market Minute® reports show increase in median sale prices
The residential real estate market in the Delaware Valley/Lehigh Valley region of New Jersey experienced some positive trends compared to March of last year, according to The Long & Foster Market Minute® reports. In March, 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.
“Spring is finally here, along with an uptick in activity in the residential real estate market in the Delaware Valley/Lehigh Valley region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.According to March data, home sales increased in Gloucester County by 17 percent while Camden County saw an increase of 16 percent in homes sold when compared to the same time last year.
Median sale prices varied throughout the region when compared to the same month last year. Mercer County saw an increase of 28 percent, while Burlington and Gloucester counties saw increases of 6 percent and 3 percent, respectively.
Across the region, homes continued to sell at a rapid pace. Gloucester County had the lowest days on market (DOM) with an average of 106 days, while Mercer and Camden counties saw DOMs of 109 days and 120 days, respectively. Burlington County saw an average 125 DOM according to data.
“While inventory remains low, limiting the number of options for would-be buyers, the Delaware Valley/Lehigh Valley market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Delaware Valley/Lehigh Valley region’s local housing market, and provide a prime opportunity for fence-sitters to fulfill their dreams of homeownership.”
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.