Sep 201626

Home Sales Rose in the Delaware Valley/Lehigh Valley Region for August 2016

Sep 201626

Home Sales Rose in the Delaware Valley/Lehigh Valley Region for August 2016

Market Minute LogoThe number of homes sold increased in 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.

Suburban New Jersey MM August 2016

According to August data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to August of last year. In Camden County, the number of homes sold rose by 16 percent, while Burlington County saw an increase of 13 percent. Gloucester County experienced a 9 percent increase in the number of homes sold, followed by Mercer County with a 7 percent increase.

Median sale prices rose in much of the Delaware Valley/Lehigh Valley region in August, with Burlington County seeing a 5 percent increase compared to last year. Gloucester County experienced a 3 percent increase, and in Camden County the median sale price rose by 2 percent. In Mercer County, the median sale price declined by 7 percent.

Active inventory levels were low in the entire Delaware Valley/Lehigh Valley region in August compared to year-ago levels, with Burlington County seeing a 19 percent decrease. In Mercer County, active inventory declined by 15 percent, and it fell by 10 percent in Gloucester County. Camden County experienced an 8 percent decline in active inventory.

The days on market (DOM) average remained steady in the region with homes selling in about two and half months or less on average. Mercer County saw a days on market (DOM) average of 65 days, and both Camden and Gloucester counties experienced a DOM average of 73 days. In Burlington County, the days on market average was 77 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Delaware Valley/Lehigh Valley region, where we saw home sales increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.