Growth in Home Sales in Areas of the Delaware Valley/Lehigh Valley Region for August 2015

September 23, 2015

Market Minute LogoThe number of homes sold increased in much of the Delaware Valley/Lehigh Valley region of New Jersey in August when compared to year-ago figures, according to The Long & Foster Market Minute reports. The region includes Burlington, Camden, Gloucester and Mercer counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

NJSuburbs MM Aug 2015 Chart

According to August data, the number of units sold increased in much of the Delaware Valley/Lehigh Valley region compared to August 2014. Gloucester County saw a jump of 17 percent, followed by Camden County with an 11 percent increase. In Burlington County, the number of homes sold increased by 9 percent, while Mercer County saw a 7 percent decrease.

Median sale prices varied in the Delaware Valley/Lehigh Valley region, with an increase of 2 percent in Camden County and no change when compared to August 2014 in Mercer County. Both Burlington and Gloucester counties experienced a 1 percent drop in median sale price.

Active inventory levels were low in the region in August compared to year-ago levels, with Camden County seeing a 13 percent decrease and Burlington County experiencing a 12 percent drop. Gloucester County saw active inventory decline by 11 percent, while it decreased by 8 percent in Mercer County.

The days on market (DOM) average remained steady in the region with homes selling in about two and a half months or less on average. Mercer County saw a days on market (DOM) average of 68 days, and Gloucester County experienced a DOM of 74 days. Camden County experienced a DOM of 77 days and Burlington County saw a DOM of 79 days.

“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Delaware Valley/Lehigh Valley region continued to see improvements in the number of homes that were sold, and we’re looking forward to a strong fall 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 you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate, Inc.