The number of homes sold increased in many areas of the Delaware Valley/Lehigh Valley region of New Jersey in May 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 May data, much of the Delaware Valley/Lehigh Valley region experienced an increase in the number of units sold compared to the same month in 2016. In Burlington County, the number of homes sold rose by 14 percent, while Camden County saw an increase of 9 percent. Gloucester County saw the number of homes sold increase by 7 percent, and in Mercer County home sales declined by 3 percent.

Median sale prices fell in most of the Delaware Valley/Lehigh Valley region in May, though Mercer County saw a 1 percent increase compared to last year. In Camden County, the median sale price decreased by 1 percent, while it fell by 5 percent in Gloucester County. Burlington County experienced a 6 percent decrease in median sale price.

Active inventory levels fell in the entire Delaware Valley/Lehigh Valley region in May compared to year-ago levels, with Camden County seeing a 22 percent decrease. In Mercer County, active inventory fell by 21 percent, and in Burlington County it decreased by 15 percent. In Gloucester County, active inventory declined by 9 percent.

The days on market (DOM) average remained steady in the region with homes selling in about two and a half months or less on average. Mercer County experienced a days on market (DOM) average of 60 days in May, followed by Camden County with a DOM average of 65 days. In Burlington County, the DOM average was 66 days, and in Gloucester County the DOM average was 73 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales last month, including in the Delaware Valley/Lehigh Valley region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”

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.