Dec 201616

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

Dec 201616

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

Market Minute LogoThe number of homes sold increased in the Delaware Valley/Lehigh Valley region of New Jersey in November 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 NewJersey Market Minute Chart Nov16

According to November data, the number of units sold increased in the Delaware Valley/Lehigh Valley region compared to November of last year. In Camden County, the number of homes sold rose by 47 percent, while Gloucester County saw an increase of 24 percent. Burlington County experienced a 23 percent increase in the number of homes sold, and in Mercer County the number of homes sold rose by 16 percent.

Median sale prices varied in the Delaware Valley/Lehigh Valley region in November, with Gloucester County seeing a 10 percent increase compared to last year. Mercer County experienced a 6 percent increase, and Camden County saw a 3 percent decrease. In Burlington County, the median sale price declined by 5 percent.

Active inventory levels were low in the entire Delaware Valley/Lehigh Valley region in November compared to year-ago levels, with Burlington County seeing a 20 percent decrease. In Mercer County, active inventory declined by 18 percent, and in Camden County it fell by 14 percent. Gloucester County experienced an 11 percent drop in active inventory compared to last year.

The days on market (DOM) average remained steady in the region with homes selling in less than three months on average. Burlington County experienced a days on market (DOM) average of 86 days in November, followed by Camden County with a DOM average of 87 days. In both Gloucester and Mercer counties, the DOM average was 89 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

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.