Nov 201615

Home Sales Rose in Much of the Delaware Valley/Lehigh Valley Region for October 2016

Nov 201615

Home Sales Rose in Much of the Delaware Valley/Lehigh Valley Region for October 2016

Market Minute LogoThe number of homes sold increased in most parts of the Delaware Valley/Lehigh Valley region of New Jersey in October 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 Market Minute Chart Oct 2016

According to October data, the number of units sold increased in many areas of the Delaware Valley/Lehigh Valley region compared to October of last year. In Gloucester County, the number of homes sold rose by 16 percent, while Camden County saw an increase of 9 percent. Mercer County experienced a 3 percent increase in the number of homes sold, and in Burlington County the number of homes sold did not change from the previous year.

Median sale prices fell in much of the Delaware Valley/Lehigh Valley region in October, with Mercer County seeing a 15 percent increase compared to last year. Camden County experienced a 2 percent decrease, and Burlington County saw a 3 percent decrease. In Gloucester County, the median sale price declined by 9 percent.

Active inventory levels were low in the entire Delaware Valley/Lehigh Valley region in October compared to year-ago levels, with Burlington County seeing a 22 percent decrease. In Mercer County, active inventory declined by 17 percent, and in Camden County it fell by 13 percent. Gloucester County experienced a 12 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 85 days in October, followed by both Camden and Mercer counties with a DOM average of 86 days. In Gloucester County, the days on market average was 88 days.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Delaware Valley/Lehigh Valley region where we saw rising home sales,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.