The number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in February 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 February data, the Delaware Valley/Lehigh Valley region experienced an increase in the number of units sold compared to the same month in 2016. In Mercer County, the number of homes sold rose by 25 percent, while Camden County saw an increase of 17 percent. Gloucester County experienced a 12 percent increase in the number of homes sold, and in Burlington County the number of homes sold increased by 5 percent.
Median sale prices increased in most of the Delaware Valley/Lehigh Valley region in February, with Camden County seeing a 7 percent increase compared to last year. In Mercer and Burlington counties, the median sale price increased by 5 percent and 1 percent, respectively, while it decreased by 6 percent in Gloucester County.
Active inventory levels decreased in the entire Delaware Valley/Lehigh Valley region in February compared to year-ago levels, with Camden and Mercer counties seeing an 18 percent decrease. In Burlington County, active inventory declined by 15 percent, and in Gloucester County it fell by 11 percent.
The days on market (DOM) average remained steady in the region with homes selling in about three months on average. Camden County experienced a days on market (DOM) average of 83 days in February, followed by both Burlington and Mercer counties with a DOM average of 92 days. In Gloucester County, the DOM average was 95 days.
“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Delaware Valley/Lehigh Valley area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and numerous locales also experienced increased numbers of homes sold. With continued high demand for homes, we expect to see a busy spring season.”
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.