The number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in June 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 June 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 15 percent, while Camden County saw an increase of 9 percent. Gloucester County saw the number of homes sold increase by 8 percent, and in Burlington County home sales rose by 6 percent.
Median sale prices fell in most of the Delaware Valley/Lehigh Valley region in June, though Camden County saw a 5 percent increase compared to last year. In Gloucester County, the median sale price decreased by 5 percent, while it fell by 7 percent in Burlington County. Mercer County experienced a 14 percent decrease in median sale price.
Active inventory levels fell in the entire Delaware Valley/Lehigh Valley region in June compared to year-ago levels, with Mercer County seeing a 25 percent decrease. In Camden County, active inventory fell by 21 percent, and in Burlington County it decreased by 14 percent. In Gloucester County, active inventory declined by 8 percent.
The days on market (DOM) average remained steady in the region with homes selling in about two months or less on average. Burlington County experienced a days on market (DOM) average of 58 days in June, followed by Mercer County with a DOM average of 59 days. In Camden County, the DOM average was 60 days, and in Gloucester County the DOM average was 66 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.