August brought increased home sales to nearly the entire Delaware Valley/Lehigh Valley real estate market, according to the Long & Foster Market Minute reports. The Delaware Valley/Lehigh Valley region includes Burlington, Camden, Gloucester and Mercer counties.
Home sales rose in most of the Delaware Valley/Lehigh Valley real estate market in August. Both Burlington and Gloucester counties saw the number of homes sold increase by 5 percent. Median sale prices varied across the region. In Burlington and Camden counties, median sale prices increased by 4 percent and 3 percent, respectively.
Active inventory levels fell throughout the region last month. In Camden County, inventory fell by 17 percent, followed by Gloucester County, where it fell by 16 percent. Homes sold in about two months on average throughout the region. Burlington County saw the lowest days on market average at 51 days.
“While inventory is starting to improve nationwide and rising sale prices are slowing down, it’s still a sellers’ market, which means buyers need to be prepared,” said Gary Scott, president of Long & Foster Real Estate. “The need for a real estate professional is heightened more than ever.”
Although spring is traditionally seen as the best time of the year to buy or sell property, consumers shouldn’t let seasonality dictate behavior, Scott said.
“As mortgage rates continue to be attractive, it’s still a good time to sell,” Scott said. “And if you’re buying, don’t take yourself out of the market – you never know when the right property will come along.”
Scott said buyers in this market need to do three things: watch prices in the neighborhood where you plan to buy, watch for inventory coming on the market, and be pre-approved for a mortgage and ready to make an offer.
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.