The number of homes sold increased in many areas of the Delaware Valley/Lehigh Valley region of New Jersey in December 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.
According to December data, the number of units sold increased in most of the Delaware Valley/Lehigh Valley region compared to December 2014. In Camden County, the number of homes sold increased by 13 percent, while Mercer County saw an increase of 6 percent. Burlington County saw a 3 percent increase in the number of homes sold, followed by a 4 percent decline in Gloucester County.
Active inventory levels were low in the region in December compared to year-ago levels, with Mercer County seeing a 15 percent decrease and Burlington County experiencing a 9 percent decrease. Camden and Gloucester counties experienced declines of 6 percent and 9 percent, respectively.
Median sale prices decreased in the Delaware Valley/Lehigh Valley region, with Camden County experiencing a 6 percent decrease. Burlington and Gloucester counties saw declines of 9 percent and 1 percent, respectively. The median sale price dropped by 12 percent in Mercer County compared to last year.
The days on market (DOM) average remained steady in the region with homes selling in about three months on average. Burlington County saw a days on market (DOM) average of 84 days, and both Camden and Mercer counties experienced a DOM average of 86 days. In Gloucester County, the days on market average was 95 days.
“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Delaware Valley/Lehigh Valley region where we saw increases in the number of homes sold. We look forward to what the 2016 market brings us.”
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.